HB0160ham002 100TH GENERAL ASSEMBLY

Rep. Michael J. Zalewski

Filed: 5/24/2017

10000HB0160ham002 LRB100 02289 HLH 27008 a

AMENDMENT TO HOUSE BILL 160

AMENDMENT NO. ______. Amend House Bill 160, AS AMENDED, with reference to page and line numbers of House Amendment No. 1, on page 14, immediately below line 15, by inserting the following:

"(g) Allocation rounds enabled by this Act shall be applied for according to the following schedule:

(1) on January 2, 2019, $125,000,000 of qualified equity investments; and

(2) on January 2, 2020, $125,000,000 of qualified equity investments."; and

on page 18, line 7, after "business.", by inserting "This Section is not intended to affect ownership or affiliate interests that arise following the sixth anniversary of the issuance of the qualified equity investment."; and

on page 19, by replacing lines 4 through 20 with the following:

"(20 ILCS 663/55 new)

Sec. 55. Annual report. Each qualified community development entity shall submit an annual report to the Department within 45 days after the beginning of each calendar year during the compliance period. No annual report shall be due prior to the first anniversary of the initial credit allowance date. The report shall include, but is not limited to, the following:

(1) an attestation from an authorized officer of the qualified community development entity that the entity has not been the subject of any investigation by a government agency relating to tax credits or financial services during the preceding calendar year;

(2) information with respect to all qualified low-income community investments made by the qualified community development entity, including:

(A) the date and amount of, and bank statements or wire transfer reports documenting, such qualified low-income community investments;

(B) the name, address, and EIN of each qualified active low-income community business funded by the qualified community development entity, the number of persons employed by such business at the time of the initial investment, and a brief description of the business, the financing, and community benefits of the financing; and

(C) the number of employment positions maintained by each qualified active low-income community business as of the date of report or the end of the preceding calendar year and the average annual salaries of such positions; and

(D) the total number of employment positions created and retained as a result of qualified low-income community investments and the average annual salaries of those positions; and

(3) any changes with respect to the taxpayers entitled to claim tax credits with respect to qualified equity investments issued by the qualified community development entity since its last report pursuant to this Section.

The qualified community development entity is not required to provide the annual report set forth in this Section for qualified low-income community investments that have been redeemed or repaid."; and

on page 19, line 23, after "221,", by inserting "222,"; and

on page 72, immediately below line 9, by inserting the following:

"(35 ILCS 5/222)

Sec. 222. Live theater production credit.

(a) For tax years beginning on or after January 1, 2012 and beginning prior to January 1, 2022, a taxpayer who has received a tax credit award under the Live Theater Production Tax Credit Act is entitled to a credit against the taxes imposed under subsections (a) and (b) of Section 201 of this Act in an amount determined under that Act by the Department of Commerce and Economic Opportunity.

(b) If the taxpayer is a partnership, limited liability partnership, limited liability company, or Subchapter S corporation, the tax credit award is allowed to the partners, unit holders, or shareholders in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code.

(c) A sale, assignment, or transfer of the tax credit award may be made by the taxpayer earning the credit within one year after the credit is awarded in accordance with rules adopted by the Department of Commerce and Economic Opportunity.

(d) The Department of Revenue, in cooperation with the Department of Commerce and Economic Opportunity, shall adopt rules to enforce and administer the provisions of this Section.

(e) The tax credit award may not be carried back. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 tax years following the excess credit year. The tax credit award shall be applied to the earliest year for which there is a tax liability. If there are credits from more than one tax year that are available to offset liability, the earlier credit shall be applied first. In no event may a credit under this Section reduce the taxpayer's liability to less than zero.

(Source: P.A. 97-636, eff. 6-1-12.)"; and

on page 94, line 20, by replacing "5-65, and 5-70" with "5-65, 5-70, and 5-77"; and

on page 119, by replacing lines 12 through 17 with the following: "Noncompliance Date. If the Taxpayer ceases operations at a project location that is the subject of an Agreement with the intent to terminate operations in the State, then the Taxpayer shall be subject to the provisions of the Keep Illinois Business Act."; and

on page 120, immediately below line 18, by inserting the following:

"(35 ILCS 10/5-77)

Sec. 5-77. Sunset of new Agreements. The Department shall not enter into any new Agreements under the provisions of Section 5-50 of this Act after April 30, 2022 April 30, 2017.

(Source: P.A. 99-925, eff. 1-20-17.)"; and

on page 120, line 21, by replacing "Section 42" with "Sections 35, 42, and 45"; and

on page 120, immediately below line 21, by inserting the following:

"(35 ILCS 16/35)

Sec. 35. Issuance of Tax Credit Certificate.

(a) In order to qualify for a tax credit under this Act, an applicant must file an application, on forms prescribed by the Department, providing information necessary to calculate the tax credit, and any additional information as required by the Department. As part of the application, the applicant must commit to supplying the Department with the following information, at a minimum:

(1) an identification of each vendor that provides goods or services that were included in the accredited production's Illinois production spending;

(2) the amount of Illinois production spending attributable to each vendor; and

(3) for each vendor identified under item (1), a statement as to whether the vendor is a minority-owned business or a female-owned business, as defined under Section 2 of the Business Enterprise for Minorities, Females, and Persons with Disabilities Act.

(b) Upon satisfactory review of the application, the Department shall issue a Tax Credit Certificate stating the amount of the tax credit to which the applicant is entitled.

(Source: P.A. 95-720, eff. 5-27-08.)"; and

on page 121, immediately below line 8, by inserting the following:

"(35 ILCS 16/45)

Sec. 45. Evaluation of tax credit program; reports to the General Assembly.

(a) The Department shall evaluate the tax credit program. The evaluation must include an assessment of the effectiveness of the program in creating and retaining new jobs in Illinois and of the revenue impact of the program, and may include a review of the practices and experiences of other states or nations with similar programs. Upon completion of this evaluation, the Department shall determine the overall success of the program, and may make a recommendation to extend, modify, or not extend the program based on this evaluation.

(b) At the end of each fiscal quarter, the Department must submit to the General Assembly a report that includes, without limitation, the following information:

(1) the economic impact of the tax credit program, including the number of jobs created and retained, including whether the job positions are entry level, management, talent-related, vendor-related, or production-related;

(2) the amount of film production spending brought to Illinois, including the amount of spending and type of Illinois vendors hired in connection with an accredited production; and

(3) an overall picture of whether the human infrastructure of the motion picture industry in Illinois reflects the geographical, racial and ethnic, gender, and income-level diversity of the State of Illinois.

(c) At the end of each fiscal year, the Department must submit to the General Assembly a report that includes, without limitation, the following information:

(1) an identification of each vendor that provided goods or services that were included in an accredited production's Illinois production spending and a statement of whether the vendor is a minority-owned business or a female-owned business, as defined under Section 2 of the Business Enterprise for Minorities, Females, and Persons with Disabilities Act;

(2) the aggregate amount paid to all each identified vendors vendor by the accredited production;

(3) the aggregate amount paid to all identified vendors that are for each identified vendor, a statement as to whether the vendor is a minority owned businesses business or a female owned businesses business, as defined under Section 2 of the Business Enterprise for Minorities, Females, and Persons with Disabilities Act; and

(4) a description of any steps taken by the Department to encourage accredited productions to use vendors who are a minority owned business or a female owned business.

(Source: P.A. 95-720, eff. 5-27-08.)"; and

on page 121, line 10, after, "by", by inserting "changing Sections 10-40 and 10-50 and by"; and

on page 121, immediately below line 10, by inserting the following:

"(35 ILCS 17/10-40)

Sec. 10-40. Issuance of Tax Credit Award Certificate.

(a) In order to qualify for a tax credit award under this Act, an applicant must file an application for each accredited theater production at each of the applicant's qualified production facilities, on forms prescribed by the Department, providing information necessary to calculate the tax credit award and any additional information as reasonably required by the Department. As part of the application, the applicant must commit to supplying the Department with the following information, at a minimum:

(1) an identification of each vendor that provides goods or services that were included in the accredited production's Illinois production spending;

(2) the amount of Illinois production spending attributable to each vendor; and

(3) for each vendor identified under item (1), a statement as to whether the vendor is a minority-owned business or a female-owned business, as defined under Section 2 of the Business Enterprise for Minorities, Females, and Persons with Disabilities Act.

(b) Upon satisfactory review of the application, the Department shall issue a tax credit award certificate stating the amount of the tax credit award to which the applicant is entitled for that tax year and shall contemporaneously notify the applicant and Illinois Department of Revenue in accordance with Section 222 of the Illinois Income Tax Act.

(Source: P.A. 97-636, eff. 6-1-12.)

(35 ILCS 17/10-50)

Sec. 10-50. Live theater tax credit award program evaluation and reports.

(a) The Department's live theater tax credit award evaluation must include:

(i) an assessment of the effectiveness of the program in creating and retaining new jobs in Illinois;

(ii) an assessment of the revenue impact of the program;

(iii) in the discretion of the Department, a review of the practices and experiences of other states or nations with similar programs; and

(iv) an assessment of the overall success of the program. The Department may make a recommendation to extend, modify, or not extend the program based on the evaluation.

(b) At the end of each fiscal quarter, the Department shall submit to the General Assembly a report that includes, without limitation:

(i) an assessment of the economic impact of the program, including the number of jobs created and retained, and whether the job positions are entry level, management, vendor, or production related;

(ii) the amount of accredited theater production spending brought to Illinois, including the amount of spending and type of Illinois vendors hired in connection with an accredited theater production; and

(iii) a determination of whether those receiving qualifying Illinois labor expenditure salaries or wages reflect the geographical, racial and ethnic, gender, and income level diversity of the State of Illinois.

(c) At the end of each fiscal year, the Department shall submit to the General Assembly a report that includes, without limitation:

(i) the identification of each vendor that provided goods or services that were included in an accredited theater production's Illinois production spending and a statement of whether the vendor is a minority-owned business or a female-owned business, as defined under Section 2 of the Business Enterprise for Minorities, Females, and Persons with Disabilities Act;

(ii) a statement of (A) the aggregate amount paid to all each identified vendors vendor by the accredited theater production and (B) the aggregate amount paid to all identified vendors that are minority-owned businesses or female-owned businesses, as defined under Section 2 of the Business Enterprise for Minorities, Females, and Persons with Disabilities Act and whether the vendor is a minority or female owned business as defined in Section 2 of the Business Enterprise for Minorities, Females, and Persons with Disabilities Act; and

(iii) a description of the steps taken by the Department to encourage accredited theater productions to use vendors who are minority or female owned businesses.

(Source: P.A. 97-636, eff. 6-1-12.)"; and

on page 397, line 22, by replacing "Subchapter S corporations" with "Subchapter S corporations and corporations recognized by the United States Internal Revenue Service as tax-exempt organizations under Section 501(c)(3) of the Internal Revenue Code"; and

by replacing everything from line 3 on page 390 through line 3 on page 396 with the following:

"Section 35-10. The Limited Liability Company Act is amended by changing Section 50-10 as follows:

(805 ILCS 180/50-10)

(Text of Section before amendment by P.A. 99-637)

Sec. 50-10. Fees.

(a) The Secretary of State shall charge and collect in accordance with the provisions of this Act and rules promulgated under its authority all of the following:

(1) Fees for filing documents.

(2) Miscellaneous charges.

(3) Fees for the sale of lists of filings and for copies of any documents.

(b) The Secretary of State shall charge and collect for all of the following:

(1) Filing articles of organization (domestic), application for admission (foreign), and restated articles of organization (domestic), $150 $500. Notwithstanding the foregoing, the fee for filing articles of organization (domestic), application for admission (foreign), and restated articles of organization (domestic) in connection with a limited liability company with ability to establish series pursuant to Section 37-40 of this Act is $400 $750.

(2) Filing articles of amendment or an amended application for admission, $50 $150.

(3) Filing articles of dissolution or application for withdrawal, $5 $100.

(4) Filing an application to reserve a name, $25 $300.

(5) Filing a notice of cancellation of a reserved name, $5 $100.

(6) Filing a notice of a transfer of a reserved name, $25 $100.

(7) Registration of a name, $50 $300.

(8) Renewal of registration of a name, $50 $100.

(9) Filing an application for use of an assumed name under Section 1-20 of this Act, $150 for each year or part thereof ending in 0 or 5, $120 for each year or part thereof ending in 1 or 6, $90 for each year or part thereof ending in 2 or 7, $60 for each year or part thereof ending in 3 or 8, $30 for each year or part thereof ending in 4 or 9, and a renewal for each assumed name, $150.

(9.5) Filing an application for change of an assumed name, $25.

(10) Filing an application for change or cancellation of an assumed name, $5 $100.

(11) Filing an annual report of a limited liability company or foreign limited liability company, $75 $250, if filed as required by this Act, plus a penalty if delinquent. Notwithstanding the foregoing, the fee for filing an annual report of a limited liability company or foreign limited liability company with ability to establish series is $75 $250 plus $50 for each series for which a certificate of designation has been filed pursuant to Section 37-40 of this Act and active on the last day of the third month preceding the company's anniversary month, plus a penalty if delinquent.

(12) Filing an application for reinstatement of a limited liability company or foreign limited liability company $200 $500.

(13) Filing Articles of Merger, $100 plus $50 for each party to the merger in excess of the first 2 parties.

(14) Filing an Agreement of Conversion or Statement of Conversion, $100.

(15) Filing a statement of change of address of registered office or change of registered agent, or both, or filing a statement of correction, $25.

(16) Filing a petition for refund, $5 $15.

(17) Filing any other document, $5 $100.

(18) Filing a certificate of designation of a limited liability company with the ability to establish series pursuant to Section 37-40 of this Act, $50.

(c) The Secretary of State shall charge and collect all of the following:

(1) For furnishing a copy or certified copy of any document, instrument, or paper relating to a limited liability company or foreign limited liability company, or for a certificate, $25.

(2) For the transfer of information by computer process media to any purchaser, fees established by rule.

(Source: P.A. 97-839, eff. 7-20-12.)

(Text of Section after amendment by P.A. 99-637)

Sec. 50-10. Fees.

(a) The Secretary of State shall charge and collect in accordance with the provisions of this Act and rules promulgated under its authority all of the following:

(1) Fees for filing documents.

(2) Miscellaneous charges.

(3) Fees for the sale of lists of filings and for copies of any documents.

(b) The Secretary of State shall charge and collect for all of the following:

(1) Filing articles of organization (domestic), application for admission (foreign), and restated articles of organization (domestic), $150 $500. Notwithstanding the foregoing, the fee for filing articles of organization (domestic), application for admission (foreign), and restated articles of organization (domestic) in connection with a limited liability company with a series or the ability to establish a series pursuant to Section 37-40 of this Act is $400 $750.

(2) Filing amendments (domestic or foreign), $50 $150.

(3) Filing a statement of termination or application for withdrawal, $5 $25.

(4) Filing an application to reserve a name, $25 $300.

(5) Filing a notice of cancellation of a reserved name, $5 $100.

(6) Filing a notice of a transfer of a reserved name, $25 $100.

(7) Registration of a name, $50 $300.

(8) Renewal of registration of a name, $50 $100.

(9) Filing an application for use of an assumed name under Section 1-20 of this Act, $150 for each year or part thereof ending in 0 or 5, $120 for each year or part thereof ending in 1 or 6, $90 for each year or part thereof ending in 2 or 7, $60 for each year or part thereof ending in 3 or 8, $30 for each year or part thereof ending in 4 or 9, and a renewal for each assumed name, $150.

(9.5) Filing an application for change of an assumed name, $25.

(10) Filing an application for change or cancellation of an assumed name, $5 $100.

(11) Filing an annual report of a limited liability company or foreign limited liability company, $75 $250, if filed as required by this Act, plus a penalty if delinquent. Notwithstanding the foregoing, the fee for filing an annual report of a limited liability company or foreign limited liability company is $75 $250 plus $50 for each series for which a certificate of designation has been filed pursuant to Section 37-40 of this Act and is in effect on the last day of the third month preceding the company's anniversary month, plus a penalty if delinquent.

(12) Filing an application for reinstatement of a limited liability company or foreign limited liability company $200 $500.

(13) Filing articles of merger, $100 plus $50 for each party to the merger in excess of the first 2 parties.

(14) Filing articles of conversion, $100.

(15) Filing a statement of change of address of registered office or change of registered agent, or both, or filing a statement of correction, $25.

(16) Filing a petition for refund, $5 $15.

(17) Filing a certificate of designation of a limited liability company with a series pursuant to Section 37-40 of this Act, $50.

(18) Filing articles of domestication, $100.

(19) Filing, amending, or cancelling a statement of authority, $50.

(20) Filing, amending, or cancelling a statement of denial, $10.

(21) Filing any other document, $5 $100.

(c) The Secretary of State shall charge and collect all of the following:

(1) For furnishing a copy or certified copy of any document, instrument, or paper relating to a limited liability company or foreign limited liability company, or for a certificate, $25.

(2) For the transfer of information by computer process media to any purchaser, fees established by rule.

(Source: P.A. 99-637, eff. 7-1-17.)".