TURNER,ART-HOFFMAN-OSMOND-STROGER, HOLBROOK AND STEPHENS. (PETERSON) New Act 215 ILCS 5/409 from Ch. 73, par. 1021 Creates the Certified Capital Company Act to provide assistance in the formation of new and expansion of existing businesses that create jobs in the State by providing an incentive, in the form of tax credits against the State's privilege taxes, for insurance companies to invest in certified capital companies. Provides that the Department of Commerce and Community Affairs shall implement the provisions of the Act. Provides that an insurance company that qualifies as a certified investor shall earn a vested credit against State privilege taxes equal to 100% of the investor's investment of certified capital, of which 10% may be taken in any taxable year. Provides that the aggregate amount of certified capital for which privilege tax credits shall be allowed for all certified investors shall not exceed the amount that would entitle all certified investors to take aggregate credits of $30,000,000 per year. Amends the Illinois Insurance Code to provide that the amount of the credit earned under the Certified Capital Company Act may be deducted from a company's privilege tax liability. Effective immediately. STATE DEBT NOTE (Economic and Fiscal Commission) HB 144 has no direct impact on the level of State indebtedness. STATE DEBT NOTE, H-AM 1 (Economic and Fiscal Commission) Same as previous note. FISCAL NOTE (Dept. of Revenue) The tax is administered and enforced by the Dept. of Insurance; it is not appropriate or applicable for the Dept. of Revenue to prepare a fiscal note for HB144. BALANCED BUDGET NOTE (Bureau of the Budget) Since the bill is not a supplemental appropriation, the Balanc- ed Budget Note Act is inapplicable. HOUSE AMENDMENT NO. 3. Deletes reference to: 215 ILCS 5/409 Deletes everything after the enacting clause. Creates the Certified Capital Company Act with the short title as the only provision. 99-01-12 H PREFILED WITH CLERK 99-01-14 H FIRST READING 99-01-14 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-01-27 H ASSIGNED TO COMMITTEE REVENUE 99-02-03 H ADDED AS A JOINT SPONSOR HOFFMAN 99-03-04 H DO PASS/SHORT DEBATE 008-001-000 HREV 99-03-04 H PLACED CALENDAR 2ND READING-SHORT DEBATE 99-03-05 H FISCAL NOTE REQUESTED MOORE,ANDREA 99-03-05 H BALANCED BUDGET NOTE REQUESTED MOORE,ANDREA 99-03-05 H STATE DEBT IMPACT NOTE REQUESTED MOORE,ANDREA 99-03-05 H CALENDAR ORDER 2ND READING-SHORT DEBATE 99-03-05 H JOINT-SPONSOR CHANGED TO OSMOND 99-03-05 H ADDED AS A CO-SPONSOR DAVIS,STEVE 99-03-05 H ADDED AS A CO-SPONSOR HOLBROOK 99-03-05 H ADDED AS A CO-SPONSOR STEPHENS 99-03-11 H FISCAL NOTE FILED 99-03-11 H STATE DEBT IMPACT NOTE FILED 99-03-11 H ST DEBT IMPACT NOTE FILED AS AMENDED BY HOUSE AMEND #1 99-03-11 H BALANCED BUDGET NOTE FILED 99-03-11 H CALENDAR ORDER 2ND READING-SHORT DEBATE 99-03-16 H SECOND READING-SHORT DEBATE 99-03-16 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 99-03-17 H RECALLED TO SECOND READING-SHORT DEBATE 99-03-17 H AMENDMENT NO. 01-TURNER,ART 99-03-17 H AMENDMENT REFERRED TO HRUL 99-03-17 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 99-03-23 H AMENDMENT NO. 02-TURNER,ART 99-03-23 H AMENDMENT REFERRED TO HRUL 99-03-23 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 99-03-25 H AMENDMENT NO. 03-TURNER,ART 99-03-25 H AMENDMENT REFERRED TO HRUL 99-03-25 H RECOMMENDS BE ADOPTED HRUL 99-03-25 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 99-03-26 H AMENDMENT NO. 03-TURNER,ART 99-03-26 H ADOPTED 99-03-26 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 99-03-26 H TABLED PURSUANT TO RULE 40(a) HOUSE AMEND 1 & 2 99-03-26 H THIRD READING/SHORT DEBATE/PASSED 108-005-001 99-03-26 H ADDED AS A JOINT SPONSOR STROGER 99-04-14 S ARRIVE IN SENATE 99-04-14 S PLACED CALENDAR ORDER OF FIRST READING 99-04-15 99-04-14 S CHIEF SPONSOR PETERSON 99-04-14 S FIRST READING 99-04-14 S REFERRED TO SENATE RULES COMMITTEE RULES 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary