Rep. Jehan A. Gordon

Filed: 5/13/2011

 

 


 

 


 
09700SB2168ham001LRB097 09058 HLH 55451 a

1
AMENDMENT TO SENATE BILL 2168

2    AMENDMENT NO. ______. Amend Senate Bill 2168 on page 2, by
3replacing lines 5 and 6 with "Economic Opportunity. The"; and
 
4on page 3, line 3, after the period, by inserting "The
5Department of Commerce and Economic Opportunity may adopt rules
6to implement this Section."; and
 
7on page 3, by replacing lines 4 through 14 with the following:
8    "(c) If the amount of the credit exceeds the taxpayer's
9liability for the year, then the excess may be carried forward
10and applied to the tax liability of the 5 taxable years
11following the excess credit year. The tax credit shall be
12applied to the earliest year for which there is a tax
13liability. If there are credits for more than one year that are
14available to offset a liability, the earlier credit shall be
15applied first."; and
 

 

 

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1on page 4, by replacing lines 8 through 19 with the following:
2"historic structure. Partners, shareholders of subchapter S
3corporations, and owners of limited liability companies (if the
4limited liability company is treated as a partnership for
5purposes of federal and State income taxation) are entitled to
6a credit under this Section to be determined in accordance with
7the determination of income and distributive share of income
8under Sections 702 and 703 and subchapter S of the Internal
9Revenue Code, provided that credits granted to a partnership, a
10limited; and
 
11on page 4, immediately below line 24, by inserting the
12following:
 
13    "Section 15. The River Edge Redevelopment Zone Act is
14amended by changing Sections 10-2 and 10-5.3 as follows:
 
15    (65 ILCS 115/10-2)
16    Sec. 10-2. Findings. The General Assembly finds and
17declares that those municipalities adjacent to or surrounding
18river areas often lack critical tools to safely revive and
19redevelop environmentally-challenged properties that will
20stimulate economic revitalization and create jobs in Illinois.
21Environmentally-challenged properties adjacent to or
22surrounding Illinois rivers are a threat to the health, safety,
23and welfare of the people of this State. Many of these

 

 

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1environmentally-challenged properties adjacent to or
2surrounding rivers were former industrial areas that now,
3subject to appropriate environmental clean-up and remediation,
4would be ideal for office, residential, retail, hospitality,
5commercial, recreational, warehouse and distribution, and
6other economically productive uses. The cost of the cleaning
7and remediation of these environmentally-challenged properties
8is often the primary obstacle to returning these properties to
9a safe and economically productive use.
10    Cooperative and continuous partnership among the State,
11through the Department of Commerce and Economic Opportunity and
12the Environmental Protection Agency, municipalities adjacent
13to or surrounding rivers, and the private sector is necessary
14to appropriately encourage the cost-effective cleaning and
15remediation of these environmentally-challenged properties in
16order to bring about a safe and economically productive use of
17the properties.
18     Therefore, it is declared to be the purpose of this Act to
19identify and initiate 3 pilot River Edge Redevelopment Zones to
20stimulate the safe and cost-effective re-use of
21environmentally-challenged properties adjacent to or
22surrounding rivers by means of tax incentives or grants. On or
23after the effective date of this amendatory Act of the 97th
24General Assembly, the Department may certify an additional
25pilot River Edge Redevelopment Zone in the City of Peoria.
26(Source: P.A. 94-1021, eff. 7-12-06; 94-1022, eff. 7-12-06.)
 

 

 

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1    (65 ILCS 115/10-5.3)
2    Sec. 10-5.3. Certification of River Edge Redevelopment
3Zones.
4    (a) Approval of designated River Edge Redevelopment Zones
5shall be made by the Department by certification of the
6designating ordinance. The Department shall promptly issue a
7certificate for each zone upon its approval. The certificate
8shall be signed by the Director of the Department, shall make
9specific reference to the designating ordinance, which shall be
10attached thereto, and shall be filed in the office of the
11Secretary of State. A certified copy of the River Edge
12Redevelopment Zone Certificate, or a duplicate original
13thereof, shall be recorded in the office of the recorder of
14deeds of the county in which the River Edge Redevelopment Zone
15lies.
16    (b) A River Edge Redevelopment Zone shall be effective upon
17its certification. The Department shall transmit a copy of the
18certification to the Department of Revenue, and to the
19designating municipality. Upon certification of a River Edge
20Redevelopment Zone, the terms and provisions of the designating
21ordinance shall be in effect, and may not be amended or
22repealed except in accordance with Section 10-5.4.
23    (c) A River Edge Redevelopment Zone shall be in effect for
24the period stated in the certificate, which shall in no event
25exceed 30 calendar years. Zones shall terminate at midnight of

 

 

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1December 31 of the final calendar year of the certified term,
2except as provided in Section 10-5.4.
3    (d) In calendar years 2006 and 2007, the Department may
4certify one pilot River Edge Redevelopment Zone in the City of
5East St. Louis, one pilot River Edge Redevelopment Zone in the
6City of Rockford, and one pilot River Edge Redevelopment Zone
7in the City of Aurora.
8    In calendar year 2009, the Department may certify one pilot
9River Edge Redevelopment Zone in the City of Elgin.
10    On or after the effective date of this amendatory Act of
11the 97th General Assembly, the Department may certify one
12additional pilot River Edge Redevelopment Zone in the City of
13Peoria.
14    Thereafter the Department may not certify any additional
15River Edge Redevelopment Zones, but may amend and rescind
16certifications of existing River Edge Redevelopment Zones in
17accordance with Section 10-5.4.
18    (e) A municipality in which a River Edge Redevelopment Zone
19has been certified must submit to the Department, within 60
20days after the certification, a plan for encouraging the
21participation by minority persons, females, persons with
22disabilities, and veterans in the zone. The Department may
23assist the municipality in developing and implementing the
24plan. The terms "minority person", "female", and "person with a
25disability" have the meanings set forth under Section 2 of the
26Business Enterprise for Minorities, Females, and Persons with

 

 

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1Disabilities Act. "Veteran" means an Illinois resident who is a
2veteran as defined in subsection (h) of Section 1491 of Title
310 of the United States Code.
4(Source: P.A. 96-37, eff. 7-13-09.)".