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 Bill Status of HB2468  100th General Assembly


Short Description:  REVENUE-REVITALIZATION CREDIT

House Sponsors
Rep. Lawrence Walsh, Jr.

Last Action
DateChamber Action
  4/28/2017HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
New Act
30 ILCS 605/7.1from Ch. 127, par. 133b10.1
35 ILCS 5/224 new
215 ILCS 5/409.2 new


Synopsis As Introduced
Creates the Illinois State Property Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an amount equal to 30% of qualified expenditures incurred by a qualified taxpayer in the rehabilitation of certain property that had been owned by the State. Provides that credits may be carried over into succeeding years and transferred. Contains provisions concerning the application process for obtaining a credit including form, fees, time to commence rehabilitation and expenditures, and that applicants shall comply with the Prevailing Wage Act. Provides that the Department of Commerce and Economic Opportunity will determine the amount of qualified expenditures and the amount of credits to be issued. Requires that a biennial report be issued. Provides for an appeal process where applicants may appeal an adverse decision. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Amends the State Property Control Act. Changes the definition of "surplus real property" to include property which is determined by the head of the State agency to no longer be required for the State agency's needs and responsibilities (instead of property that is vacant, unoccupied, or unused and having no foreseeable use by the owing agency). Makes changes concerning the disposition of surplus State property. Effective immediately.

Actions 
DateChamber Action
  2/7/2017HouseFiled with the Clerk by Rep. Lawrence Walsh, Jr.
  2/8/2017HouseFirst Reading
  2/8/2017HouseReferred to Rules Committee
  2/22/2017HouseAssigned to Executive Committee
  3/31/2017HouseCommittee Deadline Extended-Rule 9(b) April 28, 2017
  4/28/2017HouseRule 19(a) / Re-referred to Rules Committee

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