Illinois General Assembly

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 Bill Status of SB2168  97th General Assembly


Short Description:  INC TX-RIVER EDGE REDEVELOP

Senate Sponsors
Sen. James F. Clayborne, Jr. - Linda Holmes - Michael Noland - David Koehler and Dave Syverson

House Sponsors
(Rep. Jehan A. Gordon - Charles E. Jefferson - David R. Leitch - Linda Chapa LaVia - Dave Winters, Keith Farnham, Eddie Lee Jackson, Sr., Jack McGuire, Michael Unes and Joe Sosnowski)

Last Action
DateChamber Action
  7/28/2011SenatePublic Act . . . . . . . . . 97-0203

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Historic Rehabilitation Tax Credit Act. Authorizes tax credits against Illinois income taxes and insurance company privilege taxes for 25% of the costs of rehabilitating certain historic property located in a River Edge Redevelopment Zone. Allows excess credits to be carried back and forward. Allows credits to be transferred, sold, or assigned. Administered by the Department of Commerce and Economic Opportunity. Sets forth application and award procedures. Effective immediately.

Senate Floor Amendment No. 1
Deletes reference to:
New Act
Adds reference to:
30 ILCS 105/5.786 new
35 ILCS 5/221 new

Replaces everything after the enacting clause. Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 25% of qualified expenditures incurred by a qualified taxpayer during the taxable year in the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone pursuant to a qualified rehabilitation plan. Defines "qualified taxpayer, "qualified historic structure", and "qualified rehabilitation plan". Provides that the credit may be carried forward until the tenth taxable year after the qualified rehabilitation plan was placed in service. Effective immediately.

House Floor Amendment No. 2
Adds reference to:
65 ILCS 115/10-2
65 ILCS 115/10-5.3

Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill. Provides that the historic preservation credit for properties located in the River Edge Redevelopment Zone applies through taxable years ending prior to January 1, 2017. Removes a requirement that the taxpayer must apply for the credit within 6 months after the effective date of the amendatory Act. Removes a provision allowing the taxpayer to carry the credit forward. Provides that partners, shareholders of subchapter S corporations, and owners of limited liability companies (if the limited liability company is treated as a partnership for purposes of federal and State income taxation) are entitled to a credit in accordance with the determination of income and distributive share of income under Sections 702 and 703 and subchapter S of the Internal Revenue Code, provided that credits granted to a partnership, a limited liability company taxed as a partnership, or other multiple owners of property shall be passed through to the partners, members, or owners respectively on a pro rata basis or pursuant to an executed agreement among the partners, members, or owners documenting any alternate distribution method. Amends the River Edge Redevelopment Zone Act. Provides that the Department may certify one additional River Edge Redevelopment Zone in the City of Peoria. Effective immediately.

Actions 
DateChamber Action
  2/10/2011SenateFiled with Secretary by Sen. James F. Clayborne, Jr.
  2/10/2011SenateFirst Reading
  2/10/2011SenateReferred to Assignments
  3/2/2011SenateAssigned to Revenue
  3/8/2011SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
  3/9/2011SenateAdded as Chief Co-Sponsor Sen. Michael Noland
  3/10/2011SenatePostponed - Revenue
  3/17/2011SenateDo Pass Revenue; 008-002-000
  3/17/2011SenatePlaced on Calendar Order of 2nd Reading March 17, 2011
  3/23/2011SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. James F. Clayborne, Jr.
  3/23/2011SenateSenate Floor Amendment No. 1 Referred to Assignments
  3/29/2011SenateSenate Floor Amendment No. 1 Assignments Refers to Revenue
  3/29/2011SenateSenate Floor Amendment No. 1 Recommend Do Adopt Revenue; 009-000-000
  4/11/2011SenateSecond Reading
  4/11/2011SenateSenate Floor Amendment No. 1 Adopted; Clayborne
  4/11/2011SenatePlaced on Calendar Order of 3rd Reading April 12, 2011
  4/12/2011SenateAdded as Co-Sponsor Sen. Dave Syverson
  4/15/2011SenateAdded as Chief Co-Sponsor Sen. David Koehler
  4/15/2011SenateThird Reading - Passed; 056-000-001
  4/15/2011HouseArrived in House
  4/15/2011HousePlaced on Calendar Order of First Reading
  4/15/2011HouseChief House Sponsor Rep. Charles E. Jefferson
  4/15/2011HouseAlternate Chief Sponsor Changed to Rep. Jehan A. Gordon
  4/15/2011HouseAdded Alternate Chief Co-Sponsor Rep. Charles E. Jefferson
  4/15/2011HouseFirst Reading
  4/15/2011HouseReferred to Rules Committee
  4/25/2011HouseAssigned to Revenue & Finance Committee
  5/13/2011HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jehan A. Gordon
  5/13/2011HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  5/13/2011HouseCommittee Deadline Extended-Rule 9(b) May 20, 2011
  5/16/2011HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
  5/16/2011HouseMotion Filed to Suspend Rule 25 Revenue & Finance Committee; Rep. Barbara Flynn Currie
  5/16/2011HouseMotion to Suspend Rule 25 - Prevailed by Voice Vote
  5/20/2011HouseFinal Action Deadline Extended-9(b) May 27, 2011
  5/25/2011HouseAdded Alternate Chief Co-Sponsor Rep. David R. Leitch
  5/25/2011HouseAdded Alternate Chief Co-Sponsor Rep. Linda Chapa LaVia
  5/25/2011HouseAdded Alternate Chief Co-Sponsor Rep. Dave Winters
  5/25/2011HouseAdded Alternate Co-Sponsor Rep. Keith Farnham
  5/25/2011HouseAdded Alternate Co-Sponsor Rep. Eddie Lee Jackson, Sr.
  5/27/2011HouseFinal Action Deadline Extended-9(b) May 31, 2011
  5/29/2011HouseDo Pass / Short Debate Revenue & Finance Committee; 009-000-000
  5/29/2011HousePlaced on Calendar 2nd Reading - Short Debate
  5/29/2011HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
  5/29/2011HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Jehan A. Gordon
  5/29/2011HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  5/29/2011HouseAdded Alternate Co-Sponsor Rep. Jack McGuire
  5/29/2011HouseAdded Alternate Co-Sponsor Rep. Michael Unes
  5/29/2011HouseSecond Reading - Short Debate
  5/29/2011HouseHeld on Calendar Order of Second Reading - Short Debate
  5/30/2011HouseHouse Floor Amendment No. 2 Rules Refers to Revenue & Finance Committee
  5/30/2011HouseAdded Alternate Co-Sponsor Rep. Joe Sosnowski
  5/30/2011HouseHouse Floor Amendment No. 2 Recommends Be Adopted Revenue & Finance Committee; 009-000-000
  5/31/2011HouseHouse Floor Amendment No. 2 Adopted by Voice Vote
  5/31/2011HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/31/2011HouseThird Reading - Short Debate - Passed 115-000-000
  5/31/2011SenateSecretary's Desk - Concurrence House Amendment(s) 2
  5/31/2011SenatePlaced on Calendar Order of Concurrence House Amendment(s) 2 - May 31, 2011
  5/31/2011SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. James F. Clayborne, Jr.
  5/31/2011SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments
  5/31/2011SenateHouse Floor Amendment No. 2 Motion to Concur Assignments Referred to Revenue
  5/31/2011SenateHouse Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Revenue; 007-000-000
  5/31/2011SenateHouse Floor Amendment No. 2 Senate Concurs 058-000-000
  5/31/2011SenatePassed Both Houses
  6/29/2011SenateSent to the Governor
  7/28/2011SenateGovernor Approved
  7/28/2011SenateEffective Date July 28, 2011
  7/28/2011SenatePublic Act . . . . . . . . . 97-0203

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