Illinois General Assembly

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 Bill Status of HB5153  95th General Assembly


Short Description:  INC TX-ECON DEVELOPMENT CREDIT

House Sponsors
Rep. Jay C. Hoffman

Last Action
DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/218 new


Synopsis As Introduced
Creates the Distressed Areas Land Assemblage Tax Credit Act and amends the Illinois Income Tax Act. Provides an income tax credit for taxpayers who incur certain costs related to the acquisition of economically distressed property for redevelopment purposes. Sets forth requirements for the credit. Provides that the total aggregate amount of tax credits issued under this Act may not exceed $12,000,000 in any one calendar year and may not exceed $100,000,000 for all calendar years. Provides that the credit may be sold or transferred and may be carried forward for 6 years.

Actions 
DateChamber Action
  2/14/2008HouseFiled with the Clerk by Rep. Jay C. Hoffman
  2/14/2008HouseFirst Reading
  2/14/2008HouseReferred to Rules Committee
  1/13/2009HouseSession Sine Die

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