Bill Status of HB5153 95th General Assembly
Short Description: INC TX-ECON DEVELOPMENT CREDIT
Rep. Jay C. Hoffman
| 1/13/2009||House||Session Sine Die|
Statutes Amended In Order of Appearance
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.
|Date||Chamber|| Action|| 2/14/2008||House||Filed with the Clerk by Rep. Jay C. Hoffman|| 2/14/2008||House||First Reading|| 2/14/2008||House||Referred to Rules Committee|| 1/13/2009||House||Session Sine Die|