91st General Assembly
Status of HB0144
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TURNER,ART-HOFFMAN-OSMOND-STROGER, 
   HOLBROOK AND STEPHENS.

(PETERSON)

   New Act                                                                     
   215 ILCS 5/409            from Ch. 73, par. 1021                            

        Creates the Certified Capital Company Act to  provide  assistance      
   in  the  formation  of  new  and expansion of existing businesses that      
   create jobs in the State by providing an incentive, in the form of tax      
   credits against the State's privilege taxes, for  insurance  companies      
   to   invest  in  certified  capital  companies.    Provides  that  the      
   Department of Commerce and  Community  Affairs  shall  implement   the      
   provisions  of  the  Act.   Provides  that  an  insurance company that      
   qualifies as a certified investor shall earn a vested  credit  against      
   State  privilege  taxes  equal to 100% of the investor's investment of      
   certified capital, of which 10% may be  taken  in  any  taxable  year.      
   Provides  that  the  aggregate  amount  of certified capital for which      
   privilege tax credits shall be allowed  for  all  certified  investors      
   shall not exceed the amount that would entitle all certified investors      
   to  take  aggregate  credits  of  $30,000,000  per  year.   Amends the      
   Illinois Insurance Code to provide  that  the  amount  of  the  credit      
   earned  under the Certified Capital Company Act may be deducted from a      
   company's privilege tax liability.  Effective immediately.                  
          STATE DEBT NOTE (Economic and Fiscal Commission)                     
          HB 144 has no direct impact on the level of State indebtedness.      
          STATE DEBT NOTE, H-AM 1 (Economic and Fiscal Commission)             
          Same as previous note.                                               
          FISCAL NOTE (Dept. of Revenue)                                       
          The tax is administered and enforced by the Dept. of Insurance;      
          it is not appropriate or applicable for the Dept. of Revenue to      
          prepare a fiscal note for HB144.                                     
          BALANCED BUDGET NOTE (Bureau of the Budget)                          
          Since the bill is not a supplemental appropriation, the Balanc-      
          ed Budget Note Act is inapplicable.                                  
        HOUSE AMENDMENT NO. 3.                                                 
          Deletes reference to:                                                
          215 ILCS 5/409                                                       
        Deletes  everything  after  the  enacting  clause.   Creates  the      
   Certified Capital Company  Act  with  the  short  title  as  the  only      
   provision.                                                                  
   99-01-12  H  PREFILED WITH CLERK                                            
   99-01-14  H  FIRST READING                                                  
   99-01-14  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   99-01-27  H       ASSIGNED TO COMMITTEE               REVENUE               
   99-02-03  H  ADDED AS A JOINT SPONSOR                 HOFFMAN               
   99-03-04  H  DO PASS/SHORT DEBATE                     008-001-000   HREV    
   99-03-04  H  PLACED CALENDAR 2ND READING-SHORT DEBATE                       
   99-03-05  H                     FISCAL NOTE REQUESTED MOORE,ANDREA          
   99-03-05  H  BALANCED BUDGET NOTE REQUESTED           MOORE,ANDREA          
   99-03-05  H  STATE DEBT IMPACT NOTE REQUESTED         MOORE,ANDREA          
   99-03-05  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   99-03-05  H  JOINT-SPONSOR CHANGED TO                 OSMOND                
   99-03-05  H  ADDED AS A CO-SPONSOR                    DAVIS,STEVE           
   99-03-05  H  ADDED AS A CO-SPONSOR                    HOLBROOK              
   99-03-05  H  ADDED AS A CO-SPONSOR                    STEPHENS              
   99-03-11  H                         FISCAL NOTE FILED                       
   99-03-11  H  STATE DEBT IMPACT NOTE FILED                                   
   99-03-11  H  ST DEBT IMPACT NOTE FILED AS AMENDED     BY HOUSE AMEND #1     
   99-03-11  H  BALANCED BUDGET NOTE FILED                                     
   99-03-11  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   99-03-16  H  SECOND READING-SHORT DEBATE                                    
   99-03-16  H  PLCD CAL ORDER 3RD READING-SHORT DEBATE                        
   99-03-17  H  RECALLED TO SECOND READING-SHORT DEBATE                        
   99-03-17  H                             AMENDMENT NO. 01-TURNER,ART         
   99-03-17  H                     AMENDMENT REFERRED TO HRUL                  
   99-03-17  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   99-03-23  H                             AMENDMENT NO. 02-TURNER,ART         
   99-03-23  H                     AMENDMENT REFERRED TO HRUL                  
   99-03-23  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   99-03-25  H                             AMENDMENT NO. 03-TURNER,ART         
   99-03-25  H                     AMENDMENT REFERRED TO HRUL                  
   99-03-25  H  RECOMMENDS BE ADOPTED                    HRUL                  
   99-03-25  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   99-03-26  H                             AMENDMENT NO. 03-TURNER,ART         
   99-03-26  H                                   ADOPTED                       
   99-03-26  H  PLCD CAL ORDER 3RD READING-SHORT DEBATE                        
   99-03-26  H  TABLED PURSUANT TO RULE 40(a)            HOUSE AMEND 1 & 2     
   99-03-26  H  THIRD READING/SHORT DEBATE/PASSED        108-005-001           
   99-03-26  H  ADDED AS A JOINT SPONSOR                 STROGER               
   99-04-14  S  ARRIVE IN SENATE                                               
   99-04-14  S  PLACED CALENDAR ORDER OF FIRST READING   99-04-15              
   99-04-14  S  CHIEF SPONSOR                            PETERSON              
   99-04-14  S  FIRST READING                                                  
   99-04-14  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   01-01-09  H  SESSION SINE DIE                                               

   END OF INQUIRY 



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