HOLBROOK AND STEPHENS.
CERTIFIED CAPITAL COMPANY ACT
Synopsis of Bill as introduced:
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
Last action on Bill: SESSION SINE DIE
Last action date: 01-01-09
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status