INC TAX-HOUSING DEV CREDIT House SponsorsRep. Barbara Flynn Currie Senate Sponsors(Sen. Jacqueline Y. Collins) 7/24/2003HousePublic Act . . . . . . . . . 93-0369 20 ILCS 3805/7.2835 ILCS 5/214 Amends the Illinois Housing Development Act. Makes changes in the definitions of "affordable housing project" and "sponsor". Defines "project" to mean an affordable housing project, an employer-assisted affordable housing project, general operating support, or technical assistance. Defines "tax credit" as a tax credit allowed under Section 214 of the Illinois Income Tax Act. Provides that a sponsor must apply to an administrative housing agency for approval of a project (now, must apply to the agency that administers the program). Provides that the agency must reserve a specific amount of tax credits for each approved project (now, must reserve the credits for each approved affordable housing project for 24 months after it is approved and the sponsor must receive an eligible donation within that time in order to receive the credit). Provides that tax credits for general operating support can only be reserved as part of a reservation of tax credits for another type of project. Allows tax credits only where an administrative housing agency has reserved tax credits for the project. Limits tax credits for general operating support to 10% of the total tax credit reservation for the related project (now, limited to 10% of the total tax credit allocation for the project). Allows an administrative housing agency to reserve tax credits for any approved projects if the agency is unable to reserve the tax credits set-aside for employer-assisted housing projects and general operating support. Amends the Illinois Income Tax Act. Provides that persons or entities not subject to the tax and who make a donation under the Illinois Housing Development Act are entitled to receive and to transfer a tax credit for affordable housing donations. Makes other changes. Effective immediately.Fiscal Note (Housing Development Authority) No fiscal effect.Fiscal Note (Department of Revenue) The Department estimates that this bill will have little to no impact on the State of Illinois or the Department of Revenue. 2/26/2003HouseFiled with the Clerk by Rep. Barbara Flynn Currie 2/26/2003HouseFirst Reading 2/26/2003HouseReferred to Rules Committee 2/27/2003HouseAssigned to Executive Committee 3/5/2003HouseRe-assigned to Revenue Committee 3/13/2003HouseDo Pass / Short Debate Revenue Committee; 009-000-000 3/13/2003HousePlaced on Calendar 2nd Reading - Short Debate 3/17/2003HouseFiscal Note Filed 3/18/2003HouseFiscal Note Filed 3/20/2003HouseSecond Reading - Short Debate 3/20/2003HouseHeld on Calendar Order of Second Reading - Short Debate 3/21/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/21/2003HouseThird Reading - Short Debate - Passed 105-003-009 3/25/2003SenateArrive in Senate 3/25/2003SenatePlaced on Calendar Order of First Reading March 26, 2003 3/26/2003SenateChief Senate Sponsor Sen. Jacqueline Y. Collins 3/27/2003SenateFirst Reading 3/27/2003SenateReferred to Rules 4/3/2003SenateAssigned to Revenue 4/16/2003SenatePostponed - Revenue 5/1/2003SenateDo Pass Revenue; 009-000-000 5/1/2003SenatePlaced on Calendar Order of 2nd Reading May 6, 2003 5/6/2003SenateSecond Reading 5/6/2003SenatePlaced on Calendar Order of 3rd Reading May 7, 2003 5/13/2003SenateThird Reading - Passed; 058-000-000 5/13/2003HousePassed Both Houses 6/11/2003HouseSent to the Governor 7/24/2003HouseGovernor Approved 7/24/2003HouseEffective Date July 24, 2003 7/24/2003HousePublic Act . . . . . . . . . 93-0369