NEW MARKETS DEVELOPMENT Senate SponsorsSen. James F. Clayborne, Jr.-Michael W. Frerichs, Bill Brady-Chris Lauzen and Pamela J. Althoff-Donne E. Trotter House Sponsors(Rep. Arthur L. Turner-LaShawn K. Ford-Monique D. Davis-Mike Boland-Charles E. Jefferson, Milton Patterson and Eddie Washington) 12/31/2008SenatePublic Act . . . . . . . . . 95-1024 New ActCreates the New Markets Development Program Act. Defines terms. Provides that taxpayers that make a qualified equity investment earn a vested right to certain tax credits against income, franchise, and insurance premium taxes. Credits are not transferable. Sets annual caps on credits. Provides for recapture. Authorizes the Department of Commerce and Economic Opportunity to promulgate rules. Sunsets after fiscal year 2012 unless reauthorized by the General Assembly. Contains other provisions. Effective immediately.House Amendment No. 1 Adds reference to:215 ILCS 5/409from Ch. 73, par. 1021215 ILCS 5/444from Ch. 73, par. 1056215 ILCS 5/444.1from Ch. 73, par. 1056.1Deletes everything after the enacting clause. Reinserts the provisions of the engrossed bill with changes. Decreases the amount of the annual cap on the credits from $40,000,000 to $10,000,000. Makes changes to the definition of "qualified active low-income community business". Adds provisions concerning certification of qualified equity investments. Contains provisions concerning rulemaking. Provides that an insurance company that does business in the State and claims a credit under the Act against certain insurance premium taxes is not required to pay an additional retaliatory tax under the Illinois Insurance Code. Makes other changes. Amends the Illinois Insurance Code to make conforming changes. Effective immediately.House Amendment No. 2 Deletes everything after the enacting clause. Reinserts the provisions of the bill as amended by House Amendment 1. In a Section concerning recapture, provides that references to the Department are to the Department of Revenue. Sets forth the meaning of the term "rules". Effective immediately. 2/7/2008SenateFiled with Secretary by Sen. James F. Clayborne, Jr. 2/7/2008SenateFirst Reading 2/7/2008SenateReferred to Rules 2/14/2008SenateAssigned to Revenue 2/20/2008SenateAdded as Chief Co-Sponsor Sen. Michael W. Frerichs 2/21/2008SenateAdded as Co-Sponsor Sen. Bill Brady 2/28/2008SenatePostponed - Revenue 3/6/2008SenateDo Pass Revenue; 007-000-001 3/6/2008SenatePlaced on Calendar Order of 2nd Reading March 11, 2008 3/6/2008SenateAdded as Chief Co-Sponsor Sen. Chris Lauzen 3/11/2008SenateAdded as Co-Sponsor Sen. Pamela J. Althoff 3/12/2008SenateSecond Reading 3/12/2008SenatePlaced on Calendar Order of 3rd Reading March 13, 2008 4/1/2008SenateThird Reading - Passed; 052-000-000 4/1/2008HouseArrived in House 4/1/2008HousePlaced on Calendar Order of First Reading 4/2/2008HouseChief House Sponsor Rep. Arthur L. Turner 4/2/2008HouseFirst Reading 4/2/2008HouseReferred to Rules Committee 4/30/2008HouseAssigned to Revenue Committee 5/9/2008HouseCommittee Deadline Extended-Rule 9(b) May 23, 2008 5/20/2008HouseMoved to Suspend Rule 25 Rep. Barbara Flynn Currie 5/20/2008HouseMotion to Suspend Rule 25 - Prevailed 5/20/2008HouseHouse Amendment No. 1 Filed with Clerk by Revenue Committee 5/20/2008HouseHouse Amendment No. 1 Adopted in Revenue Committee; by Voice Vote 5/20/2008HouseDo Pass as Amended / Short Debate Revenue Committee; 008-000-000 5/20/2008HousePlaced on Calendar 2nd Reading - Short Debate 5/20/2008HouseSecond Reading - Short Debate 5/20/2008HouseHeld on Calendar Order of Second Reading - Short Debate 5/22/2008HouseHouse Amendment No. 2 Filed with Clerk by Rep. Arthur L. Turner 5/22/2008HouseHouse Amendment No. 2 Referred to Rules Committee 5/23/2008HouseFinal Action Deadline Extended-9(b) May 31, 2008 5/27/2008HouseHouse Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000 5/28/2008HouseHouse Amendment No. 2 Adopted by Voice Vote 5/28/2008HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/29/2008HouseAdded Alternate Chief Co-Sponsor Rep. LaShawn K. Ford 5/29/2008HouseAdded Alternate Chief Co-Sponsor Rep. Monique D. Davis 5/29/2008HouseAdded Alternate Chief Co-Sponsor Rep. Mike Boland 5/29/2008HouseAdded Alternate Chief Co-Sponsor Rep. Charles E. Jefferson 5/29/2008HouseAdded Alternate Co-Sponsor Rep. Milton Patterson 5/29/2008HouseAdded Alternate Co-Sponsor Rep. Eddie Washington 5/29/2008HouseThird Reading - Short Debate - Passed 110-000-000 5/30/2008SenateSecretary's Desk - Concurrence House Amendment(s) 01,02 5/30/2008SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01,02-May 31, 2008 5/30/2008SenateHouse Amendment No. 1 Motion to Concur Filed with Secretary Sen. James F. Clayborne, Jr. 5/30/2008SenateHouse Amendment No. 1 Motion to Concur Referred to Rules 5/30/2008SenateHouse Amendment No. 2 Motion to Concur Filed with Secretary Sen. James F. Clayborne, Jr. 5/30/2008SenateHouse Amendment No. 2 Motion to Concur Referred to Rules 5/30/2008SenateHouse Amendment No. 1 Motion to Non-Concur Filed with Secretary Sen. James F. Clayborne, Jr. 5/30/2008SenateHouse Amendment No. 2 Motion to Non-Concur Filed with Secretary Sen. James F. Clayborne, Jr. 7/1/2008SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 11/12/2008SenateApproved for Consideration Rules 11/12/2008SenatePlaced on Calendar Order of Concurrence House Amendment(s) November 13, 2008; 01,02 11/12/2008SenateHouse Amendment No. 1 Motion to Concur Rules Referred to Revenue 11/12/2008SenateHouse Amendment No. 2 Motion to Concur Rules Referred to Revenue 11/13/2008SenateHouse Amendment No. 1 Motion To Concur Recommended Do Adopt Revenue; 007-000-000 11/13/2008SenateHouse Amendment No. 2 Motion To Concur Recommended Do Adopt Revenue; 007-000-000 11/13/2008Senate3/5 Vote Required 11/13/2008SenateHouse Amendment No. 1 Senate Concurs 057-000-000 11/13/2008Senate3/5 Vote Required 11/13/2008SenateHouse Amendment No. 2 Senate Concurs 057-000-000 11/13/2008SenateAdded as Chief Co-Sponsor Sen. Donne E. Trotter 11/13/2008SenatePassed Both Houses 12/12/2008SenateSent to the Governor 12/31/2008SenateGovernor Approved 12/31/2008SenateEffective Date December 31, 2008 12/31/2008SenatePublic Act . . . . . . . . . 95-1024