Illinois General Assembly - Bill Status for SB1823
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 Bill Status of SB1823  102nd General Assembly


Short Description:  INC TX-RIVER EDGE REDEVELOP

Senate Sponsors
Sen. David Koehler

House Sponsors
(Rep. Jehan Gordon-Booth)

Last Action
DateChamber Action
  5/5/2021HouseAssigned to Revenue & Finance Committee

Statutes Amended In Order of Appearance
35 ILCS 5/221


Synopsis As Introduced
Amends the Illinois Income Tax Act. Extends a tax credit allowable for qualified expenditures incurred by a qualified taxpayer in the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone to January 1, 2031 (currently, through January 1, 2022). Provides that, in order to qualify for such a tax credit, expenditures must: (i) equal $5,000 or more, (ii) exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins, and (iii) be a part of a qualified rehabilitation plan or phase of a qualified rehabilitation plan that received final approval to begin the expenditures no later than December 31, 2026 (currently, only (i) and (ii) are required). Effective immediately.

Senate Floor Amendment No. 1
Makes a technical correction to the introduced bill by providing that the credit for restoration of qualified historic properties in a River Edge Redevelopment Zone applies for taxable years ending prior to January 1, 2027 (currently, January 1, 2022).

Actions 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. David Koehler
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/9/2021SenateAssigned to Revenue
  4/15/2021SenateDo Pass Revenue; 008-000-000
  4/15/2021SenatePlaced on Calendar Order of 2nd Reading April 20, 2021
  4/16/2021SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. David Koehler
  4/16/2021SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/20/2021SenateSenate Floor Amendment No. 1 Assignments Refers to Revenue
  4/20/2021SenateSecond Reading
  4/20/2021SenatePlaced on Calendar Order of 3rd Reading April 21, 2021
  4/21/2021SenateSenate Floor Amendment No. 1 Recommend Do Adopt Revenue; 010-000-000
  4/22/2021SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. David Koehler
  4/22/2021SenateSenate Floor Amendment No. 2 Referred to Assignments
  4/23/2021SenateRule 2-10 Third Reading Deadline Established As April 30, 2021
  4/27/2021SenateSenate Floor Amendment No. 2 Assignments Refers to Revenue
  4/29/2021SenateRecalled to Second Reading
  4/29/2021SenateSenate Floor Amendment No. 1 Adopted; Koehler
  4/29/2021SenateThird Reading - Passed; 053-000-000
  4/29/2021SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
  4/30/2021HouseArrived in House
  5/3/2021HouseChief House Sponsor Rep. Jehan Gordon-Booth
  5/4/2021HouseFirst Reading
  5/4/2021HouseReferred to Rules Committee
  5/5/2021HouseAssigned to Revenue & Finance Committee

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