Illinois General Assembly - Bill Status for HB2972
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 Bill Status of HB2972  100th General Assembly

Short Description:  INC TX-RIVER EDGE

House Sponsors
Rep. Linda Chapa LaVia - Litesa E. Wallace - Joe Sosnowski - Anna Moeller - Mike Fortner, Ryan Spain, LaToya Greenwood, Steven A. Andersson, Jehan Gordon-Booth, Stephanie A. Kifowit, Tim Butler and Keith R. Wheeler

Last Action
DateChamber Action
  1/8/2019HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/221
215 ILCS 5/409.1 new

Synopsis As Introduced
Amends the Illinois Income Tax Act and the Illinois Insurance Code. Provides that all or a portion of the income tax credit awarded for the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone may instead be taken as a credit against privilege and retaliatory taxes paid under the Illinois Insurance Code. Provides that the Historic Preservation Agency may issue a certification to the taxpayer stating that, if the project is completed as proposed, the project will qualify for the credits. Contains provisions concerning transfers of credits. Provides that the credit may be carried forward. Provides that the credit shall be based on qualified expenditures incurred by a qualified taxpayer (currently, qualified expenditures incurred by a qualified taxpayer during the taxable year). Provides that the qualified expenditures must exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins (currently, 50% of the purchase price of the property). Provides that the rehabilitation must be approved by the Historic Preservation Agency and the National Park Service (currently, the Historic Preservation Agency only). Provides that the credit sunsets on December 31, 2021 (currently, December 31, 2017). Effective immediately.

DateChamber Action
  2/9/2017HouseFiled with the Clerk by Rep. Linda Chapa LaVia
  2/9/2017HouseAdded Chief Co-Sponsor Rep. Litesa E. Wallace
  2/9/2017HouseFirst Reading
  2/9/2017HouseReferred to Rules Committee
  2/15/2017HouseAdded Chief Co-Sponsor Rep. Joe Sosnowski
  2/15/2017HouseAdded Chief Co-Sponsor Rep. Anna Moeller
  2/16/2017HouseAdded Chief Co-Sponsor Rep. Mike Fortner
  2/16/2017HouseAdded Co-Sponsor Rep. Ryan Spain
  2/16/2017HouseAdded Co-Sponsor Rep. LaToya Greenwood
  2/16/2017HouseAdded Co-Sponsor Rep. Steven A. Andersson
  2/22/2017HouseAssigned to Revenue & Finance Committee
  3/8/2017HouseAdded Co-Sponsor Rep. Jehan Gordon-Booth
  3/9/2017HouseTo Growth, Reform & Fairness Subcommittee
  3/14/2017HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee
  4/7/2017HouseAdded Co-Sponsor Rep. Tim Butler
  5/11/2017HouseAdded Co-Sponsor Rep. Keith R. Wheeler
  1/8/2019HouseSession Sine Die

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