Illinois General Assembly - Bill Status for HB5214
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 Bill Status of HB5214  102nd General Assembly


Short Description:  INCOME TAX-ANGEL INVEST CREDIT

House Sponsors
Rep. Carol Sente - Grant Wehrli - Sam Yingling - Robert W. Pritchard - Jerry Costello, II, Avery Bourne, Lawrence Walsh, Jr., Jaime M. Andrade, Jr., Natalie A. Manley, Kathleen Willis, Sonya M. Harper and Silvana Tabares

Senate Sponsors
(Sen. Elgie R. Sims, Jr. - Melinda Bush and Julie A. Morrison)

Last Action
DateChamber Action
  8/3/2018HousePublic Act . . . . . . . . . 100-0686

Statutes Amended In Order of Appearance
35 ILCS 5/220


Synopsis As Introduced
Amends the Illinois Income Tax Act. Changes the definition of "applicant" and "related member". Provides that the annual allowable amounts shall be allocated by the Department of Commerce and Economic Opportunity if any portion of the unused allocated amount at the end of the first 3 calendar quarters of a calendar year (rather than 2 calendar quarters) are rolled into the total allocated amount for the next calendar quarter. Provides that the annual allowable amounts shall be allocated by the Department if tax credits for investments in minority-owned businesses, women-owned businesses, businesses owned by a person with a disability, or a business in a county with a population of 250,000 or less are limited to the first 3 calendar quarters of a calendar year and after which investors may claim the tax credits of any qualified new business venture.

Actions 
DateChamber Action
  2/15/2018HouseFiled with the Clerk by Rep. Carol Sente
  2/16/2018HouseFirst Reading
  2/16/2018HouseReferred to Rules Committee
  3/5/2018HouseAssigned to Revenue & Finance Committee
  4/5/2018HouseAdded Co-Sponsor Rep. Sam Yingling
  4/6/2018HouseAdded Co-Sponsor Rep. Robert W. Pritchard
  4/6/2018HouseAdded Co-Sponsor Rep. Grant Wehrli
  4/6/2018HouseAdded Co-Sponsor Rep. Avery Bourne
  4/6/2018HouseAdded Co-Sponsor Rep. Lawrence Walsh, Jr.
  4/9/2018HouseAdded Co-Sponsor Rep. Jerry Costello, II
  4/11/2018HouseAdded Co-Sponsor Rep. Jaime M. Andrade, Jr.
  4/11/2018HouseAdded Co-Sponsor Rep. Natalie A. Manley
  4/11/2018HouseAdded Co-Sponsor Rep. Kathleen Willis
  4/11/2018HouseAdded Co-Sponsor Rep. Sonya M. Harper
  4/11/2018HouseAdded Co-Sponsor Rep. Silvana Tabares
  4/11/2018HouseDo Pass / Short Debate Revenue & Finance Committee; 009-000-000
  4/13/2018HousePlaced on Calendar 2nd Reading - Short Debate
  4/18/2018HouseSecond Reading - Short Debate
  4/18/2018HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/18/2018HouseRemoved Co-Sponsor Rep. Grant Wehrli
  4/18/2018HouseRemoved Co-Sponsor Rep. Sam Yingling
  4/18/2018HouseRemoved Co-Sponsor Rep. Robert W. Pritchard
  4/18/2018HouseRemoved Co-Sponsor Rep. Jerry Costello, II
  4/18/2018HouseAdded Chief Co-Sponsor Rep. Grant Wehrli
  4/18/2018HouseAdded Chief Co-Sponsor Rep. Sam Yingling
  4/18/2018HouseAdded Chief Co-Sponsor Rep. Robert W. Pritchard
  4/18/2018HouseAdded Chief Co-Sponsor Rep. Jerry Costello, II
  4/19/2018HouseThird Reading - Short Debate - Passed 110-000-000
  4/23/2018SenateArrive in Senate
  4/23/2018SenatePlaced on Calendar Order of First Reading April 24, 2018
  5/1/2018SenateChief Senate Sponsor Sen. Elgie R. Sims, Jr.
  5/1/2018SenateFirst Reading
  5/1/2018SenateReferred to Assignments
  5/2/2018SenateAssigned to Revenue
  5/10/2018SenateDo Pass Revenue; 005-000-000
  5/10/2018SenatePlaced on Calendar Order of 2nd Reading May 15, 2018
  5/15/2018SenateSecond Reading
  5/15/2018SenatePlaced on Calendar Order of 3rd Reading May 16, 2018
  5/21/2018SenateAdded as Alternate Chief Co-Sponsor Sen. Melinda Bush
  5/21/2018SenateAdded as Alternate Co-Sponsor Sen. Julie A. Morrison
  5/21/2018SenateThird Reading - Passed; 046-000-000
  5/21/2018HousePassed Both Houses
  6/19/2018HouseSent to the Governor
  8/3/2018HouseGovernor Approved
  8/3/2018HouseEffective Date January 1, 2019
  8/3/2018HousePublic Act . . . . . . . . . 100-0686

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