Illinois General Assembly - Bill Status for SB1642
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 Bill Status of SB1642  103rd General Assembly

Short Description:  INC TX-RIVER EDGE

Senate Sponsors
Sen. Steve Stadelman - Dave Syverson - David Koehler - Linda Holmes - Michael Noland, Pamela J. Althoff, James F. Clayborne, Jr., John M. Sullivan, Darin M. LaHood, Karen McConnaughay and Chuck Weaver

Last Action
DateChamber Action
  1/10/2017SenateSession 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 sunsets on January 1, 2022 (currently, January 1, 2017). Effective immediately.

Actions 
DateChamber Action
  2/20/2015SenateFiled with Secretary by Sen. Steve Stadelman
  2/20/2015SenateChief Co-Sponsor Sen. Dave Syverson
  2/20/2015SenateFirst Reading
  2/20/2015SenateReferred to Assignments
  2/20/2015SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
  2/20/2015SenateAdded as Chief Co-Sponsor Sen. Michael Noland
  2/20/2015SenateAdded as Chief Co-Sponsor Sen. David Koehler
  3/3/2015SenateAdded as Co-Sponsor Sen. Pamela J. Althoff
  3/4/2015SenateAdded as Co-Sponsor Sen. James F. Clayborne, Jr.
  3/11/2015SenateAssigned to Revenue
  3/11/2015SenateAdded as Co-Sponsor Sen. John M. Sullivan
  3/13/2015SenateAdded as Co-Sponsor Sen. Darin M. LaHood
  3/19/2015SenateTo Subcommittee on Tax Credits
  3/25/2015SenateAdded as Co-Sponsor Sen. Karen McConnaughay
  3/27/2015SenateRule 2-10 Committee Deadline Established As April 24, 2015
  4/24/2015SenateRule 2-10 Committee/3rd Reading Deadline Established As May 15, 2015
  5/15/2015SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2015
  10/10/2015SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  3/8/2016SenateRe-assigned to Executive
  3/9/2016SenateAdded as Co-Sponsor Sen. Chuck Weaver
  4/8/2016SenateRule 2-10 Committee Deadline Established As April 22, 2016
  4/22/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016
  5/13/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As May 27, 2016
  5/27/2016SenateRule 3-9(a) / Re-referred to Assignments
  1/10/2017SenateSession Sine Die

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