Illinois General Assembly - Bill Status for SB0015
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 Bill Status of SB0015  97th General Assembly

Short Description:  INC TX-ENT ZONE-MORTGAGE

Senate Sponsors
Sen. Jacqueline Y. Collins - Linda Holmes and Mike Jacobs

Last Action
DateChamber Action
  1/8/2013SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/203from Ch. 120, par. 2-203

Synopsis As Introduced
Amends the Illinois Income Tax Act. For taxable years ending on or after December 31, 2009, creates a deduction for financial organizations in an amount equal to the amount included in the organization's adjusted gross income as interest income from a residential mortgage loan if the mortgagor is a person with at least a 50% ownership interest in a business located in an Enterprise Zone or a River Edge Redevelopment Zone. Provides that the financial organization must apply the Illinois income tax savings to the principal of the loan. Allows the organization to file amended returns. Effective immediately.

DateChamber Action
  1/27/2011SenateFiled with Secretary by Sen. Jacqueline Y. Collins
  1/27/2011SenateFirst Reading
  1/27/2011SenateReferred to Assignments
  2/9/2011SenateAssigned to Revenue
  2/15/2011SenatePostponed - Revenue
  3/3/2011SenateTo Revenue Subcommittee on Tax Credits
  3/10/2011SenateAdded as Co-Sponsor Sen. Mike Jacobs
  3/17/2011SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
  3/18/2011SenateRule 3-9(a) / Re-referred to Assignments
  1/8/2013SenateSession Sine Die

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