Bill Status of SB1823 102nd General Assembly
Short Description: INC TX-RIVER EDGE REDEVELOP
Sen. David Koehler
(Rep. Jehan Gordon-Booth)
| 5/15/2021||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
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).
|Date||Chamber|| Action|| 2/26/2021||Senate||Filed with Secretary by Sen. David Koehler|| 2/26/2021||Senate||First Reading|| 2/26/2021||Senate||Referred to Assignments|| 3/9/2021||Senate||Assigned to Revenue|| 4/15/2021||Senate||Do Pass Revenue; 008-000-000|| 4/15/2021||Senate||Placed on Calendar Order of 2nd Reading April 20, 2021|| 4/16/2021||Senate||Senate Floor Amendment No. 1 Filed with Secretary by Sen. David Koehler|| 4/16/2021||Senate||Senate Floor Amendment No. 1 Referred to Assignments|| 4/20/2021||Senate||Senate Floor Amendment No. 1 Assignments Refers to Revenue|| 4/20/2021||Senate||Second Reading|| 4/20/2021||Senate||Placed on Calendar Order of 3rd Reading April 21, 2021|| 4/21/2021||Senate||Senate Floor Amendment No. 1 Recommend Do Adopt Revenue; 010-000-000|| 4/22/2021||Senate||Senate Floor Amendment No. 2 Filed with Secretary by Sen. David Koehler|| 4/22/2021||Senate||Senate Floor Amendment No. 2 Referred to Assignments|| 4/23/2021||Senate||Rule 2-10 Third Reading Deadline Established As April 30, 2021|| 4/27/2021||Senate||Senate Floor Amendment No. 2 Assignments Refers to Revenue|| 4/29/2021||Senate||Recalled to Second Reading|| 4/29/2021||Senate||Senate Floor Amendment No. 1 Adopted; Koehler|| 4/29/2021||Senate||Third Reading - Passed; 053-000-000|| 4/29/2021||Senate||Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)|| 4/30/2021||House||Arrived in House|| 5/3/2021||House||Chief House Sponsor Rep. Jehan Gordon-Booth|| 5/4/2021||House||First Reading|| 5/4/2021||House||Referred to Rules Committee|| 5/5/2021||House||Assigned to Revenue & Finance Committee|| 5/15/2021||House||Rule 19(a) / Re-referred to Rules Committee|