Bill Status of HB0240  9th General Assembly

Short Description:  PROPERTY REHAB CREDIT

House Sponsors
Rep. Gregory Harris, Natalie A. Manley, Martin J. Moylan, Jerry Costello, II and Jack D. Franks

Last Action
DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/224 new
215 ILCS 5/409.1 new


Synopsis As Introduced
Creates the Illinois Rehabilitation and Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an aggregate amount equal to 20% of qualified expenditures incurred by a qualified taxpayer pursuant to a qualified rehabilitation plan on a qualified structure, provided that the total amount of such qualified expenditures exceeds the greater of $5,000 or the adjusted basis of the property. Provides that credits may be carried forward for a period of 5 years, or carried back for a period of one year. Provides that credits awarded for each qualified rehabilitation project shall be limited to a maximum of $3,000,000. Provides that credits may be assigned or transferred. Effective January 1, 2016.

Actions 
DateChamber Action
  1/21/2015HouseFiled with the Clerk by Rep. Gregory Harris
  1/23/2015HouseFirst Reading
  1/23/2015HouseReferred to Rules Committee
  1/28/2015HouseAdded Co-Sponsor Rep. Natalie A. Manley
  1/28/2015HouseAdded Co-Sponsor Rep. Martin J. Moylan
  2/3/2015HouseAssigned to Revenue & Finance Committee
  2/3/2015HouseAdded Co-Sponsor Rep. Jerry Costello, II
  2/20/2015HouseTo Income Tax Subcommittee
  3/16/2015HouseAdded Co-Sponsor Rep. Jack D. Franks
  3/27/2015HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2017HouseSession Sine Die