Bill Status of HB3566 99th General Assembly
Short Description: INC TX-RIVER EDGE
Rep. Jehan Gordon-Booth - Litesa E. Wallace - Eddie Lee Jackson, Sr. - David R. Leitch, Anna Moeller, Linda Chapa LaVia, Michael D. Unes, Joe Sosnowski, Stephanie A. Kifowit, John M. Cabello, Andrew F Skoog, Steven A. Andersson, Mike Fortner, Ron Sandack and David S. Olsen
| 1/10/2017||House||Session Sine Die|
Statutes Amended In Order of Appearance
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.