SB1824 96TH GENERAL ASSEMBLY

LRB096 11239 HLH 21649 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB1824

Introduced 2/20/2009, by Sen. James F. Clayborne, Jr.

SYNOPSIS AS INTRODUCED:

20 ILCS 663/20

Amends the New Markets Development Program Act. Makes a technical change in a Section concerning the annual cap on credits.

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The New Markets Development Program Act is amended by changing Section 20 as follows:

(20 ILCS 663/20)

Sec. 20. Annual cap on credits. The Department shall limit the the monetary amount of qualified equity investments permitted under this Act to a level necessary to limit tax credit use at no more than $10,000,000 of tax credits in any fiscal year. This limitation on qualified equity investments shall be based on the anticipated use of credits without regard to the potential for taxpayers to carry forward tax credits to later tax years.

(Source: P.A. 95-1024, eff. 12-31-08.)