Illinois General Assembly - Full Text of SB0652
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Full Text of SB0652  100th General Assembly


Rep. Lou Lang

Filed: 5/29/2017





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2    AMENDMENT NO. ______. Amend Senate Bill 652 on page 5, line
310, by replacing "$50,000,000 $20,000,000" with "$20,000,000";
5on page 10, immediately below line 18, by inserting the
7    "(g) Allocation rounds enabled by this Act shall be applied
8for according to the following schedule:
9        (1) on January 2, 2019, $125,000,000 of qualified
10    equity investments; and
11        (2) on January 2, 2020, $125,000,000 of qualified
12    equity investments."; and
13on page 14, line 10, after "business.", by inserting "This
14Section is not intended to affect ownership or affiliate
15interests that arise following the sixth anniversary of the
16issuance of the qualified equity investment."; and



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1on page 15, by replacing lines 6 through 22 with the following:
2    "(20 ILCS 663/55 new)
3    Sec. 55. Annual report. Each qualified community
4development entity shall submit an annual report to the
5Department within 45 days after the beginning of each calendar
6year during the compliance period. No annual report shall be
7due prior to the first anniversary of the initial credit
8allowance date. The report shall include, but is not limited
9to, the following:
10        (1) an attestation from an authorized officer of the
11    qualified community development entity that the entity has
12    not been the subject of any investigation by a government
13    agency relating to tax credits or financial services during
14    the preceding calendar year;
15        (2) information with respect to all qualified
16    low-income community investments made by the qualified
17    community development entity, including:
18            (A) the date and amount of, and bank statements or
19        wire transfer reports documenting, such qualified
20        low-income community investments;
21            (B) the name, address, and EIN of each qualified
22        active low-income community business funded by the
23        qualified community development entity, the number of
24        persons employed by such business at the time of the



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1        initial investment, and a brief description of the
2        business, the financing, and community benefits of the
3        financing; and
4            (C) the number of employment positions maintained
5        by each qualified active low-income community business
6        as of the date of report or the end of the preceding
7        calendar year and the average annual salaries of such
8        positions; and
9            (D) the total number of employment positions
10        created and retained as a result of qualified
11        low-income community investments and the average
12        annual salaries of those positions; and
13        (3) any changes with respect to the taxpayers entitled
14    to claim tax credits with respect to qualified equity
15    investments issued by the qualified community development
16    entity since its last report pursuant to this Section.
17    The qualified community development entity is not required
18to provide the annual report set forth in this Section for
19qualified low-income community investments that have been
20redeemed or repaid.".