91st General Assembly
Summary of HB0144
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Short description: 
CERTIFIED CAPITAL COMPANY ACT                                              

Synopsis of Bill as introduced:
        Creates the Certified Capital Company Act to  provide  assistance      
   in  the  formation  of  new  and expansion of existing businesses that      
   create jobs in the State by providing an incentive, in the form of tax      
   credits against the State's privilege taxes, for  insurance  companies      
   to   invest  in  certified  capital  companies.    Provides  that  the      
   Department of Commerce and  Community  Affairs  shall  implement   the      
   provisions  of  the  Act.   Provides  that  an  insurance company that      
   qualifies as a certified investor shall earn a vested  credit  against      
   State  privilege  taxes  equal to 100% of the investor's investment of      
   certified capital, of which 10% may be  taken  in  any  taxable  year.      
   Provides  that  the  aggregate  amount  of certified capital for which      
   privilege tax credits shall be allowed  for  all  certified  investors      
   shall not exceed the amount that would entitle all certified investors      
   to  take  aggregate  credits  of  $30,000,000  per  year.   Amends the      
   Illinois Insurance Code to provide  that  the  amount  of  the  credit      
   earned  under the Certified Capital Company Act may be deducted from a      
   company's privilege tax liability.  Effective immediately.                  
          STATE DEBT NOTE (Economic and Fiscal Commission)                     
          HB 144 has no direct impact on the level of State indebtedness.      
          STATE DEBT NOTE, H-AM 1 (Economic and Fiscal Commission)             
          Same as previous note.                                               
          FISCAL NOTE (Dept. of Revenue)                                       
          The tax is administered and enforced by the Dept. of Insurance;      
          it is not appropriate or applicable for the Dept. of Revenue to      
          prepare a fiscal note for HB144.                                     
          BALANCED BUDGET NOTE (Bureau of the Budget)                          
          Since the bill is not a supplemental appropriation, the Balanc-      
          ed Budget Note Act is inapplicable.                                  
        HOUSE AMENDMENT NO. 3.                                                 
          Deletes reference to:                                                
          215 ILCS 5/409                                                       
        Deletes  everything  after  the  enacting  clause.   Creates  the      
   Certified Capital Company  Act  with  the  short  title  as  the  only      
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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