IL HB0240 | 2015-2016 | 99th General Assembly
Status
Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on January 21 2015 - 25% progression, died in committee
Action: 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 21 2015 - 25% progression, died in committee
Action: 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
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.
Title
PROPERTY REHAB CREDIT
Sponsors
| Rep. Gregory Harris [D] | Rep. Natalie Manley [D] | Rep. Martin Moylan [D] | Rep. Jerry Costello [D] |
| Rep. Jack Franks [D] |
History
| Date | Chamber | Action |
|---|---|---|
| 2015-03-27 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2015-03-16 | House | Added Co-Sponsor Rep. Jack D. Franks |
| 2015-02-20 | House | To Income Tax Subcommittee |
| 2015-02-03 | House | Added Co-Sponsor Rep. Jerry Costello, II |
| 2015-02-03 | House | Assigned to Revenue & Finance Committee |
| 2015-01-28 | House | Added Co-Sponsor Rep. Martin J. Moylan |
| 2015-01-28 | House | Added Co-Sponsor Rep. Natalie A. Manley |
| 2015-01-23 | House | Referred to Rules Committee |
| 2015-01-23 | House | First Reading |
| 2015-01-21 | House | Filed with the Clerk by Rep. Gregory Harris |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 215 | 5 | 409.1 | New Code | See Bill Text |
| 35 | 5 | 224 | New Code | See Bill Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=240&GAID=13&DocTypeID=HB&SessionID=88&GA=99 |
| Text | https://www.ilga.gov/legislation/99/HB/09900HB0240.htm |
