IL HB2484 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Bipartisan Bill
Status: Introduced on February 15 2023 - 25% progression
Action: 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 15 2023 - 25% progression
Action: 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the New Markets Development Program Act. Provides that the Department of Commerce and Economic Opportunity shall limit the monetary amount of qualified equity investments at no more than $20,000,000 of tax credits for the primary allocation and no more than $12,000,000 of tax credits for the targeted allocation. Provides that, on or after January 1, 2024, but not more than 120 days after the Community Development Financial Institutions Fund of the United States Department of the Treasury announces allocation awards under a Notice of Funding Availability that was published in the Federal Register on November 22, 2022, $250,000,000 of qualified equity investments for the primary allocation and $150,000,000 of qualified equity investments for the targeted allocation shall be allocated by the Department. Makes other changes. Defines terms. Effective immediately.
Title
NEW MARKET DEVELOPMENT PROGRAM
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2023-03-10 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2023-03-09 | House | To Revenue - Tax Credit and Incentives Subcommittee |
| 2023-03-01 | House | Assigned to Revenue & Finance Committee |
| 2023-02-27 | House | Chief Co-Sponsor Changed to Rep. Norine K. Hammond |
| 2023-02-27 | House | Added Co-Sponsor Rep. Michael T. Marron |
| 2023-02-27 | House | Added Chief Co-Sponsor Rep. Norine K. Hammond |
| 2023-02-24 | House | Added Co-Sponsor Rep. Elizabeth "Lisa" Hernandez |
| 2023-02-15 | House | Referred to Rules Committee |
| 2023-02-15 | House | First Reading |
| 2023-02-15 | House | Filed with the Clerk by Rep. Jay Hoffman |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 20 | 663 | 20 | Amended Code | Citation Text |
| 20 | 663 | 25 | Amended Code | Citation Text |
| 20 | 663 | 40 | Amended Code | Citation Text |
| 20 | 663 | 45 | Amended Code | Citation Text |
| 20 | 663 | 5 | Amended Code | Citation Text |
| 20 | 663 | 55 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2484&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/HB/10300HB2484.htm |
