Illinois Senate Bill 3716 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 21 2022 - 25% progression, died in committee
Action: 2022-02-10 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Creates the Revitalizing Downtowns Tax Credit Act. Creates an income tax credit in an aggregate amount equal to 25% of the qualified expenditures incurred by a qualified taxpayer undertaking a plan to substantially convert an office building from office use to residential, retail, or other commercial use. Provides that the total amount of such expenditures must equal $15,000 or more. Provides that, if the conversion is to residential use, then: (i) 20% or more of the residential housing units must be both rent-restricted and occupied by individuals whose income is 80% or less of the municipality's median gross income; and (ii) the property must be subject to a written binding State or local agreement with respect to the provision of financing of affordable housing. Provides that the credit applies for tax years beginning on or after January 1, 2023 and ending on or before December 31, 2025. Amends the Illinois Income Tax to make conforming changes. Effective immediately.

REVENUE-DOWNTOWNS CREDIT

Sen. Steve Stadelman [D]

Date	Chamber	Action
2022-02-10	Senate	Rule 3-9(a) / Re-referred to Assignments
2022-02-01	Senate	Assigned to Revenue
2022-01-21	Senate	Referred to Assignments
2022-01-21	Senate	First Reading
2022-01-21	Senate	Filed with Secretary by Sen. Steve Stadelman

Chapter	Article	Section	Citation Type	Statute Text
35	5	232	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3716&GAID=16&DocTypeID=SB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/SB/10200SB3716.htm