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SB 652 Illinois Senate · 100th Regular Session

NEW MARKETS-REQUIREMENTS

Summary
Amends the New Markets Development Program Act. Provides that, to be considered a "qualified equity investment" under the Act, 100% (currently, 85%) of the cash purchase price of the investment must be used by the issuer to make qualified low-income community investments in the State of Illinois. Requires qualified community development entities to submit an annual job creation report. Provides that the application for certification as a qualified community development entity must include the amount of qualified equity investment authority the applicant agrees to designate as a federal qualified equity investment under Section 45D of the Internal Revenue Code. Provides that no qualified active low-income community business that receives a qualified low-income community investment from a qualified community development entity that issues qualified equity investments under the Act may directly or indirectly (i) own or have the right to acquire an ownership interest in a qualified community development entity or member or affiliate of a qualified community development entity or (ii) loan to or invest in a qualified community development entity or member or affiliate of a qualified community development entity. Provides that the annual cap on credits under the Act is $50,000,000 (currently, $20,000,000). Effective immediately.
Bill status signed all 5 stages cleared
Introduction
Apr 2017
Committee Review
May 2017
Senate Passage
May 2017
House Passage
May 2017
Signed into Law
Aug 2017
Introduced Apr 28, 2017 Signed Aug 25, 2017
Floor votes · Senate May 31, 2017 · House May 31, 2017

How they voted

42–0
Passed · 6 other
Total votes 48
May 31, 2017
D Democratic28
25 Yea 3
89% Yea
R Republican20
17 Yea 3
85% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
76
Key actions
10
Committee
18
Amendments
18
Aug 25, 2017
Signed into law
Governor Approved
upper
May 31, 2017
Upper · Passed
Passed Both Houses
upper
May 31, 2017
Upper · Passed
House Committee Amendment No. 4 Senate Concurs 053-000-000
upper
May 31, 2017
Upper · Passed
House Committee Amendment No. 4 Motion to Concur Be Approved for Consideration Assignments
upper
May 31, 2017
Committee
House Committee Amendment No. 4 Motion to Concur Referred to Assignments
upper
May 31, 2017
Introduced
Placed on Calendar Order of Concurrence House Amendment(s) 4 - May 31, 2017
upper
May 31, 2017
Introduced
Secretary's Desk - Concurrence House Amendment(s) 4
upper
May 30, 2017
Amended
House Committee Amendment No. 3 Tabled Pursuant to Rule 40
lower
May 30, 2017
Amended
House Committee Amendment No. 2 Tabled Pursuant to Rule 40
lower
May 30, 2017
Amended
House Committee Amendment No. 1 Tabled Pursuant to Rule 40
lower
May 30, 2017
Lower · Passed
Do Pass as Amended / Short Debate Executive Committee; 011-000-000
lower
May 30, 2017
Lower · Passed
House Committee Amendment No. 4 Adopted in Executive Committee; by Voice Vote
lower
May 30, 2017
Lower · Passed
House Committee Amendment No. 4 Rules Refers to Executive Committee
lower
May 29, 2017
Committee
House Committee Amendment No. 4 Referred to Rules Committee
lower
May 29, 2017
Introduced
House Committee Amendment No. 4 Filed with Clerk by Rep. Lou Lang
lower
May 28, 2017
Committee
House Committee Amendment No. 3 Referred to Rules Committee
lower
May 28, 2017
Introduced
House Committee Amendment No. 3 Filed with Clerk by Rep. Lou Lang
lower
May 28, 2017
Committee
House Committee Amendment No. 2 Referred to Rules Committee
lower
May 28, 2017
Introduced
House Committee Amendment No. 2 Filed with Clerk by Rep. Lou Lang
lower
May 19, 2017
Committee
House Committee Amendment No. 1 Referred to Rules Committee
lower
May 19, 2017
Introduced
House Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang
lower
May 19, 2017
Lower · Passed
Committee Deadline Extended-Rule 9(b) May 26, 2017
lower
May 9, 2017
Committee
Assigned to Executive Committee
lower
Apr 28, 2017
Committee
Referred to Rules Committee
lower
Apr 28, 2017
Introduced
Arrived in House
lower
Apr 27, 2017
Amended
Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
upper
Mar 30, 2017
Upper · Passed
Senate Floor Amendment No. 2 Adopted; Clayborne
upper
Mar 28, 2017
Introduced
Senate Floor Amendment No. 1 Be Approved for Consideration Assignments
upper
Mar 28, 2017
Committee
Senate Floor Amendment No. 1 Referred to Assignments
upper
Mar 16, 2017
Introduced
Senate Floor Amendment No. 2 Recommend Do Adopt Commerce and Economic Development; 011-000-000
upper
Mar 15, 2017
Introduced
Senate Floor Amendment No. 2 Assignments Refers to Commerce and Economic Development
upper
Mar 8, 2017
Committee
Senate Floor Amendment No. 2 Referred to Assignments
upper
Mar 8, 2017
Introduced
Senate Floor Amendment No. 2 Filed with Secretary by Sen. James F. Clayborne, Jr.
upper
Mar 7, 2017
Introduced
Senate Floor Amendment No. 1 Assignments Refers to Commerce and Economic Development
upper
Mar 2, 2017
Committee
Senate Floor Amendment No. 1 Referred to Assignments
upper
Mar 2, 2017
Introduced
Senate Floor Amendment No. 1 Filed with Secretary by Sen. James F. Clayborne, Jr.
upper
Mar 2, 2017
Upper · Passed
Do Pass Commerce and Economic Development; 009-000-000
upper
Feb 1, 2017
Committee
Assigned to Commerce and Economic Development
upper
Jan 25, 2017
Committee
Referred to Assignments
upper
0 primary · 7 co-sponsors

Sponsors

No sponsor information available.