REHABILITATION TAX CREDIT
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. Contains provisions concerning the transfer of credits. Sets forth the maximum annual amount of credits that may be approved by the Department. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Effective January 1, 2016.
Bill status
failed
1 of 4 stages cleared
Introduction
Feb 2015
Committee Review
Floor Vote
Governor
Introduced Feb 19, 2015
Last action Jan 10, 2017
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
17
Key actions
0
Committee
5
Jan 10, 2017
Senate · Failed
Session Sine Die
Oct 10, 2015
Senate · Referred to committee
Pursuant to Senate Rule 3-9(b) / Referred to Assignments
Mar 27, 2015
Senate · Reported by committee
Rule 2-10 Committee Deadline Established As April 24, 2015
Mar 5, 2015
Senate · Reported by committee
To Subcommittee on Tax Credits
Feb 25, 2015
Senate · Referred to committee
Assigned to Revenue
Feb 19, 2015
Senate · Referred to committee
Referred to Assignments
0 primary · 1 co-sponsor
Sponsors
Role
Legislator
Party
State
District
Co
Pamela J. Althoff
RRepublican
Ask Maddy
·
AI policy assistant
Ask Maddy about SB 1250
Scope: IL
Hi! I can help you understand SB 1250. What would you like to know?
Try one of these
i
Maddy answers using official bill text and legislative records. Always verify before sharing.
Sources cited inline