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SB 1642 Illinois Senate · 99th Regular Session

INC TX-RIVER EDGE

Summary
Amends the Illinois Income Tax Act and the Illinois Insurance Code. Provides that all or a portion of the income tax credit awarded for the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone may instead be taken as a credit against privilege and retaliatory taxes paid under the Illinois Insurance Code. Provides that the Historic Preservation Agency may issue a certification to the taxpayer stating that, if the project is completed as proposed, the project will qualify for the credits. Contains provisions concerning transfers of credits. Provides that the credit may be carried forward. Provides that the credit sunsets on January 1, 2022 (currently, January 1, 2017). Effective immediately.
Bill status failed 1 of 4 stages cleared
Introduction
Feb 2015
Committee Review
Floor Vote
Governor
Introduced Feb 20, 2015 Last action Jan 10, 2017
Floor votes

How they voted

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Full legislative history

Actions timeline

Total actions
25
Key actions
3
Committee
8
May 27, 2016
Committee
Rule 3-9(a) / Re-referred to Assignments
upper
Apr 8, 2016
Upper · Passed
Rule 2-10 Committee Deadline Established As April 22, 2016
upper
Mar 8, 2016
Committee
Re-assigned to Executive
upper
Oct 10, 2015
Committee
Pursuant to Senate Rule 3-9(b) / Referred to Assignments
upper
Mar 27, 2015
Upper · Passed
Rule 2-10 Committee Deadline Established As April 24, 2015
upper
Mar 19, 2015
Upper · Passed
To Subcommittee on Tax Credits
upper
Mar 11, 2015
Committee
Assigned to Revenue
upper
Feb 20, 2015
Committee
Referred to Assignments
upper
0 primary · 1 co-sponsor

Sponsors

No sponsor information available.