SB 1755

  • Illinois Senate Bill
  • 103rd Regular Session
  • Introduced in Senate
  • Senate
  • House
  • Governor

New Market Development Program

Abstract

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.

Bill Sponsors (4)

Votes


No votes to display

Actions


Mar 10, 2023

Senate

Rule 3-9(a) / Re-referred to Assignments

Mar 08, 2023

Senate

Added as Chief Co-Sponsor Sen. Doris Turner

Mar 03, 2023

Senate

Added as Co-Sponsor Sen. Paul Faraci

Feb 27, 2023

Senate

Added as Co-Sponsor Sen. Terri Bryant

Feb 21, 2023

Senate

Assigned to Revenue

Feb 09, 2023

Senate

Filed with Secretary by Sen. Christopher Belt

Senate

Referred to Assignments

Senate

First Reading

Bill Text

Bill Text Versions Format
Introduced HTML PDF

Related Documents

Document Format
No related documents.

Sources

Data on Open States is updated periodically throughout the day from the official website of the Illinois General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.