Frank J. Mautino
- Democratic
Primary
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. Provides that credits may be carried forward for a period of 5 years, or carried back for a period of one year. Provides that credits awarded for each qualified rehabilitation project shall be limited to a maximum of $3,000,000. Provides that credits may be assigned or transferred. Effective January 1, 2015.
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Session Sine Die
Added Co-Sponsor Rep. Jack D. Franks
Added Co-Sponsor Rep. Patrick J. Verschoore
Added Co-Sponsor Rep. Mike Smiddy
Rule 19(a) / Re-referred to Rules Committee
To Property Tax Subcommittee
Assigned to Revenue & Finance Committee
Added Co-Sponsor Rep. Emanuel Chris Welch
Chief Co-Sponsor Changed to Rep. Jerry F. Costello, II
Added Chief Co-Sponsor Rep. Jerry F. Costello, II
Added Co-Sponsor Rep. Greg Harris
Added Co-Sponsor Rep. Rich Brauer
Added Chief Co-Sponsor Rep. John M. Cabello
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Frank J. Mautino
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