Pamela J. Althoff
- Republican
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. 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, 2017.
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Session Sine Die
Rule 3-9(a) / Re-referred to Assignments
Rule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016
Rule 2-10 Committee Deadline Established As April 22, 2016
Added as Co-Sponsor Sen. Donne E. Trotter
To Subcommittee on Tax Credits
Assigned to Revenue
Filed with Secretary by Sen. Pamela J. Althoff
Referred to Assignments
First Reading
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