Illinois 97th Regular Session Status: Passed Senate

SB 2886 — INC TX-ASSIGN REHAB CREDIT

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 97th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Illinois Income Tax Act. In a Section granting a credit for the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone, provides that taxpayers may sell, assign, convey, or otherwise transfer those credits. Effective immediately.

Bill Text

What changed in the latest version

5 added · 24 removed

Plain-language change summary

The latest version of Bill SB 2886 has added five new lines while removing 24 lines of previous text. The key change allows taxpayers involved in the restoration of qualified historic structures in a special redevelopment area to transfer their tax credits. This is significant because it enhances the financial flexibility for property owners and encourages more investment in preserving historic buildings. By making these adjustments, the bill aims to attract more contributions to community redevelopment efforts.

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*LRB09717637HLH62844b* SB2886 97TH GENERAL ASSEMBLY State of Illinois and 2012 SB2886 Introduced 2/1/2012, by Sen.
SB2886 Engrossed LRB097 17637 HLH 62844 b AN ACT concerning revenue.
James F.
Clayborne, Jr.
SYNOPSIS AS INTRODUCED:
ILCS 5/221 the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone, provides that taxpayers may sell, assign, convey, or otherwise transfer those credits.
Effective immediately.
LRB097 17637 HLH 62844 b FISCAL NOTE ACT HOUSING MAY APPLY AFFORDABILITY IMPACT NOTE ACT MAY APPLY A BILL FOR SB2886 LRB097 17637 HLH 62844 b AN ACT concerning revenue.
The Department of Commerce and Economic Opportunity, in consultation with the Historic Preservation Agency, shall determine the amount of eligible rehabilitation SB2886 - 2 - LRB097 17637 HLH 62844 b costs and expenses.
The Department of Commerce and Economic Opportunity, in consultation with the Historic Preservation Agency, shall determine the amount of eligible rehabilitation SB2886 Engrossed - 2 - LRB097 17637 HLH 62844 b costs and expenses.
(c-5) Any person or entity, referred to in this Section as the assignor, may sell, assign, convey, or otherwise transfer SB2886 - 3 - LRB097 17637 HLH 62844 b tax credits allowed and earned under this Act.
(c-5) Any person or entity, referred to in this Section as the assignor, may sell, assign, convey, or otherwise transfer SB2886 Engrossed - 3 - LRB097 17637 HLH 62844 b tax credits allowed and earned under this Act.
If SB2886 - 4 - LRB097 17637 HLH 62844 b tax credits that have been transferred are subsequently reduced, adjusted, or recaptured, in whole or in part, by the Department of Commerce and Economic Opportunity, the Department of Revenue, or any other applicable government agency, only the original qualified taxpayer that was awarded the tax credits, and not any subsequent assignee of the tax credits, shall be held liable to repay any amount of such reduction, adjustment, or recapture of the tax credits.
If SB2886 Engrossed - 4 - LRB097 17637 HLH 62844 b tax credits that have been transferred are subsequently reduced, adjusted, or recaptured, in whole or in part, by the Department of Commerce and Economic Opportunity, the Department of Revenue, or any other applicable government agency, only the original qualified taxpayer that was awarded the tax credits, and not any subsequent assignee of the tax credits, shall be held liable to repay any amount of such reduction, adjustment, or recapture of the tax credits.
"Qualified taxpayer" means the owner of the qualified historic structure or any other person who qualifies for the federal rehabilitation credit allowed by Section 47 of the SB2886 - 5 - LRB097 17637 HLH 62844 b federal Internal Revenue Code with respect to that qualified historic structure.
"Qualified taxpayer" means the owner of the qualified historic structure or any other person who qualifies for the federal rehabilitation credit allowed by Section 47 of the SB2886 Engrossed - 5 - LRB097 17637 HLH 62844 b federal Internal Revenue Code with respect to that qualified historic structure.
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Action History

  1. Session Sine Die

  2. Added Alternate Chief Co-Sponsor Rep. Dave Winters

  3. Referred to Rules Committee

  4. First Reading

  5. Placed on Calendar Order of First Reading

  6. Chief House Sponsor Rep. Charles E. Jefferson

  7. Arrived in House

  8. Senate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a)

  9. Third Reading - Passed; 052-000-000

  10. Placed on Calendar Order of 3rd Reading March 28, 2012

  11. Second Reading

  12. Added as Co-Sponsor Sen. Emil Jones, III

  13. Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments

  14. Placed on Calendar Order of 2nd Reading March 21, 2012

  15. Do Pass Revenue; 006-000-004

  16. Senate Committee Amendment No. 1 Postponed - Revenue

  17. Postponed - Revenue

  18. Senate Committee Amendment No. 1 Postponed - Revenue

  19. Senate Committee Amendment No. 1 Assignments Refers to Revenue

  20. Senate Committee Amendment No. 1 Referred to Assignments

  21. Senate Committee Amendment No. 1 Filed with Secretary by Sen. James F. Clayborne, Jr.

  22. Assigned to Revenue

  23. Added as Chief Co-Sponsor Sen. Linda Holmes

  24. Added as Chief Co-Sponsor Sen. David Koehler

  25. Added as Chief Co-Sponsor Sen. William Delgado

  26. Referred to Assignments

  27. First Reading

  28. Filed with Secretary by Sen. James F. Clayborne, Jr.

Sponsors

  • Jr. James F. Clayborne · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • James F. Clayborne, Jr.

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 52 Yea · 0 Nay · 7 Other
Party YeaNayPresentNot Voting
Unaffiliated 40006
Democrat 9001
Republican 3000
Total 52007
% of votes cast 88%0%0%12%
How each member voted (59)
Member Party Vote
Millner — Not Voting
Forby — Yea
Muñoz — Yea
Hutchinson — Yea
Link — Yea
Maloney — Yea
McCann — Yea
McCarter — Yea
Mulroe — Yea
Brady — Yea
Schoenberg — Yea
Jacobs — Yea
Johnson, C. — Yea
McGuire — Yea
Johnson, T. — Yea
Silverstein — Yea
Steans — Yea
Jones, J. — Yea
Sullivan — Yea
Clayborne — Yea
Crotty — Yea
Cultra — Yea
Dillard — Yea
Haine — Yea
Kotowski — Yea
LaHood — Yea
Cullerton — Yea
Lauzen — Not Voting
Meeks — Not Voting
Noland — Yea
Duffy — Yea
Frerichs — Yea
Garrett — Yea
Trotter — Yea
Pankau — Yea
Radogno — Not Voting
Raoul — Yea
Righter — Yea
Sandack — Yea
Sandoval — Yea
Landek — Not Voting
Luechtefeld — Yea
Althoff — Yea
Martinez — Yea
Bivins — Not Voting
Bomke — Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Not Voting
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea
Kevin Schmidt Republican Yea
Sue Rezin Republican Yea

Official roll call →

Subjects

taxation housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 2886 do?
Amends the Illinois Income Tax Act. In a Section granting a credit for the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone, provides that taxpayers may sell, assign, convey, or otherwise transfer those credits. Effective immediately.
Who sponsors SB 2886?
SB 2886 is sponsored by James F. Clayborne, Jr..
What is the current status of SB 2886?
This bill died with 97th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 2886?
Track SB 2886 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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