Illinois 102nd Regular Session Status: In Committee 1 D cosponsors

SB 3716 — REVENUE-DOWNTOWNS CREDIT

Last action — Session Sine Die

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

This bill died with 102nd Regular Session. It reached “In Committee” 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This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

Creates the Revitalizing Downtowns Tax Credit Act. Creates an income tax credit in an aggregate amount equal to 25% of the qualified expenditures incurred by a qualified taxpayer undertaking a plan to substantially convert an office building from office use to residential, retail, or other commercial use. Provides that the total amount of such expenditures must equal $15,000 or more. Provides that, if the conversion is to residential use, then: (i) 20% or more of the residential housing units must be both rent-restricted and occupied by individuals whose income is 80% or less of the municipality's median gross income; and (ii) the property must be subject to a written binding State or local agreement with respect to the provision of financing of affordable housing. Provides that the credit applies for tax years beginning on or after January 1, 2023 and ending on or before December 31, 2025. Amends the Illinois Income Tax to make conforming changes. Effective immediately.

Bill Text

Action History

  1. Session Sine Die

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

  3. Assigned to Revenue

  4. Referred to Assignments

  5. First Reading

  6. Filed with Secretary by Sen. Steve Stadelman

Sponsors

Sponsorship breakdown

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

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (182)

182 members have not signed on to this bill.

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"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

Subjects

taxation housing
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Frequently asked questions

What does SB 3716 do?
Creates the Revitalizing Downtowns Tax Credit Act. Creates an income tax credit in an aggregate amount equal to 25% of the qualified expenditures incurred by a qualified taxpayer undertaking a plan to substantially convert an office building from office use to residential, retail, or other commercial use. Provides that the total amount of such expenditures must equal $15,000 or more. Provides that, if the conversion is to residential use, then: (i) 20% or more of the residential housing units must be both rent-restricted and occupied by individuals whose income is 80% or less of the municipality's median gross income; and (ii) the property must be subject to a written binding State or local agreement with respect to the provision of financing of affordable housing. Provides that the credit applies for tax years beginning on or after January 1, 2023 and ending on or before December 31, 2025. Amends the Illinois Income Tax to make conforming changes. Effective immediately.
Who sponsors SB 3716?
SB 3716 is sponsored by Steve Stadelman (Democrat).
What is the current status of SB 3716?
This bill died with 102nd Regular Session. It reached “In Committee” 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 3716?
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Last checked for changes 3 months ago · updated continuously

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