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Inc Tax-river Edge Credit

It became law on Apr 19, 2022.

IL SB 157 · Senate Bill · 102nd

Stage
Became law
Started in
Senate
Sponsors
+45
Latest action
Apr 19, 2022

What it does

Amends the Illinois Income Tax Act. Provides that the credit for expenditures incurred in the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone applies for taxable years ending prior to January 1, 2027 (currently January 1, 2022). Effective immediately. House Floor Amendment No. 2 Deletes reference to: 35 ILCS 5/221 Adds reference to: 35 ILCS 10/5-5 35 ILCS 10/5-15 35 ILCS 10/5-20 35 ILCS 10/5-77 65 ILCS 115/10-3 35 ILCS 5/213 35 ILCS 16/10 35 ILCS 16/42 35 ILCS 16/46 new 30 ILCS 105/5.970 new 35 ILCS 17/10-20 35 ILCS 105/3-5.1 new 35 ILCS 105/3-10 35 ILCS 105/3-41 35 ILCS 105/3-42.5 new 35 ILCS 110/3-10 from Ch. 120, par. 439.33-10 35…

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Where it stands

This bill passed and is now law.

  1. Introduced (Done)

  2. Committee (Done)

  3. Floor (Done)

  4. Law (Done)

    Apr 19, 2022

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Who is involved

Sponsors

The lawmakers who put their names on it, lead sponsors first.

In the news

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Where it goes next

It is law in Illinois. What happens now is up to the agency that carries it out, the courts, and the place itself.

Work with this bill

INC TAX-RIVER EDGE CREDIT | 52