summary
Introduced
02/09/2024
02/09/2024
In Committee
05/03/2024
05/03/2024
Crossed Over
Passed
Dead
01/08/2025
01/08/2025
Introduced Session
103rd General Assembly
Bill Summary
Amends the Illinois Income Tax Act. Creates an income tax credit for developers that invest in a qualified project redeveloping a brownfield or grayfield. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Creates an exemption for tangible personal property that is purchased by a developer who has been awarded a certificate of exemption by the Department of Commerce and Economic Opportunity and that is used to rehabilitate brownfield or grayfield property. Effective immediately.
AI Summary
This bill creates an income tax credit for developers that invest in a qualified project redeveloping a brownfield or grayfield. It also creates an exemption for tangible personal property purchased by a developer who has been awarded a certificate of exemption by the Department of Commerce and Economic Opportunity and used to rehabilitate brownfield or grayfield property. The bill is effective immediately.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Session Sine Die (on 01/07/2025)
Bill Topics
Community Development and Housing Issues
- ‐ Community and Regional Development
- ‐ Housing and Community Development for Low and Middle Income Persons
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3607&GAID=17&DocTypeID=SB&SessionID=112&GA=103 | 02/09/2024 |
| BillText | https://www.ilga.gov/legislation/103/SB/10300SB3607.htm | 02/09/2024 |
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