INC TX-NEW BUSINESS VENTURE Senate SponsorsSen. Dan Kotowski House Sponsors(Rep. Daniel Biss-Robyn Gabel) 8/24/2012SenatePublic Act . . . . . . . . . 97-1097 35 ILCS 5/101from Ch. 120, par. 1-101Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the short title.Senate Committee Amendment No. 1 Deletes reference to:35 ILCS 5/101Adds reference to:35 ILCS 5/220Replaces everything after the enacting clause. Amends the Illinois Income Tax Act. Provides that repayment of a tax credit allowed for investment in a qualified new business venture shall not be required if certain conditions are met. Provides that, if the Department of Commerce and Economic Opportunity determines that the qualified new business venture did not meet certain employment requirements, then the claimant shall pay to the Department of Revenue a percentage of the credits allowed, according to a specified schedule. Provides that the Department of Commerce and Economic Opportunity must notify the Department of Revenue of every credit revoked and subject to repayment. Provides that the Department of Commerce and Economic Opportunity may register a business as a qualified new business only if the business, at the time it is first certified (now, no time limitation), has fewer than 100 employees, has been in operation in Illinois for not more than 10 consecutive years, and has received not more than $10,000,000 in aggregate private equity investment. Effective immediately.House Committee Amendment No. 1 Removes provisions from the engrossed bill providing that repayment is not required if the investment is held by the claimant for less than 3 years and certain conditions are met.House Floor Amendment No. 2 Adds reference to:35 ILCS 11/21 new35 ILCS 11/Act title35 ILCS 11/135 ILCS 11/535 ILCS 11/1035 ILCS 11/1535 ILCS 11/2035 ILCS 11/2535 ILCS 11/99Adds provisions to the engrossed bill amending the Business Location Efficiency Incentive Act. Provides for the continuation, validation, and re-enactment of the Act, which was inadvertently repealed on December 31, 2011. 2/10/2012SenateFiled with Secretary by Sen. Michael W. Frerichs 2/10/2012SenateFirst Reading 2/10/2012SenateReferred to Assignments 3/1/2012SenateChief Sponsor Changed to Sen. Dan Kotowski 3/1/2012SenateAssigned to Revenue 3/1/2012SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Dan Kotowski 3/1/2012SenateSenate Committee Amendment No. 1 Referred to Assignments 3/6/2012SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue 3/7/2012SenateSenate Committee Amendment No. 1 Adopted 3/8/2012SenateDo Pass as Amended Revenue; 008-000-000 3/8/2012SenatePlaced on Calendar Order of 2nd Reading March 21, 2012 3/23/2012SenateSecond Reading 3/23/2012SenatePlaced on Calendar Order of 3rd Reading March 26, 2012 3/30/2012SenateThird Reading - Passed; 049-000-000 3/30/2012HouseArrived in House 4/6/2012HouseChief House Sponsor Rep. Daniel Biss 4/6/2012HousePlaced on Calendar Order of First Reading 4/10/2012HouseFirst Reading 4/10/2012HouseReferred to Rules Committee 4/30/2012HouseAssigned to Revenue & Finance Committee 5/2/2012HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Daniel Biss 5/2/2012HouseHouse Committee Amendment No. 1 Referred to Rules Committee 5/4/2012HouseCommittee Deadline Extended-Rule 9(b) May 18, 2012 5/7/2012HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee 5/9/2012HouseHouse Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote 5/9/2012HouseDo Pass as Amended / Short Debate Revenue & Finance Committee; 009-000-000 5/9/2012HousePlaced on Calendar 2nd Reading - Short Debate 5/11/2012HouseSecond Reading - Short Debate 5/11/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/24/2012HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Daniel Biss 5/24/2012HouseHouse Floor Amendment No. 2 Referred to Rules Committee 5/25/2012HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000 5/25/2012HouseRecalled to Second Reading - Short Debate 5/25/2012HouseHouse Floor Amendment No. 2 Adopted by Voice Vote 5/25/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/25/2012HouseFinal Action Deadline Extended-9(b) May 31, 2012 5/26/2012HouseAdded Alternate Chief Co-Sponsor Rep. Robyn Gabel 5/26/2012HouseThird Reading - Short Debate - Passed 108-000-000 5/28/2012SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2 5/28/2012SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 29, 2012 5/28/2012SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Dan Kotowski 5/28/2012SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments 5/28/2012SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Dan Kotowski 5/28/2012SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments 5/28/2012SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Revenue 5/28/2012SenateHouse Floor Amendment No. 2 Motion to Concur Assignments Referred to Revenue 5/29/2012SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Revenue; 006-000-000 5/29/2012SenateHouse Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Revenue; 006-000-000 5/30/2012SenateHouse Committee Amendment No. 1 Senate Concurs 053-001-000 5/30/2012SenateHouse Floor Amendment No. 2 Senate Concurs 053-001-000 5/30/2012SenatePassed Both Houses 6/28/2012SenateSent to the Governor 8/24/2012SenateGovernor Approved 8/24/2012SenateEffective Date August 24, 2012 8/24/2012SenatePublic Act . . . . . . . . . 97-1097