Illinois · Senate Bill 1755 · 103rd General Assembly

NEW MARKET DEVELOPMENT PROGRAM

SB 1755 Sponsored by Christopher Belt Died in committee

  1. Introduced Feb 9, 2023
  2. In committee Feb 9, 2023
  3. Died  
  4. Passed the House  
  5. To the governor  
  6. Became law  

What it does

The legislature's own summary of the bill, or its official long title.

Amends the New Markets Development Program Act. Provides that the Department of Commerce and Economic Opportunity shall limit the monetary amount of qualified equity investments at no more than $20,000,000 of tax credits for the primary allocation and no more than $12,000,000 of tax credits for the targeted allocation. Provides that, on or after January 1, 2024, but not more than 120 days after the Community…

Read the full title (130 words)

Amends the New Markets Development Program Act. Provides that the Department of Commerce and Economic Opportunity shall limit the monetary amount of qualified equity investments at no more than $20,000,000 of tax credits for the primary allocation and no more than $12,000,000 of tax credits for the targeted allocation. Provides that, on or after January 1, 2024, but not more than 120 days after the Community Development Financial Institutions Fund of the United States Department of the Treasury announces allocation awards under a Notice of Funding Availability that was published in the Federal Register on November 22, 2022, $250,000,000 of qualified equity investments for the primary allocation and $150,000,000 of qualified equity investments for the targeted allocation shall be allocated by the Department. Makes other changes. Defines terms. Effective immediately.

Every action

9 steps, oldest first, as the legislature records them.

  1. SenateFiled with Secretary by Sen. Christopher Belt
  2. SenateFirst Reading
  3. CommitteeReferred to Assignments · Senate Assignments
  4. CommitteeAssigned to Revenue · Senate Revenue
  5. SenateAdded as Co-Sponsor Sen. Terri Bryant
  6. SenateAdded as Co-Sponsor Sen. Paul Faraci
  7. SenateAdded as Chief Co-Sponsor Sen. Doris Turner
  8. CommitteeRule 3-9(a) / Re-referred to Assignments · Senate Assignments
  9. SenateSession Sine Die

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it, joined by 3 cosponsors: 2 Democrats, 1 Republican.

All 3 cosponsors

From Illinois's official records (www.ilga.gov), checked Nov 13, 2026. Text links go to the official versions; LegiList does not copy bill text.