Illinois State NMTC Extended, QEI Requirement Changes

Wednesday, August 30, 2017 - 2:00pm

The sunset date for the Illinois state new markets tax credit (NMTC) was extended four years, through 2021, when SB 652 became effective this week. The legislation also contains a provision that beginning Jan. 1, 2017, 100 percent of investments must be used to make qualified equity investments–an increase over the previous requirement of 85 percent. The bill provides allocation rounds for $125 million of qualified equity investments on Jan. 2, 2019 and Jan. 2, 2020