Bill Amendment: IL SB0083 | 2015-2016 | 99th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: REVENUE-TECH
Status: 2016-10-25 - Added as Co-Sponsor Sen. Julie A. Morrison [SB0083 Detail]
Download: Illinois-2015-SB0083-Senate_Amendment_001.html
Bill Title: REVENUE-TECH
Status: 2016-10-25 - Added as Co-Sponsor Sen. Julie A. Morrison [SB0083 Detail]
Download: Illinois-2015-SB0083-Senate_Amendment_001.html
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1 | AMENDMENT TO SENATE BILL 83
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2 | AMENDMENT NO. ______. Amend Senate Bill 83 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
5 | changing Section 214 as follows:
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6 | (35 ILCS 5/214)
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7 | Sec. 214. Tax credit for affordable housing donations.
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8 | (a) Beginning with taxable years ending on or after | ||||||
9 | December 31, 2001 and
until the taxable year ending on December | ||||||
10 | 31, 2021 December 31, 2016 , a taxpayer who makes a
donation | ||||||
11 | under Section 7.28 of the Illinois Housing Development Act is | ||||||
12 | entitled to a credit
against the tax imposed by subsections (a) | ||||||
13 | and (b) of Section 201 in an amount
equal
to 50% of the value of | ||||||
14 | the donation. Partners, shareholders of subchapter S
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15 | corporations, and owners of limited liability companies (if the | ||||||
16 | limited
liability company is treated as a partnership for |
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1 | purposes of federal and State
income
taxation) are entitled to | ||||||
2 | a credit under this Section to be determined in
accordance with | ||||||
3 | the determination of income and distributive share of income
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4 | under Sections 702 and 703 and subchapter S of the Internal | ||||||
5 | Revenue Code.
Persons or entities not subject to the tax | ||||||
6 | imposed by subsections (a) and (b)
of Section 201 and who make | ||||||
7 | a donation under Section 7.28 of the Illinois
Housing | ||||||
8 | Development Act are entitled to a credit as described in this
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9 | subsection and may transfer that credit as described in | ||||||
10 | subsection (c).
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11 | (b) If the amount of the credit exceeds the tax liability | ||||||
12 | for the year, the
excess may be carried forward and applied to | ||||||
13 | the tax liability of the 5 taxable
years following the excess | ||||||
14 | credit year. The tax credit shall be applied to the
earliest | ||||||
15 | year for which there is a tax liability. If there are credits | ||||||
16 | for
more than one year that are available to offset a | ||||||
17 | liability, the earlier credit
shall be applied first.
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18 | (c) The transfer of the tax credit allowed under this | ||||||
19 | Section may be made
(i) to the purchaser of land that has been | ||||||
20 | designated solely for affordable
housing projects in | ||||||
21 | accordance with the Illinois Housing Development Act or
(ii) to | ||||||
22 | another donor who has also made a donation in accordance with | ||||||
23 | Section 7.28 of the
Illinois Housing
Development Act.
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24 | (d) A taxpayer claiming the credit provided by this Section | ||||||
25 | must maintain
and record any information that the Department | ||||||
26 | may require by regulation
regarding the project for which the |
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1 | credit is claimed.
When
claiming the credit provided by this | ||||||
2 | Section, the taxpayer must provide
information regarding the | ||||||
3 | taxpayer's donation to the project under the Illinois Housing | ||||||
4 | Development Act.
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5 | (Source: P.A. 96-1276, eff. 7-26-10; 97-507, eff. 8-23-11.)".
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