Illinois Senate Bill 2997 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 3 2010 - 25% progression, died in committee
Action: 2010-03-09 - Added as Co-Sponsor Sen. Louis S. Viverito
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2010 and ending on or before December 31, 2012, each taxpayer with an adjusted gross income of less than $250,000 is entitled to a credit in an amount not to exceed $7,500 if (i) the taxpayer purchases a newly constructed home during the taxable year, (ii) the home is the taxpayer's principal place of residence on the last day of the taxable year, and (iii) the assessed value of the residence is less than $500,000. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.

INC TX-CREDIT-NEW CONSTRUCTION

Sen. Deanna Demuzio [D]

Sen. Louis Viverito [D]

Date	Chamber	Action
2010-03-09		Added as Co-Sponsor Sen. Louis S. Viverito
2010-03-08		Rule 3-9(a) / Re-referred to Assignments
2010-03-08		To Revenue Subcommittee on Special Issues
2010-02-24		Assigned to Revenue
2010-02-03		Referred to Assignments
2010-02-03		First Reading
2010-02-03		Filed with Secretary by Sen. Deanna Demuzio

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2997&GAID=10&DocTypeID=SB&SessionID=76&GA=96
Text	https://www.ilga.gov/legislation/96/SB/09600SB2997.htm