Bill Title: 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.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2010-03-09 - Added as Co-Sponsor Sen. Louis S. Viverito
[SB2997 Detail]
Bill Drafts
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Amendments
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| No bill amendments currently on file for Illinois SB2997 |
Supplemental Documents
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| No supplemental documents for Illinois SB2997 currently on file. |
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