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]

Text: Latest bill text (Introduced) [HTML]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Deanna Demuzio [D]	Sponsor	Sponsored Bills	SD-049	FollowTheMoney	Ballotpedia	VoteSmart
Senator Louis Viverito [D]	Sponsor	Sponsored Bills	SD-011	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on IL SB2997