Bill Text: IL HB2698 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. For taxable years ending on or after December 31, 2009 and on or before December 30, 2011, provides that taxpayers are entitled to a credit in an amount equal to 1% of the purchase price of the taxpayer's principal place of residence, subject to certain conditions. Provides that the credit may not exceed $5,000. Effective immediately.

Spectrum: Strong Partisan Bill (Republican 11-1)

Status: (Introduced - Dead) 2010-03-15 - Rule 19(a) / Re-referred to Rules Committee [HB2698 Detail]

Download: Illinois-2009-HB2698-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB2698 Introduced 2/24/2009, by Rep. Darlene J. Senger - Renée Kosel - Patricia R. Bellock - Mike Fortner - Richard P. Myers, et al. SYNOPSIS AS INTRODUCED:
35 ILCS 5/218 new
Amends the Illinois Income Tax Act. For taxable years ending on or after December 31, 2009 and on or before December 30, 2011, provides that taxpayers are entitled to a credit in an amount equal to 1% of the purchase price of the taxpayer's principal place of residence, subject to certain conditions. Provides that the credit may not exceed $5,000. Effective immediately.
LRB096 04733 RCE 14796 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB2698 LRB096 04733 RCE 14796 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by adding
Section 218 as follows:
(35 ILCS 5/218 new)
Sec. 218. Home purchase credit. For each taxable year
ending on or after December 31, 2009 and on or before December
30, 2011, each taxpayer is entitled to a credit against the tax
imposed by subsections (a) and (b) of Section 201 of this Act
in an amount equal to 1% of the purchase price of the
taxpayer's principal place of residence if the residence (i) is
purchased during that taxable year, (ii) is the taxpayer's
principal place of residence on the last day of that taxable
year, and (ii) is purchased with cash or with a mortgage that
is not a "high risk home loan" as defined in Section 10 of the
High Risk Home Loan Act. The amount of the credit may not
exceed $5,000. The credit may be claimed for only one
residence. In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero.
Section 99. Effective date. This Act takes effect upon
becoming law.