Bill Text: IL HB3189 | 2015-2016 | 99th General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who purchase a new accessible residence, or retrofit an existing residence to improve accessibility and provide universal visitability. Provides that the credit may not exceed $2,500. Provides that the total amount of tax credits granted for any fiscal year shall not exceed $2,000,000. Provides that the credit is exempt from the Act's automatic sunset provision.
Spectrum: Moderate Partisan Bill (Democrat 12-2)
Status: (Introduced - Dead) 2016-04-06 - Added Co-Sponsor Rep. Thomas Morrison [HB3189 Detail]
Download: Illinois-2015-HB3189-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by adding | ||||||||||||||||||||||||
5 | Section 224 as follows:
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6 | (35 ILCS 5/224 new) | ||||||||||||||||||||||||
7 | Sec. 224. Residential accessibility modifications. | ||||||||||||||||||||||||
8 | (a) For taxable years beginning on or after January 1, | ||||||||||||||||||||||||
9 | 2016, any taxpayer who purchases a new residence
or retrofits | ||||||||||||||||||||||||
10 | or hires someone to retrofit an existing residence, provided | ||||||||||||||||||||||||
11 | that such new residence or the
retrofitting of such existing | ||||||||||||||||||||||||
12 | residence is designed to improve accessibility for elderly or | ||||||||||||||||||||||||
13 | disabled individuals and provide universal visitability, shall | ||||||||||||||||||||||||
14 | be allowed a credit against the tax imposed under subsections | ||||||||||||||||||||||||
15 | (a) and (b) of Section 201. The credit
allowed under this | ||||||||||||||||||||||||
16 | Section shall not exceed $2,500 for each eligible residence. | ||||||||||||||||||||||||
17 | (b) The credit shall be allowed for the taxable year in | ||||||||||||||||||||||||
18 | which the residence has been purchased or the construction,
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19 | retrofitting, or renovation of the residence or residential | ||||||||||||||||||||||||
20 | structure or unit has been completed. | ||||||||||||||||||||||||
21 | (c) Eligible taxpayers shall apply for the credit by making | ||||||||||||||||||||||||
22 | application to the Department of Revenue. The Department of | ||||||||||||||||||||||||
23 | Revenue shall issue a
certification for an approved application |
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1 | to the taxpayer. The taxpayer shall attach the certification to | ||||||
2 | the
applicable income tax return. The total amount of tax | ||||||
3 | credits granted under this Section for any fiscal year
shall | ||||||
4 | not exceed $2,000,000. | ||||||
5 | (d) In no event shall a credit under this Section reduce | ||||||
6 | the taxpayer's liability to less than zero. If the amount of | ||||||
7 | credit exceeds the taxpayer's income tax liability for the | ||||||
8 | taxable
year, then the amount that exceeds the tax liability | ||||||
9 | may be carried over for credit against the income taxes
of such | ||||||
10 | taxpayer in the next 7 taxable years or until the total amount | ||||||
11 | of the tax credit issued has been
taken, whichever is sooner. | ||||||
12 | For partners, shareholders of subchapter S corporations, and | ||||||
13 | owners of limited liability companies, if the liability company | ||||||
14 | is treated as a partnership for purposes of federal and State | ||||||
15 | income taxation, there shall be allowed a credit under this | ||||||
16 | Section to be determined in accordance with the determination | ||||||
17 | of income and distributive share of income under Sections 702 | ||||||
18 | and 704 and subchapter S of the Internal Revenue Code. | ||||||
19 | (e) The Department may adopt rules requiring documentation | ||||||
20 | of the taxpayer's disability and establishing the types of | ||||||
21 | modifications that qualify for the credit under this Section. | ||||||
22 | (f) This Section is exempt from the provisions of Section | ||||||
23 | 250.
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