Bill Text: IL SB1211 | 2015-2016 | 99th General Assembly | Introduced

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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 $5,000 for the purchase of a new residence or for the retrofitting of an existing residence. 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 26-3)

Status: (Introduced - Dead) 2016-04-07 - Added as Co-Sponsor Sen. Julie A. Morrison [SB1211 Detail]

Download: Illinois-2015-SB1211-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 SB1211 Introduced 2/11/2015, by Sen. Linda Holmes SYNOPSIS AS INTRODUCED:
35 ILCS 5/224 new
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 $5,000 for the purchase of a new residence or for the retrofitting of an existing residence. 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.
LRB099 09395 HLH 29602 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
SB1211 LRB099 09395 HLH 29602 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 224 as follows:
(35 ILCS 5/224 new)
Sec. 224. Residential accessibility modifications.
(a) For taxable years beginning on or after January 1,
2016, any taxpayer who purchases a new residence or retrofits
or hires someone to retrofit an existing residence, provided
that such new residence or the retrofitting of such existing
residence is designed to improve accessibility for elderly or
disabled individuals and provide universal visitability, shall
be allowed a credit against the tax imposed under subsections
(a) and (b) of Section 201. The credit allowed under this
Section shall not exceed $5,000 for the purchase of a new
residence or for the retrofitting of an existing residence.
(b) The credit shall be allowed for the taxable year in
which the residence has been purchased or the construction,
retrofitting, or renovation of the residence or residential
structure or unit has been completed.
(c) Eligible taxpayers shall apply for the credit by making
application to the Department of Revenue. The Department of

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Revenue shall issue a certification for an approved application
to the taxpayer. The taxpayer shall attach the certification to
the applicable income tax return. The total amount of tax
credits granted under this Section for any fiscal year shall
not exceed $2,000,000.
(d) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of
credit exceeds the taxpayer's income tax liability for the
taxable year, then the amount that exceeds the tax liability
may be carried over for credit against the income taxes of such
taxpayer in the next 7 taxable years or until the total amount
of the tax credit issued has been taken, whichever is sooner.
For partners, shareholders of subchapter S corporations, and
owners of limited liability companies, if the liability company
is treated as a partnership for purposes of federal and State
income taxation, there shall be allowed a credit under this
Section to be determined in accordance with the determination
of income and distributive share of income under Sections 702
and 704 and subchapter S of the Internal Revenue Code.
(e) This Section is exempt from the provisions of Section
250.