Bill Text: IL SB2202 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit for a taxpayer who purchases a manufactured home during the taxable year if: (i) the purchase is the first purchase of the manufactured home for use as a dwelling; and (ii) the taxpayer certifies that, within 30 days after the retail sale, the manufactured home will be affixed to a permanent foundation in the State so that the manufactured home is deemed to be real property. Provides that the credit shall be 50% of the purchase price of the manufactured home. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-04-16 - Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments [SB2202 Detail]

Download: Illinois-2021-SB2202-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 SB2202 Introduced 2/26/2021, by Sen. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED:
35 ILCS 5/232 new
Amends the Illinois Income Tax Act. Creates an income tax credit for a taxpayer who purchases a manufactured home during the taxable year if: (i) the purchase is the first purchase of the manufactured home for use as a dwelling; and (ii) the taxpayer certifies that, within 30 days after the retail sale, the manufactured home will be affixed to a permanent foundation in the State so that the manufactured home is deemed to be real property. Provides that the credit shall be 50% of the purchase price of the manufactured home. Effective immediately.
LRB102 15832 HLH 21201 b
A BILL FOR
SB2202 LRB102 15832 HLH 21201 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 232 as follows:
(35 ILCS 5/232 new)
Sec. 232. Manufactured home credit.
(a) For taxable years beginning on or after January 1,
2022, each taxpayer who purchases a manufactured home during
the taxable year is entitled to a credit against the taxes
imposed by subsections (a) and (b) of Section 201 in an amount
equal to 50% of the purchase price of the manufactured home if:
(i) the purchase is the first purchase of the manufactured
home for use as a dwelling; and (ii) the taxpayer certifies to
the Department that, within 30 days after the retail sale, the
manufactured home will be affixed to a permanent foundation in
the State so that the manufactured home is deemed to be real
property under the Conveyance and Encumbrance of Manufactured
Homes as Real Property and Severance Act.
(b) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of
the credit exceeds the tax liability for the year, the excess
may be carried forward and applied to the tax liability of the

SB2202 - 2 - LRB102 15832 HLH 21201 b
5 taxable years following the excess credit year. The tax
credit shall be applied to the earliest year for which there is
a tax liability. If there are credits for more than one year
that are available to offset a liability, the earlier credit
shall be applied first.
(c) As used in this Section, "manufactured home" means a
structure built on a permanent chassis that:
(1) is designed to be used as a dwelling;
(2) is transportable in one or more sections;
(3) contains plumbing, heating, air conditioning, and
electrical systems; and
(4) is designed to have an angled roof and contain an
area of at least 650 square feet.
(d) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.