Bill Text: IL SB2921 | 2015-2016 | 99th General Assembly | Chaptered

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Bill Title: Amends the Uniform Penalty and Interest Act. Provides that the penalty for failure to pay the tax shown due or required to be shown due on a return shall be 15% (instead of 20%) of any amount that is paid after the date the Department has initiated an audit or investigation of the taxpayer. Provides that the penalty shall be rescinded if the taxpayer paid to the Department at least 95% of the final liability resulting from an audit or investigation prior to the initiation of the audit or investigation

Sponsorship: Moderate Partisan Bill (Democrat 26-5)

Status: (Passed) 2016-12-20 - Public Act . . . . . . . . . 99-0915 [SB2921 Detail]

Download: Illinois-2015-SB2921-Chaptered.html

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Public Act 099-0915
SB2921 Enrolled LRB099 18716 HLH 43100 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
changing Section 214 as follows:
(35 ILCS 5/214)
Sec. 214. Tax credit for affordable housing donations.
(a) Beginning with taxable years ending on or after
December 31, 2001 and until the taxable year ending on December
31, 2021 December 31, 2016, a taxpayer who makes a donation
under Section 7.28 of the Illinois Housing Development Act is
entitled to a credit against the tax imposed by subsections (a)
and (b) of Section 201 in an amount equal to 50% of the value of
the donation. Partners, shareholders of subchapter S
corporations, and owners of limited liability companies (if the
limited liability company is treated as a partnership for
purposes of federal and State income taxation) are entitled to
a credit under this Section to be determined in accordance with
the determination of income and distributive share of income
under Sections 702 and 703 and subchapter S of the Internal
Revenue Code. Persons or entities not subject to the tax
imposed by subsections (a) and (b) of Section 201 and who make
a donation under Section 7.28 of the Illinois Housing

Development Act are entitled to a credit as described in this
subsection and may transfer that credit as described in
subsection (c).
(b) 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 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) The transfer of the tax credit allowed under this
Section may be made (i) to the purchaser of land that has been
designated solely for affordable housing projects in
accordance with the Illinois Housing Development Act or (ii) to
another donor who has also made a donation in accordance with
Section 7.28 of the Illinois Housing Development Act.
(d) A taxpayer claiming the credit provided by this Section
must maintain and record any information that the Department
may require by regulation regarding the project for which the
credit is claimed. When claiming the credit provided by this
Section, the taxpayer must provide information regarding the
taxpayer's donation to the project under the Illinois Housing
Development Act.
(Source: P.A. 96-1276, eff. 7-26-10; 97-507, eff. 8-23-11.)