97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0172

 

Introduced 1/18/2011, by Rep. André M. Thapedi

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/221 new
765 ILCS 605/18.3a new

    Amends the Illinois Income Tax Act and the Condominium Property Act. Provides that a condominium unit owners' association that is created on or after the effective date of the amendatory Act must require that all members of its board of managers complete a management training seminar. Provides that a member of a board of managers of such an association is entitled to a credit against his or her Illinois income tax liability in an amount equal to 50% of the cost of that training. Effective immediately.


LRB097 05782 HLH 45849 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0172LRB097 05782 HLH 45849 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 221 as follows:
 
6    (35 ILCS 5/221 new)
7    Sec. 221. Credit for cost of condominium management
8training.
9    (a) For taxable years ending on or after December 31, 2010,
10a taxpayer who is a member of a condominium unit owners'
11association board of managers is entitled to a credit against
12the tax imposed by subsections (a) and (b) of Section 201 of
13this Act in an amount equal to 50% of the cost of management
14training incurred by the taxpayer for the purpose of complying
15with Section 18.3a of the Condominium Property Act.
16    (b) In no event shall a credit under this Section reduce
17the taxpayer's liability to less than zero. If the amount of
18the credit exceeds the tax liability for the year, the excess
19may be carried forward and applied to the tax liability of the
205 taxable years following the excess credit year. The tax
21credit shall be applied to the earliest year for which there is
22a tax liability. If there are credits for more than one year
23that are available to offset a liability, the earlier credit

 

 

HB0172- 2 -LRB097 05782 HLH 45849 b

1shall be applied first.
2    (c) The credit authorized under this Section is exempt from
3Section 250.
4    (d) This Section applies only in the case of a unit owners'
5association created on or after the effective date of this
6amendatory Act of the 97th General Assembly.
 
7    Section 10. The Condominium Property Act is amended by
8adding Section 18.3a as follows:
 
9    (765 ILCS 605/18.3a new)
10    Sec. 18.3a. Board of managers training. Every unit owners'
11association that is created on or after the effective date of
12this amendatory Act of the 97th General Assembly must require
13that all members of its board of managers complete a management
14training seminar.
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.