97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB4034

 

Introduced , by Rep. Paul Evans

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/223 new

    Amends the Illinois Income Tax Act. Provides that, for taxable years ending on or after December 31, 2012, and ending on or before December 31, 2016, individual taxpayers who make a purchase of residential real property during the taxable year are entitled to a credit in an amount not to exceed $1,000. Provides that the taxpayer is eligible for the credit if the property is purchased as the taxpayer's principal place of residence and the property is used as the taxpayer's principal place of residence on the last day of the taxable year. Contains provisions allowing the credit to be carried forward. Effective immediately.


LRB097 17442 HLH 62644 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4034LRB097 17442 HLH 62644 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 223 as follows:
 
6    (35 ILCS 5/223 new)
7    Sec. 223. Home purchase credit. For each taxable year
8ending on or after December 31, 2012, and ending on or before
9December 31, 2016, each individual taxpayer who makes a
10purchase of residential real property during the taxable year
11is entitled to a credit against the tax imposed by subsections
12(a) and (b) of Section 201 of this Act in an amount not to
13exceed $1,000 if the property (i) is purchased as the
14taxpayer's principal place of residence and (ii) is used as the
15taxpayer's principal place of residence on the last day of that
16taxable year. The credit may be claimed for only one residence.
17In no event shall a credit under this Section reduce the
18taxpayer's liability to less than zero. If the amount of the
19credit exceeds the taxpayer's tax liability for the year, the
20excess may be carried forward and applied to the tax liability
21of the 5 taxable years following the excess credit year. The
22credit shall be applied to the earliest year for which there is
23a tax liability.
 

 

 

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1    Section 99. Effective date. This Act takes effect upon
2becoming law.