98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5789

 

Introduced , by Rep. Silvana Tabares

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/224 new

    Amends the Illinois Income Tax Act. Provides that each taxpayer is allowed an income tax credit in an amount equal to 50% of the reasonable expenditures incurred by the taxpayer for the purpose of making a multi-unit residential building more accessible to persons with disabilities by removing architectural or physical barriers to or within that building. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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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 224 as follows:
 
6    (35 ILCS 5/224 new)
7    Sec. 224. Accessibility credit. For tax years beginning on
8or after January 1, 2014, each taxpayer is allowed a credit
9against the tax imposed by subsections (a) and (b) of Section
10201 in an amount equal to 50% of the reasonable expenditures
11incurred by the taxpayer for the purpose of making a multi-unit
12residential building more accessible to persons with
13disabilities by removing architectural or physical barriers to
14or within that building. This Section does not apply to
15modifications made to a facility that was first placed in
16service during the taxable year.
17    The tax credit may not reduce the taxpayer's liability to
18less than zero. If the amount of the tax credit exceeds the tax
19liability for the year, the excess may be carried forward and
20applied to the tax liability of the 5 taxable years following
21the excess credit year. The credit must be applied to the
22earliest year for which there is a tax liability. If there are
23credits from more than one tax year that are available to

 

 

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1offset a liability, then the earlier credit must be applied
2first.
3    This Section is exempt from the provisions of Section 250.
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.