Illinois General Assembly - Full Text of Public Act 096-1276

Home

Legislation & Laws

Senate

House

My Legislation

Site Map

Previous General Assemblies

Public Act 096-1276

Bill Status Printer-Friendly Version PDF

Public Act 1276 96TH GENERAL ASSEMBLY

Public Act 096-1276

HB6038 Enrolled LRB096 17793 HLH 33160 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, 2016 ~~2011~~, 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 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. 93-369, eff. 7-24-03; 94-46, eff. 6-17-05.)

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

Effective Date: 7/26/2010

×