97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2076

 

Introduced 2/22/2011, by Rep. Lou Lang

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/221 new

    Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2011 and ending on or before December 31, 2013, each taxpayer with an adjusted gross income of less than $250,000 is entitled to a credit in an amount not to exceed $7,500 if (i) the taxpayer purchases a newly constructed home during the taxable year, (ii) the home is the taxpayer's principal place of residence on the last day of the taxable year, and (iii) the assessed value of the residence is less than $500,000. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.


LRB097 08848 HLH 48978 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2076LRB097 08848 HLH 48978 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 new construction. For each taxable
8year beginning on or after January 1, 2011 and ending on or
9before December 31, 2013, each taxpayer with an adjusted gross
10income of less than $250,000 is entitled to a credit against
11the tax imposed by subsections (a) and (b) of Section 201 of
12this Act in an amount not to exceed $7,500 if (i) the taxpayer
13purchases a newly constructed home during the taxable year,
14(ii) the home is the taxpayer's principal place of residence on
15the last day of the taxable year, and (iii) the assessed value
16of the residence is less than $500,000. The credit may not be
17carried forward or back and may not reduce the taxpayer's
18liability to less than zero.
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.