97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0159

 

Introduced 2/8/2011, by Sen. Matt Murphy

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/221 new

    Amends the Illinois Income Tax Act. Creates a credit for individual taxpayers in an amount equal to the total amount of expenditures made by the taxpayer during the taxable year for the purpose of modifying the taxpayer's primary residence to accommodate a person with a disability. Provides that the amount of the credit may not exceed $500 in any taxable year. Provides that the credit may not reduce the taxpayer's liability to less than zero. Provides that, if the amount of the credit exceeds the taxpayer's liability for the taxable year, the excess credit may not be carried forward or back and shall not be refunded to the taxpayer. Exempts the credit from the Act's automatic sunset provisions. Effective immediately.


LRB097 06186 HLH 46260 b

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

 

 

A BILL FOR

 

SB0159LRB097 06186 HLH 46260 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 the modification of residential
8property to accommodate a disability. For each taxable year
9beginning on or after January 1, 2011, each individual taxpayer
10is entitled to a credit against the tax imposed by subsections
11(a) and (b) of Section 201 of this Act in an amount equal to the
12total amount of expenditures made by the taxpayer during the
13taxable year for the purpose of modifying the taxpayer's
14primary residence to accommodate a person with a disability.
15The amount of the credit may not exceed $500 in any taxable
16year. The Department shall promulgate rules setting forth the
17nature of the disability and qualifications for expenditures.
18    In no event shall a credit under this Section reduce the
19taxpayer's liability to less than zero. If the amount of the
20credit exceeds the taxpayer's liability for the taxable year,
21the excess credit may not be carried forward or back and shall
22not be refunded to the taxpayer. This Section is exempt from
23the provisions of Section 250.
 

 

 

SB0159- 2 -LRB097 06186 HLH 46260 b

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