Sen. James F. Clayborne, Jr.

Filed: 3/19/2015

 

 


 

 


 
09900SB0083sam001LRB099 05943 HLH 32844 a

1
AMENDMENT TO SENATE BILL 83

2    AMENDMENT NO. ______. Amend Senate Bill 83 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Income Tax Act is amended by
5changing Section 214 as follows:
 
6    (35 ILCS 5/214)
7    Sec. 214. Tax credit for affordable housing donations.
8    (a) Beginning with taxable years ending on or after
9December 31, 2001 and until the taxable year ending on December
1031, 2021 December 31, 2016, a taxpayer who makes a donation
11under Section 7.28 of the Illinois Housing Development Act is
12entitled to a credit against the tax imposed by subsections (a)
13and (b) of Section 201 in an amount equal to 50% of the value of
14the donation. Partners, shareholders of subchapter S
15corporations, and owners of limited liability companies (if the
16limited liability company is treated as a partnership for

 

 

09900SB0083sam001- 2 -LRB099 05943 HLH 32844 a

1purposes of federal and State income taxation) are entitled to
2a credit under this Section to be determined in accordance with
3the determination of income and distributive share of income
4under Sections 702 and 703 and subchapter S of the Internal
5Revenue Code. Persons or entities not subject to the tax
6imposed by subsections (a) and (b) of Section 201 and who make
7a donation under Section 7.28 of the Illinois Housing
8Development Act are entitled to a credit as described in this
9subsection and may transfer that credit as described in
10subsection (c).
11    (b) If the amount of the credit exceeds the tax liability
12for the year, the excess may be carried forward and applied to
13the tax liability of the 5 taxable years following the excess
14credit year. The tax credit shall be applied to the earliest
15year for which there is a tax liability. If there are credits
16for more than one year that are available to offset a
17liability, the earlier credit shall be applied first.
18    (c) The transfer of the tax credit allowed under this
19Section may be made (i) to the purchaser of land that has been
20designated solely for affordable housing projects in
21accordance with the Illinois Housing Development Act or (ii) to
22another donor who has also made a donation in accordance with
23Section 7.28 of the Illinois Housing Development Act.
24    (d) A taxpayer claiming the credit provided by this Section
25must maintain and record any information that the Department
26may require by regulation regarding the project for which the

 

 

09900SB0083sam001- 3 -LRB099 05943 HLH 32844 a

1credit is claimed. When claiming the credit provided by this
2Section, the taxpayer must provide information regarding the
3taxpayer's donation to the project under the Illinois Housing
4Development Act.
5(Source: P.A. 96-1276, eff. 7-26-10; 97-507, eff. 8-23-11.)".