HB0172 97TH GENERAL ASSEMBLY

LRB097 05782 HLH 45849 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0172

Introduced 1/18/2011, by Rep. André M. Thapedi

SYNOPSIS AS INTRODUCED:

35 ILCS 5/221 new
765 ILCS 605/18.3a new

Amends the Illinois Income Tax Act and the Condominium Property Act. Provides that a condominium unit owners' association that is created on or after the effective date of the amendatory Act must require that all members of its board of managers complete a management training seminar. Provides that a member of a board of managers of such an association is entitled to a credit against his or her Illinois income tax liability in an amount equal to 50% of the cost of that training. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

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 adding Section 221 as follows:

(35 ILCS 5/221 new)

Sec. 221. Credit for cost of condominium management training.

(a) For taxable years ending on or after December 31, 2010, a taxpayer who is a member of a condominium unit owners' association board of managers is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 of this Act in an amount equal to 50% of the cost of management training incurred by the taxpayer for the purpose of complying with Section 18.3a of the Condominium Property Act.

(b) In no event shall a credit under this Section reduce the taxpayer's liability to less than zero. 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 credit authorized under this Section is exempt from Section 250.

(d) This Section applies only in the case of a unit owners' association created on or after the effective date of this amendatory Act of the 97th General Assembly.

Section 10. The Condominium Property Act is amended by adding Section 18.3a as follows:

(765 ILCS 605/18.3a new)

Sec. 18.3a. Board of managers training. Every unit owners' association that is created on or after the effective date of this amendatory Act of the 97th General Assembly must require that all members of its board of managers complete a management training seminar.

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