HB0236 99TH GENERAL ASSEMBLY

LRB099 03777 HLH 23790 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB0236

Introduced , by Rep. Sam Yingling

SYNOPSIS AS INTRODUCED:

35 ILCS 5/224 new

Amends the Illinois Income Tax Act. Provides that each taxpayer who purchases a qualified townhome during the taxable year is entitled to an income tax credit of $1,000. Provides that the term "qualified townhome" means a townhome that (i) is located in Lake County and (ii) qualifies as homestead property. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT 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 224 as follows:

(35 ILCS 5/224 new)

Sec. 224. Lake County townhome credit.

(a) For taxable years beginning on or after January 1, 2015, each taxpayer who purchases a qualified townhome during the taxable year is entitled to a $1,000 credit against the tax imposed by subsections (a) and (b) of Section 201 of this Act. 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 taxpayer's income tax liability for the applicable tax year, then the excess credit shall be refunded to the taxpayer.

(b) For the purposes of this Section, "qualified townhome" means a townhome that (i) is located in Lake County and (ii) qualifies as homestead property, as defined in subsection (f) of Section 15-175 of the Property Tax Code.

(c) This Section is exempt from the provisions of Section 250.

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