House Sponsors: TURNER,ART. Short description: LOW INCOME HOUSING TAX CREDIT Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Creates the Illinois low-income housing tax credit. Grants a taxpayer owning an interest in a qualified project the credit in an amount determined by the Illinois Housing Development Authority to ensure the feasibility of the project. Limits the amount of the credit to an amount equal to the federal credit. Allows an excess credit to be carried forward and applied to the tax liability of the succeeding 10 years. Excepts from the Act's sunset requirements. Effective immediately. HOUSE AMENDMENT NO. 1. Deletes reference to: 35 ILCS 5/212 new Adds reference to: 35 ILCS 5/101 from Ch. 120, par. 1-101 Deletes everything. Amends the Illinois Income Tax Act concerning the short title. Makes a technical change. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status