92nd General Assembly
Status of SB1167
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   35 ILCS 5/214 new                                                           

        Amends the Illinois  Income  Tax  Act.   Creates  the  affordable      
   housing  donation  tax credit.  Beginning with taxable years ending on      
   or after December 31, 2001 and ending with taxable years ending on  or      
   before  December  31,  2007,  grants  a  credit  equal  to  50% of the      
   taxpayer's donation to a not-for-profit sponsor that (i) is  organized      
   under  the  General  Not  For  Profit  Corporation Act of 1986 for the      
   purpose of constructing or rehabilitating affordable housing units  in      
   this  State;  (ii)  is  organized  for  the purpose of constructing or      
   rehabilitating affordable housing units and has been issued  a  ruling      
   from  the  Internal Revenue Service of the United States Department of      
   the Treasury that the organization  is  exempt  from  income  taxation      
   under  the  provisions  of  the  Internal Revenue Code; or (iii) is an      
   organization designated as a community development corporation by  the      
   United  States  government under Title VII of the Economic Opportunity      
   Act of 1964.  Allows an  excess  credit  to  be  carried  forward  and      
   applied  to the succeeding 5 years. Provides that the Illinois Housing      
   Development Authority or the City of Chicago Department of Housing, as      
   appropriate, shall administer the credits. Effective immediately.           
   FEB-22-2001  S  FIRST READING                                                  
   FEB-22-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               REVENUE               
   MAR-08-2001  S       TO SUBCOMMITTEE                                           
   MAR-08-2001  S                   COMMITTEE               REVENUE               
   MAR-31-2001  S  RE-REFERRED TO RULES COMM/RULE 3-9(A)    RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary