92nd General Assembly
Summary of HB0004
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House Sponsors:
DANIELS-KOSEL-O'CONNOR-BOST-LYONS,EILEEN, ZICKUS, RIGHTER, 
   SCHMITZ, JONES,JOHN, PERSICO, BEAUBIEN, MITCHELL,BILL, 
   WOJCIK, KURTZ, HULTGREN, PARKE, BELLOCK, BERNS, LAWFER, 
   MATHIAS, WAIT, CROSS, MYERS,RICHARD, COULSON, TURNER,JOHN, 
   MEYER, KLINGLER, STEPHENS, BIGGINS, SAVIANO, MOFFITT, 
   LINDNER, WRIGHT AND WINKEL.

Short description: 
INC TAX-PROP TAX CREDIT                                                    

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Provides that in addition to      
   the existing tax credit for residential property,  for  the  2001  tax      
   year   and  thereafter,  every  individual  taxpayer  whose  principal      
   residence has an equalized assessed value of less than $166,667  shall      
   be  entitled  to  an  additional  tax  credit  equal to 5% of the real      
   property taxes paid  on  the  principal  residence  of  the  taxpayer.      
   Creates  a  credit  against  the  taxes  imposed  under  the  Act  for      
   Subchapter  S corporations and sole proprietorships in an amount equal      
   to 5% of the property taxes paid on eligible  property  owned  by  the      
   Subchapter  S  corporation  or sole proprietorship.  Provides that for      
   Subchapter  S  corporation  or  sole  proprietorship  property  to  be      
   eligible, it must have an equalized assessed value of  less  than  (i)      
   $399,000  in  counties  with  3,000,000  or  more  inhabitants or (ii)      
   $166,667 in counties with fewer than 3,000,000  inhabitants.   Exempts      
   the credits from the sunset provisions. Effective immediately.              
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          35 ILCS 5/208                   from Ch. 120, par. 2-208             
          35 ILCS 5/208.5 new                                                  
          Adds reference to:                                                   
          20 ILCS 655/4.5 new                                                  
          30 ILCS 105/5.545 new                                                
          30 ILCS 105/6z-18               from Ch. 127, par. 142z-18           
          30 ILCS 105/6z-20               from Ch. 127, par. 142z-20           
          35 ILCS 5/201                   from Ch. 120, par. 2-201             
          35 ILCS 5/203                   from Ch. 120, par. 2-203             
          35 ILCS 5/204                   from Ch. 120, par. 2-204             
          35 ILCS 5/208.7 new                                                  
          35 ILCS 5/212                                                        
          35 ILCS 5/213 new                                                    
          35 ILCS 5/214 new                                                    
          35 ILCS 5/215 new                                                    
          35 ILCS 5/216 new                                                    
          35 ILCS 5/217 new                                                    
          35 ILCS 5/218 new                                                    
          35 ILCS 5/219 new                                                    
          35 ILCS 10/5-20                                                      
          35 ILCS 105/1a                  from Ch. 120, par. 439.1a            
          35 ILCS 105/3-5                 from Ch. 120, par. 439.3-5           
          35 ILCS 105/3-10                from Ch. 120, par. 439.3-10          
          35 ILCS 105/3-87 new                                                 
          35 ILCS 105/3b new                                                   
          35 ILCS 105/9                   from Ch. 120, par. 439.9             
          35 ILCS 110/3-5                 from Ch. 120, par. 439.33-5          
          35 ILCS 110/3-10                from Ch. 120, par. 439.33-10         
          35 ILCS 110/3-72 new                                                 
          35 ILCS 115/3-5                 from Ch. 120, par. 439.103-5         
          35 ILCS 115/3-10                from Ch. 120, par. 439.103-10        
          35 ILCS 115/3-52 new                                                 
          35 ILCS 120/1c                  from Ch. 120, par. 440c              
          35 ILCS 120/2-5                 from Ch. 120, par. 441-5             
          35 ILCS 120/2-10                from Ch. 120, par. 441-10            
          35 ILCS 120/2-67 new                                                 
          35 ILCS 120/2-75 new                                                 
          35 ILCS 120/2d                  from Ch. 120, par. 441d              
          35 ILCS 120/3                   from Ch. 120, par. 442               
          35 ILCS 145/9                   from Ch. 120, par. 481b.39           
          35 ILCS 505/2                   from Ch. 120, par. 418               
          35 ILCS 505/8b new                                                   
          35 ILCS 505/13                  from Ch. 120, par. 429               
          35 ILCS 505/13a                 from Ch. 120, par. 429a              
          35 ILCS 615/2                   from Ch. 120, par. 467.17            
          110 ILCS 947/65.25                                                   
          230 ILCS 25/3                   from Ch. 120, par. 1103              
          310 ILCS 10/8.24 new                                                 
          320 ILCS 25/Act title                                                
          320 ILCS 25/1                   from Ch. 67 1/2, par. 401            
          320 ILCS 25/2                   from Ch. 67 1/2, par. 402            
          320 ILCS 25/4                   from Ch. 67 1/2, par. 404            
          415 ILCS 5/58.13a new                                                
          415 ILCS 5/58.14                                                     
          415 ILCS 120/21 new                                                  
          415 ILCS 120/25                                                      
          415 ILCS 120/30                                                      
          415 ILCS 120/31 new                                                  
          415 ILCS 120/32 new                                                  
          415 ILCS 120/35                                                      
          415 ILCS 120/40                                                      
          415 ILCS 120/45                                                      
          30 ILCS 805/8.25 new                                                 
        Deletes everything. Creates the  Elder  Care  Savings  Fund  Act.      
   Authorizes  the  State  Treasurer  to  establish an Elder Care Savings      
   Fund.  Allows Illinois residents to invest in the  fund  and  provides      
   that investors' earnings are exempt from certain taxes. Provides for a      
   program  of  grants  for long-term care or services.  Creates an Elder      
   Care Trust Authority to advise the Elder Care Savings Fund  staff  and      
   perform other functions. Creates the Automobile Leasing Occupation and      
   Use  Tax  Act  to  change  the way tax is imposed on vehicles that are      
   leased. Amends the Illinois Income Tax Act. Authorizes an  alternative      
   method  of  computation  of  the  research  and development credit and      
   extends the credit to December  31,  2009  (now,  2004).  Extends  the      
   environmental  remediation  tax  credit to 2010 (now, expires December      
   31, 2001).  Makes other  changes  concerning  the  credit.  Creates  a      
   deduction  (i)  for  Medicare  Part  B expenses, (ii) for unreimbursed      
   amounts  spent  on  home  health  care  services,  (iii)  for  amounts      
   contributed to a Roth IRA, (iv) of up to  $5,000  for  dependent  care      
   provided  for  a child, disabled spouse, or other dependent adult, and      
   (v) of $500 for teachers.  Increases the  basic  exemption  amount  to      
   $4,000  (now,  $2,000).  Provides  that  the  earned income tax credit      
   allowed shall be increased incrementally from the current  5%  of  the      
   federal tax credit allowed for the taxable year to 20% and changes the      
   repeal  date  from  June  1,  2003 to June 1, 2006. Provides for a tax      
   credit (i) of 5% of property taxes paid for property below  a  certain      
   assessed  value,  (ii) in the amount of 5% of the average monthly rent      
   paid during the taxable year on the residence of a taxpayer, (iii)  in      
   an  amount  up to $1,000 per taxable year for unreimbursed health care      
   costs for certain senior citizens, (iv) in an amount equal to  15%  of      
   the  premium  costs  paid  for  a  qualified  long term care insurance      
   contract covering certain persons, not to exceed $200, (v) of $500 for      
   certain members of a  volunteer  fire  department,  (vi)  for  certain      
   taxpayers,  in  an  amount not to exceed $500 for tuition and fees for      
   college, (vii) for taxpayers making donations  to  certain  affordable      
   housing  projects (Amends the Housing Authorities Act as well), (viii)      
   in the amount  of  expenditures  required  for  providing  an  on-site      
   lactation  room  on the premises of the taxpayer's workplace, and (ix)      
   of $500 for an eligible caregiver of  a  person  with  long-term  care      
   needs.  Amends  the  Use Tax Act, the Service Use Tax Act, the Service      
   Occupation Tax Act, and the Retailers'  Occupation  Tax  Act.  Exempts      
   from  the  taxes  imposed  by these Acts (i) certain tangible personal      
   property and its component parts  purchased  by  a  telecommunications      
   carrier and (ii) certain personal property and machinery and equipment      
   certified  by the purchaser to be essential to and used in the process      
   of the production of electricity by an eligible  facility.  Eliminates      
   the State's portion of the tax on motor fuel and gasohol. Suspends the      
   State's  portion  of  the  tax on clothes and footwear for 9 days each      
   August. Amends the  Hotel  Operators'  Occupation  Tax  Act.   Exempts      
   certain  disaster relief organizations from the tax.  Amends the Motor      
   Fuel Tax Law to eliminate the tax, for  up  to  5  years,  imposed  on      
   alternate  fuels. Makes other changes. Amends the Gas Revenue Tax Act.      
   Suspends the tax on use or consumption of gas for the period beginning      
   December 1, 2001 through May 31, 2002.  Amends  the  Higher  Education      
   Student  Assistance  Act  to provide for teacher shortage scholarships      
   and to establish a loan  forgiveness  program  for  certain  teachers.      
   Amends  the  Bingo  License  and Tax Act.  Eliminates the tax on bingo      
   games. Amends the Senior Citizens and Disabled  Persons  Property  Tax      
   Relief  and Pharmaceutical Assistance Act.  Changes the short title of      
   the Act to the Property Tax Relief and Pharmaceutical  Assistance  Act      
   and  expands  eligibility  and  increases  property  tax-based grants.      
   Amends the Environmental Protection Act.  Makes changes concerning the      
   environmental  remediation  tax  credit  and  creates  the  Distressed      
   Communities and Industries Grant Fund to pay allowable costs needed to      
   cause an eligible remediation project to occur.  Makes other  changes.      
   Amends  the  Alternate  Fuels  Act.   Provides  that the Environmental      
   Protection Agency shall establish the  Alternate  Fuel  Infrastructure      
   Program  to  provide  funding  for the building of certain alternative      
   fueling facilities to be built within a specific area.  Provides  that      
   the Agency shall administer, in cooperation with DCCA and Chicago Area      
   Clean  Cities,  the  Clean Fuel Education Program to provide education      
   about the benefits of using alternate  fuels.   Makes  other  changes.      
   Amends  the  State  Finance  Act  to provide for the distribution as a      
   result of the reduced tax rate on motor fuel and gasohol and to create      
   the Distressed Communities and Industries Grant Fund. Amends the State      
   Mandates Act to require implementation without  reimbursement  by  the      
   State. Effective immediately.                                               
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


   END OF INQUIRY 
                                                                               



 Full Text  Bill Status