92nd General Assembly
Summary of SB0986
   [ Home ]   [ Back ]   [ Legislation ]
Legislation:  
Please enter a bill number.



 Full Text  Bill Status
Senate Sponsors:
HALVORSON.

Short description: 
AFFORDABLE HOUSING TAX CREDIT                                              

Synopsis of Bill as introduced:
        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.           
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


   END OF INQUIRY 



 Full Text  Bill Status