101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3332
 
Introduced , by Rep. Delia C. Ramirez
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 5/229 new

     Amends the Illinois Income Tax Act. Creates a credit for taxpayers who (i) own residential rental property in the State and (ii) enter into or renew a lease agreement with a qualified renter during the taxable year. Provides that the credit shall be equal to 15% of the annual rent paid to the taxpayer by that qualified renter. Provides that the term "qualified renter" means any person who has been convicted of a crime in this State or any other jurisdiction. Effective immediately.
  


LRB101 07678 HLH 56223 b

FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB3332LRB101 07678 HLH 56223 b


  
1    AN ACT concerning revenue.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Income Tax Act is amended  by adding 
5Section 229 as follows:
 
6    (35 ILCS 5/229 new)
7    Sec. 229. Credit for rent paid by qualified renters.
8    (a) For taxable years beginning on or after January 1, 
92019, each taxpayer who (i) owns residential rental property in 
10the State and (ii) enters into or renews a lease agreement with 
11a qualified renter during the taxable year is entitled to a 
12credit against the tax imposed by subsections (a) and (b) of 
13Section 201 of this Act in an amount equal to 15% of the annual 
14rent paid to the taxpayer by that qualified renter. 
15    (b) In no event shall a credit under this Section reduce 
16the taxpayer's liability to less than zero. If the amount of 
17the credit exceeds the tax liability for the year, the excess 
18may be carried forward and applied to the tax liability of the 
195 taxable years following the excess credit year. The tax 
20credit shall be applied to the earliest year for which there is 
21a tax liability. If there are credits for more than one year 
22that are available to offset a liability, the earlier credit 
23shall be applied first. 
 
 
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1    (c) As used in this Section: 
2    "Qualified renter" means any person who has been convicted 
3of a crime in this State or any other jurisdiction. 
4    (d) This Section is exempt from the provisions of Section 
5250. 
 
 
6    Section 99. Effective date. This Act takes effect upon 
7becoming law.