093_HB1098

 
                                     LRB093 02687 MKM 02697 b

 1        AN ACT in relation to taxation.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5. The Illinois Income  Tax  Act  is  amended  by
 5    adding Section 213 as follows:

 6        (35 ILCS 5/213 new)
 7        Sec.   213.  Credit   for   expenditures  for  accessible
 8    residential buildings within one-half mile of  a  heavy  rail
 9    transit station.
10        (a)  For  taxable  years  ending on or after December 31,
11    2003 and on or before December 30, 2008, a taxpayer may  take
12    a  credit  against the tax imposed by subsections (a) and (b)
13    of Section 201 in an amount equal to the amount  expended  by
14    the  taxpayer  during  the  taxable  year  for alterations to
15    residential property that is not  otherwise  required  to  be
16    accessible  and  is  voluntarily  being made accessible under
17    standards established in the Illinois Accessibility Code,  71
18    Ill.  Adm.  Code  400,  provided that the property is located
19    within one-half mile of a heavy  rail  transit  station.  For
20    purposes  of  this  Section, the standards established in the
21    Illinois Accessibility Code apply, as appropriate, to  single
22    family  residences. This credit is available to an owner or a
23    developer of eligible property.
24        (b)  The  tax  credit  may  not  reduce  the   taxpayer's
25    liability  to  less  than  zero.  If the amount of the credit
26    exceeds the tax liability for the year,  the  excess  may  be
27    carried  forward  and  applied to the tax liability of the 10
28    taxable years following  the  excess  credit  year.  The  tax
29    credit  must  be applied to the earliest year for which there
30    is a tax liability. If there are credits for  more  than  one
31    year  that  are  available to offset a liability, the earlier
 
                            -2-      LRB093 02687 MKM 02697 b
 1    credit must be applied first. No credit may be carried  to  a
 2    taxable  year  more  than  10 years after the taxable year in
 3    which the credit was earned.
 4        (c)  A taxpayer claiming  the  credit  provided  by  this
 5    Section  must  maintain  and  record any information that the
 6    Department may require by rule regarding the alterations  for
 7    which the credit is claimed.
 8        (d)  This  Section  is  exempt  from  the  provisions  of
 9    Section 250 of this Act.

10        Section  99.  Effective date.  This Act takes effect upon
11    becoming law.