94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0354


 
Introduced 1/21/2005, by Rep. Sidney H. Mathias
 
SYNOPSIS AS INTRODUCED:
 		













320 ILCS 25/3.07
  from Ch. 67 1/2, par. 403.07








    Amends the Senior Citizens and Disabled Persons Property Tax Relief
and Pharmaceutical Assistance Act. Provides that, for grant years 2006 and
thereafter, "income" means federal taxable income (now, "income" means federal
adjusted gross income modified by adding thereto income received from any of a
list of sources).















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FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB0354

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    AN ACT concerning senior citizens and disabled persons. 

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


 
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    Section 5. The Senior Citizens and Disabled Persons 
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Property Tax Relief and
Pharmaceutical Assistance Act is 
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amended by changing
Section 3.07 as follows:


 



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    (320 ILCS 25/3.07)  (from Ch. 67 1/2, par. 403.07)


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    Sec. 3.07. For grant years 2005 and before, "income"

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"Income" means adjusted gross income, properly reportable for

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federal income tax purposes under the provisions of the 
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Internal Revenue Code,
modified by adding thereto the sum of 
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the following amounts to the extent
deducted or excluded from 
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gross income in the computation of adjusted gross
income:


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        (A) An amount equal to all amounts paid or accrued as 
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    interest or
dividends during the taxable year;


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        (B) An amount equal to the amount of tax imposed by the 
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    Illinois Income
Tax Act paid for the taxable year;


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        (C) An amount equal to all amounts received during the 
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    taxable year as
an annuity under an annuity, endowment or 
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    life insurance contract or under
any other contract or 
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    agreement;


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        (D) An amount equal to the amount of benefits paid 
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    under the Federal
Social Security Act during the taxable 
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    year;


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        (E) An amount equal to the amount of benefits paid 
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    under the Railroad
Retirement Act during the taxable year;


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        (F) An amount equal to the total amount of cash public 
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    assistance
payments received from any governmental agency 
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    during the taxable year
other than benefits received 
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    pursuant to this Act;


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        (G) An amount equal to any net operating loss carryover 
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    deduction or
capital loss carryover deduction during the 
 


 






HB0354
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    taxable year;


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        (H) For claim years beginning on or after January 1, 
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    2002, an amount
equal to any benefits received under the 
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    Workers' Compensation Act or the
Workers' Occupational 
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    Diseases Act during the
taxable year.

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    "Income" does not include any grant assistance received 
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under the Nursing
Home Grant Assistance Act or any 
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distributions or items of income described
under subparagraph 
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(X) of paragraph (2) of subsection (a) of Section 203 of
the 
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Illinois Income Tax Act.

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    This amendatory Act of 1987 shall be effective for purposes 
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of this
Section for tax years ending on or after December 31, 
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1987.
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    For grant years 2006 and thereafter, "income" means taxable 
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income, properly reportable for federal income tax purposes 
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under the provisions of the Internal Revenue Code.


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(Source: P.A. 91-676, eff. 12-23-99; 92-131, eff. 7-23-01; 
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92-519, eff.
1-1-02.)