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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 SB0337
Introduced 2/15/2005, by Sen. William E. Peterson SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Income Tax Act to end the tax credit for donations to certain affordable housing
projects with the taxable year ending on December 31, 2011 (now, 2006). Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB0337 |
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LRB094 04999 BDD 35032 b |
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| AN ACT concerning revenue.
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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 Illinois Income Tax Act is amended by |
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| changing Section 214 as follows:
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| (35 ILCS 5/214)
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| Sec. 214. Tax credit for affordable housing donations.
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| (a) Beginning with taxable years ending on or after |
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| December 31, 2001 and
until the taxable year ending on December |
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| 31, 2011
December 31, 2006 , a taxpayer who makes a
donation |
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| under Section 7.28 of the Illinois Housing Development Act is |
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| entitled to a credit
against the tax imposed by subsections (a) |
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| and (b) of Section 201 in an amount
equal
to 50% of the value of |
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| the donation. Partners, shareholders of subchapter S
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| corporations, and owners of limited liability companies (if the |
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| limited
liability company is treated as a partnership for |
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| purposes of federal and State
income
taxation) are entitled a |
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| credit under this Section to be determined in
accordance with |
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| the determination of income and distributive share of income
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| under Sections 702 and 703 and subchapter S of the Internal |
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| Revenue Code.
Persons or entities not subject to the tax |
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| imposed by subsections (a) and (b)
of Section 201 and who make |
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| a donation under Section 7.28 of the Illinois
Housing |
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| Development Act are entitled to a credit as described in this
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| subsection and may transfer that credit as described in |
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| subsection (c).
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| (b) If the amount of the credit exceeds the tax liability |
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| for the year, the
excess may be carried forward and applied to |
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| the tax liability of the 5 taxable
years following the excess |
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| credit year. The tax credit shall be applied to the
earliest |
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| year for which there is a tax liability. If there are credits |
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| for
more than one year that are available to offset a |