Bill Status of HB 2076   97th General Assembly


Short Description:  INC TX-CREDIT-NEW CONSTRUCTION

House Sponsors
Rep. Lou Lang

Last Action  View All Actions

DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/221 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2011 and ending on or before December 31, 2013, each taxpayer with an adjusted gross income of less than $250,000 is entitled to a credit in an amount not to exceed $7,500 if (i) the taxpayer purchases a newly constructed home during the taxable year, (ii) the home is the taxpayer's principal place of residence on the last day of the taxable year, and (iii) the assessed value of the residence is less than $500,000. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.

Actions 
DateChamber Action
  2/17/2011HouseFiled with the Clerk by Rep. Lou Lang
  2/22/2011HouseFirst Reading
  2/22/2011HouseReferred to Rules Committee
  2/24/2011HouseAssigned to Revenue & Finance Committee
  3/17/2011HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013HouseSession Sine Die

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