97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0172
 
Introduced 1/18/2011, by Rep. André M. Thapedi
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 5/221 new
765 ILCS 605/18.3a new

     Amends the Illinois Income Tax Act and the Condominium Property Act. Provides that a condominium unit owners' association that is created on or after the effective date of the amendatory Act must require that all members of its board of managers complete a management training seminar. Provides that a member of a board of managers of such an association is entitled to a credit against his or her Illinois income tax liability in an amount equal to 50% of the cost of that training. Effective immediately.
  


LRB097 05782 HLH 45849 b

FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB0172LRB097 05782 HLH 45849 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 221 as follows:
 
6    (35 ILCS 5/221 new)
7    Sec. 221. Credit for cost of condominium management 
8training.
9    (a) For taxable years ending on or after December 31, 2010, 
10a taxpayer who is a member of a condominium unit owners' 
11association board of managers is entitled to a credit against 
12the tax imposed by subsections (a) and (b) of Section 201 of 
13this Act in an amount equal to 50% of the cost of management 
14training incurred by the taxpayer for the purpose of complying 
15with Section 18.3a of the Condominium Property Act.
16    (b) In no event shall a credit under this Section reduce 
17the taxpayer's liability to less than zero. If the amount of 
18the credit exceeds the tax liability for the year, the excess 
19may be carried forward and applied to the tax liability of the 
205 taxable years following the excess credit year. The tax 
21credit shall be applied to the earliest year for which there is 
22a tax liability. If there are credits for more than one year 
23that are available to offset a liability, the earlier credit 
 
 
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1shall be applied first.
2    (c) The credit authorized under this Section is exempt from 
3Section 250.
4    (d) This Section applies only in the case of a unit owners' 
5association created on or after the effective date of this 
6amendatory Act of the 97th General Assembly.
 
7    Section 10. The Condominium Property Act is amended  by 
8adding Section 18.3a as follows:
 
9    (765 ILCS 605/18.3a  new)
10    Sec. 18.3a. Board of managers training. Every unit owners' 
11association that is created on or after the effective date of 
12this amendatory Act of the 97th General Assembly must require 
13that all members of its board of managers complete a management 
14training seminar.
 

15    Section 99. Effective date. This Act takes effect upon 
16becoming law.