HB2076 97TH GENERAL ASSEMBLY

LRB097 08848 HLH 48978 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2076

Introduced 2/22/2011, by Rep. Lou Lang

SYNOPSIS AS INTRODUCED:

35 ILCS 5/221 new

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

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

Section 5. The Illinois Income Tax Act is amended by adding Section 221 as follows:

(35 ILCS 5/221 new)

Sec. 221. Credit for new construction. For each taxable year 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 against the tax imposed by subsections (a) and (b) of Section 201 of this Act 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. The credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero.

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