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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0159 Introduced 2/8/2011, by Sen. Matt Murphy SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates a credit for individual taxpayers in an amount equal to the total amount of expenditures made by the taxpayer during the taxable year for the purpose of modifying the taxpayer's primary residence to accommodate a person with a disability. Provides that the amount of the credit may not exceed $500 in any taxable year. Provides that the credit may not reduce the taxpayer's liability to less than zero. Provides that, if the amount of the credit exceeds the taxpayer's liability for the taxable year, the excess credit may not be carried forward or back and shall not be refunded to the taxpayer. Exempts the credit from the Act's automatic sunset provisions. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | SB0159 | | LRB097 06186 HLH 46260 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by adding |
| 5 | | Section 221 as follows:
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| 6 | | (35 ILCS 5/221 new) |
| 7 | | Sec. 221. Credit for the modification of residential |
| 8 | | property to accommodate a disability. For each taxable year |
| 9 | | beginning on or after January 1, 2011, each individual taxpayer |
| 10 | | is entitled to a credit against the tax imposed by subsections |
| 11 | | (a) and (b) of Section 201 of this Act in an amount equal to the |
| 12 | | total amount of expenditures made by the taxpayer during the |
| 13 | | taxable year for the purpose of modifying the taxpayer's |
| 14 | | primary residence to accommodate a person with a disability. |
| 15 | | The amount of the credit may not exceed $500 in any taxable |
| 16 | | year. The Department shall promulgate rules setting forth the |
| 17 | | nature of the disability and qualifications for expenditures. |
| 18 | | In no event shall a credit under this Section reduce the |
| 19 | | taxpayer's liability to less than zero. If the amount of the |
| 20 | | credit exceeds the taxpayer's liability for the taxable year, |
| 21 | | the excess credit may not be carried forward or back and shall |
| 22 | | not be refunded to the taxpayer. This Section is exempt from |
| 23 | | the provisions of Section 250.
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