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Rep. Arthur Turner
Filed: 11/14/2016
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| 1 | | AMENDMENT TO SENATE BILL 2921
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2921, AS AMENDED, |
| 3 | | by replacing everything after the enacting clause with the |
| 4 | | following:
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| 5 | | "Section 5. The Illinois Income Tax Act is amended by |
| 6 | | changing Section 214 as follows:
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| 7 | | (35 ILCS 5/214)
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| 8 | | Sec. 214. Tax credit for affordable housing donations.
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| 9 | | (a) Beginning with taxable years ending on or after |
| 10 | | December 31, 2001 and
until the taxable year ending on December |
| 11 | | 31, 2021 December 31, 2016, a taxpayer who makes a
donation |
| 12 | | under Section 7.28 of the Illinois Housing Development Act is |
| 13 | | entitled to a credit
against the tax imposed by subsections (a) |
| 14 | | and (b) of Section 201 in an amount
equal
to 50% of the value of |
| 15 | | the donation. Partners, shareholders of subchapter S
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| 16 | | corporations, and owners of limited liability companies (if the |
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| 1 | | limited
liability company is treated as a partnership for |
| 2 | | purposes of federal and State
income
taxation) are entitled to |
| 3 | | a credit under this Section to be determined in
accordance with |
| 4 | | the determination of income and distributive share of income
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| 5 | | under Sections 702 and 703 and subchapter S of the Internal |
| 6 | | Revenue Code.
Persons or entities not subject to the tax |
| 7 | | imposed by subsections (a) and (b)
of Section 201 and who make |
| 8 | | a donation under Section 7.28 of the Illinois
Housing |
| 9 | | Development Act are entitled to a credit as described in this
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| 10 | | subsection and may transfer that credit as described in |
| 11 | | subsection (c).
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| 12 | | (b) If the amount of the credit exceeds the tax liability |
| 13 | | for the year, the
excess may be carried forward and applied to |
| 14 | | the tax liability of the 5 taxable
years following the excess |
| 15 | | credit year. The tax credit shall be applied to the
earliest |
| 16 | | year for which there is a tax liability. If there are credits |
| 17 | | for
more than one year that are available to offset a |
| 18 | | liability, the earlier credit
shall be applied first.
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| 19 | | (c) The transfer of the tax credit allowed under this |
| 20 | | Section may be made
(i) to the purchaser of land that has been |
| 21 | | designated solely for affordable
housing projects in |
| 22 | | accordance with the Illinois Housing Development Act or
(ii) to |
| 23 | | another donor who has also made a donation in accordance with |
| 24 | | Section 7.28 of the
Illinois Housing
Development Act.
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| 25 | | (d) A taxpayer claiming the credit provided by this Section |
| 26 | | must maintain
and record any information that the Department |
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| 1 | | may require by regulation
regarding the project for which the |
| 2 | | credit is claimed.
When
claiming the credit provided by this |
| 3 | | Section, the taxpayer must provide
information regarding the |
| 4 | | taxpayer's donation to the project under the Illinois Housing |
| 5 | | Development Act.
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| 6 | | (Source: P.A. 96-1276, eff. 7-26-10; 97-507, eff. 8-23-11.)
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| 7 | | Section 99. Effective date. This Act takes effect upon |
| 8 | | becoming law.".
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