96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB0802

 

Introduced 2/9/2009, by Rep. Ronald A. Wait

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/218 new

    Amends the Illinois Income Tax Act. For taxable years ending on or after December 31, 2009 and on or before December 31, 2010, provides that taxpayers are entitled to a credit in an amount equal to 1% of the purchase price of the taxpayer's principal place of residence, subject to certain conditions. Provides that the credit may not exceed $2,000. Effective immediately.


LRB096 03874 RCE 13908 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0802 LRB096 03874 RCE 13908 b

1     AN ACT concerning revenue.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Income Tax Act is amended by adding
5 Section 218 as follows:
 
6     (35 ILCS 5/218 new)
7     Sec. 218. Home purchase credit. For each taxable year
8 ending on or after December 31, 2009 and on or before December
9 31, 2010, each taxpayer is entitled to a credit against the tax
10 imposed by subsections (a) and (b) of Section 201 of this Act
11 in an amount equal to 1% of the purchase price of the
12 taxpayer's principal place of residence if the residence (i) is
13 purchased during that taxable year, (ii) is the taxpayer's
14 principal place of residence on the last day of that taxable
15 year, and (ii) is purchased with cash or with a mortgage that
16 is not a "high risk home loan" as defined in Section 10 of the
17 High Risk Home Loan Act. The amount of the credit may not
18 exceed $2,000. The credit may be claimed for only one
19 residence. In no event shall a credit under this Section reduce
20 the taxpayer's liability to less than zero.
 
21     Section 99. Effective date. This Act takes effect upon
22 becoming law.