Rep. Arthur Turner

Filed: 11/14/2016

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 2921

2    AMENDMENT NO. ______. Amend Senate Bill 2921, AS AMENDED,
3by replacing everything after the enacting clause with the
4following:
 
5    "Section 5. The Illinois Income Tax Act is amended by
6changing Section 214 as follows:
 
7    (35 ILCS 5/214)
8    Sec. 214. Tax credit for affordable housing donations.
9    (a) Beginning with taxable years ending on or after
10December 31, 2001 and until the taxable year ending on December
1131, 2021 December 31, 2016, a taxpayer who makes a donation
12under Section 7.28 of the Illinois Housing Development Act is
13entitled to a credit against the tax imposed by subsections (a)
14and (b) of Section 201 in an amount equal to 50% of the value of
15the donation. Partners, shareholders of subchapter S
16corporations, and owners of limited liability companies (if the

 

 

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1limited liability company is treated as a partnership for
2purposes of federal and State income taxation) are entitled to
3a credit under this Section to be determined in accordance with
4the determination of income and distributive share of income
5under Sections 702 and 703 and subchapter S of the Internal
6Revenue Code. Persons or entities not subject to the tax
7imposed by subsections (a) and (b) of Section 201 and who make
8a donation under Section 7.28 of the Illinois Housing
9Development Act are entitled to a credit as described in this
10subsection and may transfer that credit as described in
11subsection (c).
12    (b) If the amount of the credit exceeds the tax liability
13for the year, the excess may be carried forward and applied to
14the tax liability of the 5 taxable years following the excess
15credit year. The tax credit shall be applied to the earliest
16year for which there is a tax liability. If there are credits
17for more than one year that are available to offset a
18liability, the earlier credit shall be applied first.
19    (c) The transfer of the tax credit allowed under this
20Section may be made (i) to the purchaser of land that has been
21designated solely for affordable housing projects in
22accordance with the Illinois Housing Development Act or (ii) to
23another donor who has also made a donation in accordance with
24Section 7.28 of the Illinois Housing Development Act.
25    (d) A taxpayer claiming the credit provided by this Section
26must maintain and record any information that the Department

 

 

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1may require by regulation regarding the project for which the
2credit is claimed. When claiming the credit provided by this
3Section, the taxpayer must provide information regarding the
4taxpayer's donation to the project under the Illinois Housing
5Development Act.
6(Source: P.A. 96-1276, eff. 7-26-10; 97-507, eff. 8-23-11.)
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.".