Synopsis As Introduced Amends the Senior Citizens Real Estate Tax Deferral Act. Increases the income limitation under the Act to $55,000 (instead of $50,000) beginning in 2009. Amends the Property Tax Code. Provides that the maximum income limitation under the Senior Citizens Assessment Freeze Homestead Exemption is the income limitation set forth in the Senior Citizens Real Estate Tax Deferral Act. Effective immediately.
Deletes everything after the enacting clause. Amends the Illinois Income Tax Act. Provides that, with respect to the investment credit, the basis of qualified property shall not include costs incurred after December 31, 2013 (now, 2008), except for costs incurred pursuant to a binding contract entered into on or before December 31, 2013 (now, 2008). Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Extends the exemption for graphic arts machinery and equipment and the manufacturer's purchase credit until August 30, 2014 (now, those provisions are due to expire on July 30, 2009 pursuant to the Acts' automatic sunset provisions found at 35 ILCS 105/3-90; 35 ILCS 110/3-75; 35 ILCS 115/3-55; and 35 ILCS 120/2-70). Makes changes concerning the definition of "graphic arts production". Effective immediately.