SB3163 96TH GENERAL ASSEMBLY

LRB096 20005 HLH 35496 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3163

Introduced 2/9/2010, by Sen. Matt Murphy

SYNOPSIS AS INTRODUCED:

35 ILCS 5/219 new

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.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 219 as follows:

(35 ILCS 5/219 new)

Sec. 219. Credit for the modification of residential property to accommodate a disability. For each taxable year beginning on or after January 1, 2010, each individual taxpayer is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 of this Act 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. The amount of the credit may not exceed $500 in any taxable year. The Department shall promulgate rules setting forth the nature of the disability and qualifications for expenditures.

In no event shall a credit under this Section reduce the taxpayer's liability to less than zero. 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. This Section is exempt from the provisions of Section 250.

Section 99. Effective date. This Act takes effect upon becoming law.