Full Text of SB3658 96th General Assembly
SB3658sam001 96TH GENERAL ASSEMBLY
|
Sen. Toi W. Hutchinson
Filed: 2/26/2010
|
|
09600SB3658sam001 |
|
LRB096 20358 HLH 37839 a |
|
| 1 |
| AMENDMENT TO SENATE BILL 3658
| 2 |
| AMENDMENT NO. ______. Amend Senate Bill 3658 by replacing | 3 |
| everything after the enacting clause with the following:
| 4 |
| "Section 5. The Illinois Income Tax Act is amended by | 5 |
| adding Section 219 as follows: | 6 |
| (35 ILCS 5/219 new) | 7 |
| Sec. 219. Credit for rehabilitation of vacant buildings. | 8 |
| (a) For taxable years beginning on or after January 1, | 9 |
| 2010, each taxpayer who is the owner or tenant of a building | 10 |
| that (i) is located in an Enterprise Zone, River Edge | 11 |
| Redevelopment Zone, or federally designated Foreign Trade Zone | 12 |
| or Sub-Zone, (ii) is at least 20 years old, and (iii) has been | 13 |
| unoccupied for a period of 2 consecutive years at any point | 14 |
| during the taxable year is allowed a credit against the tax | 15 |
| imposed by subsections (a) and (b) of Section 201 in an amount | 16 |
| equal to (i) 25% of the aggregate qualified expenditures made |
|
|
|
09600SB3658sam001 |
- 2 - |
LRB096 20358 HLH 37839 a |
|
| 1 |
| by the taxpayer during the taxable year for the purpose of | 2 |
| rehabilitating the building or (ii) $50,000 per building, | 3 |
| whichever is less. | 4 |
| (b) Any taxpayer who is allowed a credit for costs incurred | 5 |
| in the rehabilitation of property pursuant to the provisions of | 6 |
| Section 38 of the federal Internal Revenue Code of 1986, as | 7 |
| amended, shall not be allowed a credit under this Section. | 8 |
| (c) If the amount of the credit exceeds the taxpayer's | 9 |
| liability for that year, whether it exceeds the original | 10 |
| liability or the liability as later amended, that excess may be | 11 |
| carried forward and applied to the tax liability of the 5 | 12 |
| taxable years following the excess credit year. The credit | 13 |
| shall be applied to the earliest year for which there is a | 14 |
| liability. If there is a credit from more than one tax year | 15 |
| that is available to offset a liability, then the earlier | 16 |
| credit shall be applied first. | 17 |
| (d) For the purposes of this Section, the following terms | 18 |
| have the following meanings: | 19 |
| "Qualified expenditures" means expenditures associated | 20 |
| with any exterior improvements, structural improvements, | 21 |
| mechanical improvements, or electrical improvements necessary | 22 |
| to rehabilitate for commercial or industrial business use a | 23 |
| building that meets the requirements established in subsection | 24 |
| (a) of this Section. | 25 |
| "Qualified expenditures" also includes, but is not limited | 26 |
| to, expenditures associated with demolition, carpentry, |
|
|
|
09600SB3658sam001 |
- 3 - |
LRB096 20358 HLH 37839 a |
|
| 1 |
| sheetrock, plaster, painting, ceilings, fixtures, doors, | 2 |
| windows, sprinkler systems installed for fire protection | 3 |
| purposes, roofing and flashing, exterior repair, tuckpointing, | 4 |
| and cleanup. | 5 |
| "Qualified expenditures" does not include expenditures | 6 |
| commonly referred to as soft costs, which include, but are not | 7 |
| limited to, costs associated with appraisals; architectural, | 8 |
| engineering, and interior design fees; legal, accounting, and | 9 |
| realtor fees; loan fees; sales and marketing; closing; building | 10 |
| permit, use, and inspection fees; bids; insurance; project | 11 |
| signs and phones; temporary power; bid bonds; copying; rent | 12 |
| loss during construction; costs included with acquisition; | 13 |
| interior furnishings; new additions except as may be required | 14 |
| to comply with building and safety codes; excavation; grading; | 15 |
| paving; landscaping; and repairs to outbuildings. | 16 |
| "Business" means a for-profit legal entity, including, but | 17 |
| not limited to, any sole proprietorship, partnership, | 18 |
| corporation, joint venture, association, or cooperative. | 19 |
| (e) Taxpayers claiming the credit allowed by this Section | 20 |
| shall furnish the Zone Administrator with copies of any | 21 |
| receipts, bills, or other documentation of the qualified | 22 |
| expenditures claimed for the purpose of this credit for | 23 |
| certification by the Zone Administrator. Any form filed with | 24 |
| the Department of Revenue for the purpose of claiming a credit | 25 |
| under this Section shall be accompanied by a copy of the | 26 |
| certification of qualified expenditures furnished to the |
|
|
|
09600SB3658sam001 |
- 4 - |
LRB096 20358 HLH 37839 a |
|
| 1 |
| taxpayer by the Zone Administrator. The taxpayer shall make | 2 |
| available to the Department of Revenue, upon request, copies of | 3 |
| any receipts, bills, or other documentation of any qualified | 4 |
| expenditures claimed by the taxpayer for the purpose of this | 5 |
| credit. | 6 |
| (f) This Section is exempt from the provisions of Section | 7 |
| 250.
| 8 |
| Section 99. Effective date. This Act takes effect upon | 9 |
| becoming law.".
|
|