Illinois General Assembly - Full Text of SB1211
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Full Text of SB1211  99th General Assembly




State of Illinois
2015 and 2016


Introduced 2/11/2015, by Sen. Linda Holmes


35 ILCS 5/224 new

    Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who purchase a new accessible residence, or retrofit an existing residence to improve accessibility and provide universal visitability. Provides that the credit may not exceed $5,000 for the purchase of a new residence or for the retrofitting of an existing residence. Provides that the total amount of tax credits granted for any fiscal year shall not exceed $2,000,000. Provides that the credit is exempt from the Act's automatic sunset provision.

LRB099 09395 HLH 29602 b






SB1211LRB099 09395 HLH 29602 b

1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 224 as follows:
6    (35 ILCS 5/224 new)
7    Sec. 224. Residential accessibility modifications.
8    (a) For taxable years beginning on or after January 1,
92016, any taxpayer who purchases a new residence or retrofits
10or hires someone to retrofit an existing residence, provided
11that such new residence or the retrofitting of such existing
12residence is designed to improve accessibility for elderly or
13disabled individuals and provide universal visitability, shall
14be allowed a credit against the tax imposed under subsections
15(a) and (b) of Section 201. The credit allowed under this
16Section shall not exceed $5,000 for the purchase of a new
17residence or for the retrofitting of an existing residence.
18    (b) The credit shall be allowed for the taxable year in
19which the residence has been purchased or the construction,
20retrofitting, or renovation of the residence or residential
21structure or unit has been completed.
22    (c) Eligible taxpayers shall apply for the credit by making
23application to the Department of Revenue. The Department of



SB1211- 2 -LRB099 09395 HLH 29602 b

1Revenue shall issue a certification for an approved application
2to the taxpayer. The taxpayer shall attach the certification to
3the applicable income tax return. The total amount of tax
4credits granted under this Section for any fiscal year shall
5not exceed $2,000,000.
6    (d) In no event shall a credit under this Section reduce
7the taxpayer's liability to less than zero. If the amount of
8credit exceeds the taxpayer's income tax liability for the
9taxable year, then the amount that exceeds the tax liability
10may be carried over for credit against the income taxes of such
11taxpayer in the next 7 taxable years or until the total amount
12of the tax credit issued has been taken, whichever is sooner.
13For partners, shareholders of subchapter S corporations, and
14owners of limited liability companies, if the liability company
15is treated as a partnership for purposes of federal and State
16income taxation, there shall be allowed a credit under this
17Section to be determined in accordance with the determination
18of income and distributive share of income under Sections 702
19and 704 and subchapter S of the Internal Revenue Code.
20    (e) This Section is exempt from the provisions of Section