TURNER,ART-BEAUBIEN-YARBROUGH-MCKEON-MILLER, MURPHY, COLLINS, OSTERMAN, FEIGENHOLTZ, SCOTT, ERWIN AND SCHOENBERG. 35 ILCS 5/214 new Amends the Illinois Income Tax Act. Creates the affordable housing donation tax credit. Beginning with taxable years ending on or after December 31, 2001 and ending with taxable years ending on or before December 31, 2007, grants a credit equal to 50% of the taxpayer's donation to a not-for-profit sponsor that (i) is organized under the General Not For Profit Corporation Act of 1986 for the purpose of constructing or rehabilitating affordable housing units in this State; (ii) is organized for the purpose of constructing or rehabilitating affordable housing units and has been issued a ruling from the Internal Revenue Service of the United States Department of the Treasury that the organization is exempt from income taxation under the provisions of the Internal Revenue Code; or (iii) is an organization designated as a community development corporation by the United States government under Title VII of the Economic Opportunity Act of 1964. Allows an excess credit to be carried forward and applied to the succeeding 5 years. Provides that the Illinois Housing Development Authority or the City of Chicago Department of Housing, as appropriate, shall administer the credits. Effective immediately. FEB-20-2001 H FILED WITH CLERK FEB-20-2001 H FIRST READING FEB-20-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-21-2001 H ASSIGNED TO COMMITTEE REVENUE FEB-23-2001 H ADDED AS A JOINT SPONSOR BEAUBIEN FEB-23-2001 H ADDED AS A JOINT SPONSOR YARBROUGH FEB-23-2001 H ADDED AS A JOINT SPONSOR MCKEON FEB-28-2001 H ADDED AS A JOINT SPONSOR MILLER FEB-28-2001 H ADDED AS A CO-SPONSOR MURPHY FEB-28-2001 H ADDED AS A CO-SPONSOR JONES,LOU MAR-07-2001 H ADDED AS A CO-SPONSOR COLLINS MAR-07-2001 H ADDED AS A CO-SPONSOR OSTERMAN MAR-13-2001 H ADDED AS A CO-SPONSOR FEIGENHOLTZ MAR-15-2001 H ADDED AS A CO-SPONSOR SCOTT MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL MAR-22-2001 H ADDED AS A CO-SPONSOR ERWIN MAR-26-2001 H ADDED AS A CO-SPONSOR SCHOENBERG JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary