92nd General Assembly
Status of HB2559
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 Full Text  Bill Summary

   35 ILCS 5/213 new                                                           

        Amends  the  Illinois  Income  Tax  Act.   Creates  the  Illinois      
   low-income housing tax credit.  Grants a taxpayer owning  an  interest      
   in  a  qualified  project  the  credit  in an amount determined by the      
   Illinois Housing Development Authority to ensure  the  feasibility  of      
   the  project.   Limits  the amount of the credit to an amount equal to      
   the federal credit.  Allows an excess credit to be carried forward and      
   applied to the tax liability of the succeeding 10 years.  Exempts the       
   credit from the Act's sunset requirements.  Effective immediately.          
   FEB-26-2001  H  FILED WITH CLERK                                               
   FEB-27-2001  H  FIRST READING                                                  
   FEB-27-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-28-2001  H       ASSIGNED TO COMMITTEE               REVENUE               
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary