92nd General Assembly
Summary of SB1135
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Senate Sponsors:
PETERSON-RONEN-HENDON-OBAMA-SILVERSTEIN, 
   JACOBS AND RADOGNO.

House Sponsors:
TURNER,ART-CURRIE-ERWIN-YARBROUGH-YOUNGE

Short description: 
INC TAX-HOUSING DEVELOP CREDIT                                             

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act and  the  Housing  Authorities      
   Act.   Allows taxpayers making donations to certain affordable housing      
   projects to take a tax credit for those donations.  Allows the  credit      
   to  be  carried  forward.   Allows  the  Illinois  Housing Development      
   Authority to reserve a specific amount of  tax  credits  for  approved      
   affordable   housing   projects.    Requires   the   Illinois  Housing      
   Development Authority to set eligibility  criteria  for  the  credits.      
   Limits  the  amount  of credits that may be used for employer-assisted      
   housing projects.  Contains other provisions.  Effective immediately.       
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          310 ILCS 10/8.24 new                                                 
          Adds reference to:                                                   
          20 ILCS 3805/7.28 new                                                
        Deletes everything after the enacting clause.  Reinserts the bill      
   as  introduced  but  removes  the  provisions  amending  the   Housing      
   Authorities  Act  and adds those amendatory provisions to the Illinois      
   Housing Development Act instead.  Provides that the  Illinois  Housing      
   Development Authority may administer and adopt rules for an affordable      
   housing  tax  donation  credit  program  to  provide  tax  credits for      
   donations to sponsors of affordable  housing  projects.   Changes  the      
   term  "housing  authority"  to  "administrative  housing  agency"  and      
   provides  that,  in  addition  to  the  Illinois  Housing  Development      
   Authority,  this  term  means  an agency of the City of Chicago rather      
   than the Department of Housing of  the  City  of  Chicago.   Effective      
   immediately.                                                                
        HOUSE AMENDMENT NO. 1.  (House recedes May 30, 2001)                   
          Deletes reference to:                                                
          20 ILCS 3805/7.28 new                                                
        Deletes  everything  after  the  enacting  clause.   Amends   the      
   Illinois Income Tax Act.  Adds a provision, containing a caption only,      
   concerning tax credits for affordable housing donations.                    
 
Last action on Bill: PUBLIC ACT.............................. 92-0491

   Last action date: AUG-23-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


   END OF INQUIRY 



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