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Public Act 094-0046
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| HB0603 Enrolled |
LRB094 04998 BDD 35031 b |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Income Tax Act is amended by |
changing Section 214 as follows:
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(35 ILCS 5/214)
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Sec. 214. Tax credit for affordable housing donations.
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(a) Beginning with taxable years ending on or after |
December 31, 2001 and
until the taxable year ending on December |
31, 2011
December 31, 2006, a taxpayer who makes a
donation |
under Section 7.28 of the Illinois Housing Development Act is |
entitled to a credit
against the tax imposed by subsections (a) |
and (b) of Section 201 in an amount
equal
to 50% of the value of |
the donation. Partners, shareholders of subchapter S
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corporations, and owners of limited liability companies (if the |
limited
liability company is treated as a partnership for |
purposes of federal and State
income
taxation) are entitled a |
credit under this Section to be determined in
accordance with |
the determination of income and distributive share of income
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under Sections 702 and 703 and subchapter S of the Internal |
Revenue Code.
Persons or entities not subject to the tax |
imposed by subsections (a) and (b)
of Section 201 and who make |
a donation under Section 7.28 of the Illinois
Housing |
Development Act are entitled to a credit as described in this
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subsection and may transfer that credit as described in |
subsection (c).
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(b) If the amount of the credit exceeds the tax liability |
for the year, the
excess may be carried forward and applied to |
the tax liability of the 5 taxable
years following the excess |
credit year. The tax credit shall be applied to the
earliest |
year for which there is a tax liability. If there are credits |
for
more than one year that are available to offset a |
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