Illinois House Bill 2076 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2011 and ending on or before December 31, 2013, each taxpayer with an adjusted gross income of less than $250,000 is entitled to a credit in an amount not to exceed $7,500 if (i) the taxpayer purchases a newly constructed home during the taxable year, (ii) the home is the taxpayer's principal place of residence on the last day of the taxable year, and (iii) the assessed value of the residence is less than $500,000. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.

INC TX-CREDIT-NEW CONSTRUCTION

Rep. Louis Lang [D]

Date	Chamber	Action
2013-01-08	House	Session Sine Die
2011-03-17	House	Rule 19(a) / Re-referred to Rules Committee
2011-02-24	House	Assigned to Revenue & Finance Committee
2011-02-22	House	Referred to Rules Committee
2011-02-22	House	First Reading
2011-02-17	House	Filed with the Clerk by Rep. Lou Lang

Chapter	Article	Section	Citation Type	Statute Text
35	5	221	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2076&GAID=11&DocTypeID=HB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/HB/09700HB2076.htm