Bill Text: IL HB2076 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB2076 Detail]

Download: Illinois-2011-HB2076-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB2076 Introduced , by Rep. Lou Lang SYNOPSIS AS INTRODUCED:
35 ILCS 5/221 new
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.
LRB097 08848 HLH 48978 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB2076 LRB097 08848 HLH 48978 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by adding
Section 221 as follows:
(35 ILCS 5/221 new)
Sec. 221. Credit for new construction. For each taxable
year 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 against
the tax imposed by subsections (a) and (b) of Section 201 of
this Act 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. The credit may not be
carried forward or back and may not reduce the taxpayer's
liability to less than zero.
Section 99. Effective date. This Act takes effect upon
becoming law.