Bill Text: IL HB0236 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides that each taxpayer who purchases a qualified townhome during the taxable year is entitled to an income tax credit of $1,000. Provides that the term "qualified townhome" means a townhome that (i) is located in Lake County and (ii) qualifies as homestead property. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB0236 Detail]

Download: Illinois-2015-HB0236-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB0236 Introduced , by Rep. Sam Yingling SYNOPSIS AS INTRODUCED:
35 ILCS 5/224 new
Amends the Illinois Income Tax Act. Provides that each taxpayer who purchases a qualified townhome during the taxable year is entitled to an income tax credit of $1,000. Provides that the term "qualified townhome" means a townhome that (i) is located in Lake County and (ii) qualifies as homestead property. Effective immediately.
LRB099 03777 HLH 23790 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB0236 LRB099 03777 HLH 23790 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 224 as follows:
(35 ILCS 5/224 new)
Sec. 224. Lake County townhome credit.
(a) For taxable years beginning on or after January 1,
2015, each taxpayer who purchases a qualified townhome during
the taxable year is entitled to a $1,000 credit against the tax
imposed by subsections (a) and (b) of Section 201 of this Act.
In no event shall a credit under this Section reduce the
taxpayer's liability to less than zero. If the amount of the
credit exceeds the taxpayer's income tax liability for the
applicable tax year, then the excess credit shall be refunded
to the taxpayer.
(b) For the purposes of this Section, "qualified townhome"
means a townhome that (i) is located in Lake County and (ii)
qualifies as homestead property, as defined in subsection (f)
of Section 15-175 of the Property Tax Code.
(c) This Section is exempt from the provisions of Section
250.

HB0236 - 2 - LRB099 03777 HLH 23790 b
Section 99. Effective date. This Act takes effect upon
becoming law.