Bill Text: IL HB3332 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Creates a credit for taxpayers who (i) own residential rental property in the State and (ii) enter into or renew a lease agreement with a qualified renter during the taxable year. Provides that the credit shall be equal to 15% of the annual rent paid to the taxpayer by that qualified renter. Provides that the term "qualified renter" means any person who has been convicted of a crime in this State or any other jurisdiction. Effective immediately.
Spectrum: Partisan Bill (Democrat 24-1)
Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB3332 Detail]
Download: Illinois-2019-HB3332-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by adding | ||||||||||||||||||||||||
5 | Section 229 as follows:
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6 | (35 ILCS 5/229 new) | ||||||||||||||||||||||||
7 | Sec. 229. Credit for rent paid by qualified renters. | ||||||||||||||||||||||||
8 | (a) For taxable years beginning on or after January 1, | ||||||||||||||||||||||||
9 | 2019, each taxpayer who (i) owns residential rental property in | ||||||||||||||||||||||||
10 | the State and (ii) enters into or renews a lease agreement with | ||||||||||||||||||||||||
11 | a qualified renter during the taxable year is entitled to a | ||||||||||||||||||||||||
12 | credit against the tax imposed by subsections (a) and (b) of | ||||||||||||||||||||||||
13 | Section 201 of this Act in an amount equal to 15% of the annual | ||||||||||||||||||||||||
14 | rent paid to the taxpayer by that qualified renter. | ||||||||||||||||||||||||
15 | (b) In no event shall a credit under this Section reduce | ||||||||||||||||||||||||
16 | the taxpayer's liability to less than zero. If the amount of | ||||||||||||||||||||||||
17 | the credit exceeds the tax liability for the year, the excess | ||||||||||||||||||||||||
18 | may be carried forward and applied to the tax liability of the | ||||||||||||||||||||||||
19 | 5 taxable years following the excess credit year. The tax | ||||||||||||||||||||||||
20 | credit shall be applied to the earliest year for which there is | ||||||||||||||||||||||||
21 | a tax liability. If there are credits for more than one year | ||||||||||||||||||||||||
22 | that are available to offset a liability, the earlier credit | ||||||||||||||||||||||||
23 | shall be applied first. |
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1 | (c) As used in this Section: | ||||||
2 | "Qualified renter" means any person who has been convicted | ||||||
3 | of a crime in this State or any other jurisdiction. | ||||||
4 | (d) This Section is exempt from the provisions of Section | ||||||
5 | 250.
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6 | Section 99. Effective date. This Act takes effect upon | ||||||
7 | becoming law.
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