Illinois General Assembly - Bill Status for HB2076

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Bill Status of HB2076 97th General Assembly

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Short Description: INC TX-CREDIT-NEW CONSTRUCTION

House Sponsors
Rep. Lou Lang

Last Action

Date	Chamber	Action
1/8/2013	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/221 new

Synopsis As Introduced
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.

Actions

Date	Chamber	Action
2/17/2011	House	Filed with the Clerk by Rep. Lou Lang
2/22/2011	House	First Reading
2/22/2011	House	Referred to Rules Committee
2/24/2011	House	Assigned to Revenue & Finance Committee
3/17/2011	House	Rule 19(a) / Re-referred to Rules Committee
1/8/2013	House	Session Sine Die

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