Bill Status of SB 1446   93rd General Assembly

Short Description:  INCOME TAX-ACTIVE RETIREE CRED

Senate Sponsors
Sen. Chris Lauzen-Steven J. Rauschenberger

Last Action  View All Actions

DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/208.2 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, beginning with taxable years ending on or after December 31, 2003, every individual taxpayer who owns property in an active adult planned unit development community is entitled to a tax credit equal to 50% of the real property taxes extended on behalf of the school district and paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Provides that if the credit exceeds the tax liability of the taxpayer, the taxpayer shall receive a refund for the amount of the excess. Provides that the Department of Revenue shall adopt rules defining "active adult planned unit development community". Exempts the credit from the sunset provisions of the Act. Effective immediately.

 Fiscal Note (Department of Revenue)
 From available data, we know that there were 690,000 seniors in Illinois who claimed a senior homestead exemption in 2001. The property tax credits for those 65 and over indicated that average property taxes were $2,365 per year. If ten percent of this population took the tax advantage and moved to an active adult retirement setting, that would equal 69,000 people and would cost the State approximately $49 million. The average tax bill multiplied by 10% of seniors equals $163 million. School districts share of property taxes averages approximately sixty percent, which gives you $97.9 million. The bill allows a refundable credit of 50% of the real property taxes extended on behalf of a school district and paid by the taxpayer. Fifty percent of $97.9 million is $49 million.

 Fiscal Note ()
 

 State Mandates Fiscal Note (Illinois State Board of Education)
 Senate Bill 1446 does not impose any additional mandate on local school districts.

Actions 
DateChamber Action
  2/20/2003SenateFiled with Secretary by Sen. Chris Lauzen
  2/20/2003SenateFirst Reading
  2/20/2003SenateReferred to Rules
  2/27/2003SenateAssigned to Revenue
  3/6/2003SenateTo Subcommittee
  3/13/2003SenateHeld in Revenue
  3/14/2003SenateRule 3-9(a) / Re-referred to Rules
  3/18/2003SenateAdded as Chief Co-Sponsor Sen. Steven J. Rauschenberger
  3/20/2003SenateFiscal Note Requested by Sen. Steven J. Rauschenberger
  3/20/2003SenateHousing Affordability Impact Note Requested by Sen. Chris Lauzen
  3/25/2003SenateFiscal Note Filed
  3/25/2003SenateFiscal Note Filed
  4/2/2003SenateState Mandates Fiscal Note Filed from the State Board of Education
  1/11/2005SenateSession Sine Die

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