Rep. André M. Thapedi
Filed: 3/4/2009
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1 | AMENDMENT TO HOUSE BILL 1811
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2 | AMENDMENT NO. ______. Amend House Bill 1811 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
5 | adding Section 218 as follows: | ||||||
6 | (35 ILCS 5/218 new) | ||||||
7 | Sec. 218. Credit for cost of condominium management | ||||||
8 | training. | ||||||
9 | (a) For taxable years ending on or after December 31, 2009, | ||||||
10 | a taxpayer who is a member of a condominium unit owners' | ||||||
11 | association board of managers is entitled to a credit against | ||||||
12 | the tax imposed by subsections (a) and (b) of Section 201 of | ||||||
13 | this Act in an amount equal to 50% of the cost of management | ||||||
14 | training incurred by the taxpayer for the purpose of complying | ||||||
15 | with Section 18.3a of the Condominium Property Act. | ||||||
16 | (b) In no event shall a credit under this Section reduce |
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1 | the taxpayer's liability to less than zero. If the amount of | ||||||
2 | the credit exceeds the tax liability for the year, the excess | ||||||
3 | may be carried forward and applied to the tax liability of the | ||||||
4 | 5 taxable years following the excess credit year. The tax | ||||||
5 | credit shall be applied to the earliest year for which there is | ||||||
6 | a tax liability. If there are credits for more than one year | ||||||
7 | that are available to offset a liability, the earlier credit | ||||||
8 | shall be applied first. | ||||||
9 | (c) The credit authorized under this Section is exempt from | ||||||
10 | Section 250. | ||||||
11 | (d) This Section applies only in the case of a unit owners' | ||||||
12 | association created on or after the effective date of this | ||||||
13 | amendatory Act of the 96th General Assembly. | ||||||
14 | Section 10. The Condominium Property Act is amended by | ||||||
15 | adding Section 18.3a as follows: | ||||||
16 | (765 ILCS 605/18.3a new) | ||||||
17 | Sec. 18.3a. Board of managers training. Every unit owners' | ||||||
18 | association that is created on or after the effective date of | ||||||
19 | this amendatory Act of the 96th General Assembly must require | ||||||
20 | that all members of its board of managers complete a management | ||||||
21 | training seminar.
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22 | Section 99. Effective date. This Act takes effect upon | ||||||
23 | becoming law.".
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