96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4729


 
Introduced 1/4/2010, by Rep. Sidney H. Mathias
 
SYNOPSIS AS INTRODUCED:
 		







  



320 ILCS 25/3.07
  from Ch. 67 1/2, par. 403.07








    Amends the Senior Citizens and Disabled Persons Property Tax Relief
and Pharmaceutical Assistance Act. Provides that, for grant years 2011 and
thereafter, "income" means federal taxable income (now, "income" means federal
adjusted gross income modified by adding thereto income received from any of a
list of sources).















LRB096 15837 HLH 31079 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4729

LRB096 15837 HLH 31079 b






1
    AN ACT concerning senior citizens and disabled persons. 

 
2
    Be it enacted by the People of the State of Illinois, 
3
represented in the General Assembly: 


 
4
    Section 5. The Senior Citizens and Disabled Persons 
5
Property Tax Relief and
Pharmaceutical Assistance Act is 
6
amended by changing
Section 3.07 as follows:



 



7
    (320 ILCS 25/3.07)  (from Ch. 67 1/2, par. 403.07)



8
    Sec. 3.07. Income. For grant years 2010 and before, 
9
"income" "Income" means adjusted gross income, properly 
10
reportable for
federal income tax purposes under the provisions 
11
of the Internal Revenue Code,
modified by adding thereto the 
12
sum of the following amounts to the extent
deducted or excluded 
13
from gross income in the computation of adjusted gross
income:


14
        (A) An amount equal to all amounts paid or accrued as 
15
    interest or
dividends during the taxable year;


16
        (B) An amount equal to the amount of tax imposed by the 
17
    Illinois Income
Tax Act paid for the taxable year;


18
        (C) An amount equal to all amounts received during the 
19
    taxable year as
an annuity under an annuity, endowment or 
20
    life insurance contract or under
any other contract or 
21
    agreement;


22
        (D) An amount equal to the amount of benefits paid 
23
    under the Federal
Social Security Act during the taxable 
 


 






HB4729
- 2 -
LRB096 15837 HLH 31079 b




1
    year;


2
        (E) An amount equal to the amount of benefits paid 
3
    under the Railroad
Retirement Act during the taxable year;


4
        (F) An amount equal to the total amount of cash public 
5
    assistance
payments received from any governmental agency 
6
    during the taxable year
other than benefits received 
7
    pursuant to this Act;


8
        (G) An amount equal to any net operating loss carryover 
9
    deduction or
capital loss carryover deduction during the 
10
    taxable year; and 


11
        (H) An amount
equal to any benefits received under the 
12
    Workers' Compensation Act or the
Workers' Occupational 
13
    Diseases Act during the
taxable year.

14
    "Income" does not include any distributions or items of 
15
income described
under subparagraph (X) of paragraph (2) of 
16
subsection (a) of Section 203 of
the Illinois Income Tax Act or 
17
any payments under Section 2201 or Section 2202 of the American 
18
Recovery and Reinvestment Act of 2009.


19
    For grant years 2011 and thereafter, "income" means taxable 
20
income, properly reportable for federal income tax purposes 
21
under the provisions of the Internal Revenue Code.

22
(Source: P.A. 96-804, eff. 1-1-10.)