96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4939


 
Introduced 1/15/2010, by Rep. Darlene J. Senger
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/219 new










    Amends the Illinois Income Tax Act.  For taxable years ending on or after December 31, 2010 and on or before December 30, 2012, provides that taxpayers are entitled to a credit in an amount equal to  1% of the purchase price of the taxpayer's principal place of residence, subject to certain conditions.  Provides that the credit may not exceed $5,000.  Effective immediately.
















LRB096 15716 HLH 30953 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4939

LRB096 15716 HLH 30953 b






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    AN ACT concerning revenue.

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


 
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    Section 5. The Illinois Income Tax Act is amended  by adding 
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Section 219 as follows:
 
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    (35 ILCS 5/219 new)
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    Sec. 219. Home purchase credit.  For each taxable year 
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ending on or after December 31, 2010 and on or before December 
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30, 2012, each taxpayer is entitled to a credit against the tax 
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imposed by subsections (a) and (b) of Section 201 of this Act 
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in an amount equal to 1% of the purchase price of the 
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taxpayer's principal place of residence if the residence (i) is 
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purchased during that taxable year, (ii) is the taxpayer's 
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principal place of residence on the last day of that taxable 
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year, and (ii) is purchased with cash or with a mortgage that 
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is not a "high risk home loan" as defined in Section 10 of the 
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High Risk Home Loan Act.  The amount of the credit may not 
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exceed $5,000.  The credit may be claimed for only one 
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residence.  In no event shall a credit under this Section reduce 
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the taxpayer's liability to less than zero.
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.