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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB0236 Introduced , by Rep. Sam Yingling SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Provides that each taxpayer who purchases a qualified townhome during the taxable year is entitled to an income tax credit of $1,000. Provides that the term "qualified townhome" means a townhome that (i) is located in Lake County and (ii) qualifies as homestead property. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB0236 | | LRB099 03777 HLH 23790 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by adding |
| 5 | | Section 224 as follows:
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| 6 | | (35 ILCS 5/224 new) |
| 7 | | Sec. 224. Lake County townhome credit. |
| 8 | | (a) For taxable years beginning on or after January 1, |
| 9 | | 2015, each taxpayer who purchases a qualified townhome during |
| 10 | | the taxable year is entitled to a $1,000 credit against the tax |
| 11 | | imposed by subsections (a) and (b) of Section 201 of this Act. |
| 12 | | In no event shall a credit under this Section reduce the |
| 13 | | taxpayer's liability to less than zero. If the amount of the |
| 14 | | credit exceeds the taxpayer's income tax liability for the |
| 15 | | applicable tax year, then the excess credit shall be refunded |
| 16 | | to the taxpayer. |
| 17 | | (b) For the purposes of this Section, "qualified townhome" |
| 18 | | means a townhome that (i) is located in Lake County and (ii) |
| 19 | | qualifies as homestead property, as defined in subsection (f) |
| 20 | | of Section 15-175 of the Property Tax Code. |
| 21 | | (c) This Section is exempt from the provisions of Section |
| 22 | | 250.
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