99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB1211
 
Introduced 2/11/2015, by Sen. Linda Holmes
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 5/224 new

     Amends the Illinois Income Tax Act.  Creates an income tax credit for taxpayers who purchase a new accessible residence,
or retrofit an existing residence to improve accessibility and provide universal visitability.  Provides that the credit may not exceed $5,000 for the purchase of a new residence or for the retrofitting of an existing residence.  Provides that the total amount of tax credits granted for any fiscal year
shall not exceed $2,000,000.  Provides that the credit is exempt from the Act's automatic sunset provision.  
  


LRB099 09395 HLH 29602 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
SB1211LRB099 09395 HLH 29602 b


  
1    AN ACT concerning revenue.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Income Tax Act is amended  by adding 
5Section 224 as follows:
 
6    (35 ILCS 5/224 new)
7    Sec. 224. Residential accessibility modifications. 
8    (a)  For taxable years beginning on or after January 1, 
92016, any taxpayer who purchases a new residence
or retrofits 
10or hires someone to retrofit an existing residence, provided 
11that such new residence or the
retrofitting of such existing 
12residence is designed to improve accessibility for elderly or 
13disabled individuals and provide universal visitability, shall 
14be allowed a credit against the tax imposed under subsections 
15(a) and (b) of Section 201.  The credit
allowed under this 
16Section shall not exceed $5,000 for the purchase of a new 
17residence or for the retrofitting of an existing residence.
18    (b)  The credit shall be allowed for the taxable year in 
19which the residence has been purchased or the construction,

20retrofitting, or renovation of the residence or residential 
21structure or unit has been completed. 
22    (c)  Eligible taxpayers shall apply for the credit by making 
23application to the Department of Revenue. The Department of 
 
 
SB1211- 2 -LRB099 09395 HLH 29602 b

1Revenue shall issue a
certification for an approved application 
2to the taxpayer. The taxpayer shall attach the certification to 
3the
applicable income tax return. The total amount of tax 
4credits granted under this Section for any fiscal year
shall 
5not exceed $2,000,000. 
6    (d)  In no event shall a credit under this Section reduce 
7the taxpayer's liability to less than zero.  If the amount of 
8credit exceeds the taxpayer's income tax liability for the 
9taxable
year, then the amount that exceeds the tax liability 
10may be carried over for credit against the income taxes
of such 
11taxpayer in the next 7 taxable years or until the total amount 
12of the tax credit issued has been
taken, whichever is sooner.  
13For partners, shareholders of subchapter S corporations, and 
14owners of limited liability companies, if the liability company 
15is treated as a partnership for purposes of federal and State 
16income taxation, there shall be allowed a credit under this 
17Section to be determined in accordance with the determination 
18of income and distributive share of income under Sections 702 
19and 704 and subchapter S of the Internal Revenue Code. 
20    (e)   This Section is exempt from the provisions of Section 
21250.