96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4137

 

Introduced 2/27/2009, by Rep. Shane Cultra

 

SYNOPSIS AS INTRODUCED:
 
See Index

    Amends the State Finance Act, the Illinois Income Tax Act, and the Property Tax Code. In the Property Tax Code, creates the standard homestead exemption in an amount equal to $100,000 and repeals Sections concerning various other homestead exemptions. In the Illinois Income Tax Act, increases the rate of tax on individuals and on trusts and estates from 3% to a rate determined by the Department by rule, and requires that the additional revenue generated from the increased rate must be deposited into the Homestead Property Tax Replacement Fund. Creates that Fund in the State Finance Act and requires that, from the moneys in that Fund, the Department of Revenue must make grants to taxing districts in the State in the amount of any decreased property tax revenue due to the implementation of the standard homestead exemption. Amends the State Mandates Act to require implementation without reimbursement. Makes various corresponding changes. Effective immediately, except that certain provisions concerning the repeal of homestead exemptions take effect January 1, 2010.


LRB096 11714 HLH 22430 b

CORRECTIONAL BUDGET AND IMPACT NOTE ACT MAY APPLY
FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
MAY APPLY

 

 

A BILL FOR

 

HB4137 LRB096 11714 HLH 22430 b

1     AN ACT concerning revenue.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 3. The State Mandates Act is amended by changing
5 Section 8.28 as follows:
 
6     (30 ILCS 805/8.28)
7     Sec. 8.28. Exempt mandate.
8     (a) Notwithstanding Sections 6 and 8 of this Act, no
9 reimbursement by the State is required for the implementation
10 of any mandate created by Public Act 93-654, 93-677, 93-679,
11 93-689, 93-734, 93-753, 93-910, 93-917, 93-1036, 93-1038,
12 93-1079, or 93-1090.
13     (b) Notwithstanding Sections 6 and 8 of this Act, no
14 reimbursement by the State is required for the implementation
15 of any mandate created by the standard homestead exemption
16 under Section 15-167 of the Property Tax Code, the Senior
17 Citizens Assessment Freeze Homestead Exemption under Section
18 15-172 of the Property Tax Code, the General Homestead
19 Exemption under Section 15-175 of the Property Tax Code, the
20 alternative General Homestead Exemption under Section 15-176
21 of the Property Tax Code, the Homestead Improvements Exemption
22 under Section 15-180 of the Property Tax Code, and by Public
23 Act 93-715.

 

 

HB4137 - 2 - LRB096 11714 HLH 22430 b

1 (Source: P.A. 95-331, eff. 8-21-07.)
 
2     Section 5. The State Finance Act is amended by adding
3 Sections 5.719 and 6z-80 as follows:
 
4     (30 ILCS 105/5.719 new)
5     Sec. 5.719. The Homestead Property Tax Replacement Fund.
 
6     (30 ILCS 105/6z-80 new)
7     Sec. 6z-80. The Homestead Property Tax Replacement Fund.
8     (a) The Homestead Property Tax Replacement Fund is created
9 as a special fund in the State treasury. From appropriations to
10 the Department of Revenue from the Fund, the Department shall
11 make grants of the amounts certified under subsection (b) of
12 this Section to taxing districts in the State for the purpose
13 of reimbursing the taxing districts for revenue lost due to the
14 implementation of the standard homestead exemption under
15 Section 15-167 of the Property Tax Code.
16     (b) No later than February 25th of each year beginning in
17 2011, for each taxing district in the State, the Department of
18 Revenue shall certify an amount that is the difference between
19 (i) the amount of property taxes levied by the district in the
20 previous taxable year and (ii) the amount that the district
21 would have levied if not for the implementation of the standard
22 homestead exemption under Section 15-167 of the Property Tax
23 Code and the repeal of the homestead exemptions under Section

 

 

HB4137 - 3 - LRB096 11714 HLH 22430 b

1 20 of this amendatory Act of the 96th General Assembly.
2     (c) Moneys received for the purposes of this Section,
3 including the deposit of income tax proceeds under subsection
4 (f) of Section 901 of the Illinois Income Tax Act and all other
5 gifts, grants, and awards from any public or private entity,
6 must be deposited into the Fund. Any interest earnings that are
7 attributable to moneys in the Fund must be deposited into the
8 Fund.
9     
 
10     Section 10. The Illinois Income Tax Act is amended by
11 changing Sections 201 and 901 and by adding Section 202.5 as
12 follows:
 
13     (35 ILCS 5/201)  (from Ch. 120, par. 2-201)
14     Sec. 201. Tax Imposed.
15     (a) In general. A tax measured by net income is hereby
16 imposed on every individual, corporation, trust and estate for
17 each taxable year ending after July 31, 1969 on the privilege
18 of earning or receiving income in or as a resident of this
19 State. Such tax shall be in addition to all other occupation or
20 privilege taxes imposed by this State or by any municipal
21 corporation or political subdivision thereof.
22     (b) Rates. The tax imposed by subsection (a) of this
23 Section shall be determined as follows, except as adjusted by
24 subsection (d-1):

 

 

HB4137 - 4 - LRB096 11714 HLH 22430 b

1         (1) In the case of an individual, trust or estate, for
2     taxable years ending prior to July 1, 1989, an amount equal
3     to 2 1/2% of the taxpayer's net income for the taxable
4     year.
5         (2) In the case of an individual, trust or estate, for
6     taxable years beginning prior to July 1, 1989 and ending
7     after June 30, 1989, an amount equal to the sum of (i) 2
8     1/2% of the taxpayer's net income for the period prior to
9     July 1, 1989, as calculated under Section 202.3, and (ii)
10     3% of the taxpayer's net income for the period after June
11     30, 1989, as calculated under Section 202.3.
12         (3) In the case of an individual, trust or estate, for
13     taxable years beginning after June 30, 1989 and ending on
14     or before December 31, 2009, an amount equal to 3% of the
15     taxpayer's net income for the taxable year.
16         (4) In the case of an individual, trust, or estate, for
17     taxable years beginning prior to January 1, 2010 and ending
18     after December 31, 2009, an amount equal to the sum of (i)
19     3% of the taxpayer's net income for the period prior to
20     January 1, 2010, as calculated under Section 202.5, and
21     (ii) the taxpayer's net income for the period after
22     December 31, 2009 multiplied by the rate determined by the
23     Department under item (5) of this subsection, as calculated
24     under Section 202.5 (Blank).
25         (5) In the case of an individual, trust or estate, for
26     taxable years beginning after December 31, 2009, the tax

 

 

HB4137 - 5 - LRB096 11714 HLH 22430 b

1     shall be imposed at rate determined annually by the
2     Department by rule that is sufficient to provide for
3     deposits into the Homestead Property Tax Replacement Fund,
4     as required under Section 901 of this Act, in an amount
5     equal to the amount certified under subsection (b) of
6     Section 6z-80 of the State Finance Act for that taxable
7     year. The rate shall not be less than 3%. (Blank).
8         (6) In the case of a corporation, for taxable years
9     ending prior to July 1, 1989, an amount equal to 4% of the
10     taxpayer's net income for the taxable year.
11         (7) In the case of a corporation, for taxable years
12     beginning prior to July 1, 1989 and ending after June 30,
13     1989, an amount equal to the sum of (i) 4% of the
14     taxpayer's net income for the period prior to July 1, 1989,
15     as calculated under Section 202.3, and (ii) 4.8% of the
16     taxpayer's net income for the period after June 30, 1989,
17     as calculated under Section 202.3.
18         (8) In the case of a corporation, for taxable years
19     beginning after June 30, 1989, an amount equal to 4.8% of
20     the taxpayer's net income for the taxable year.
21     (c) Personal Property Tax Replacement Income Tax.
22 Beginning on July 1, 1979 and thereafter, in addition to such
23 income tax, there is also hereby imposed the Personal Property
24 Tax Replacement Income Tax measured by net income on every
25 corporation (including Subchapter S corporations), partnership
26 and trust, for each taxable year ending after June 30, 1979.

 

 

HB4137 - 6 - LRB096 11714 HLH 22430 b

1 Such taxes are imposed on the privilege of earning or receiving
2 income in or as a resident of this State. The Personal Property
3 Tax Replacement Income Tax shall be in addition to the income
4 tax imposed by subsections (a) and (b) of this Section and in
5 addition to all other occupation or privilege taxes imposed by
6 this State or by any municipal corporation or political
7 subdivision thereof.
8     (d) Additional Personal Property Tax Replacement Income
9 Tax Rates. The personal property tax replacement income tax
10 imposed by this subsection and subsection (c) of this Section
11 in the case of a corporation, other than a Subchapter S
12 corporation and except as adjusted by subsection (d-1), shall
13 be an additional amount equal to 2.85% of such taxpayer's net
14 income for the taxable year, except that beginning on January
15 1, 1981, and thereafter, the rate of 2.85% specified in this
16 subsection shall be reduced to 2.5%, and in the case of a
17 partnership, trust or a Subchapter S corporation shall be an
18 additional amount equal to 1.5% of such taxpayer's net income
19 for the taxable year.
20     (d-1) Rate reduction for certain foreign insurers. In the
21 case of a foreign insurer, as defined by Section 35A-5 of the
22 Illinois Insurance Code, whose state or country of domicile
23 imposes on insurers domiciled in Illinois a retaliatory tax
24 (excluding any insurer whose premiums from reinsurance assumed
25 are 50% or more of its total insurance premiums as determined
26 under paragraph (2) of subsection (b) of Section 304, except

 

 

HB4137 - 7 - LRB096 11714 HLH 22430 b

1 that for purposes of this determination premiums from
2 reinsurance do not include premiums from inter-affiliate
3 reinsurance arrangements), beginning with taxable years ending
4 on or after December 31, 1999, the sum of the rates of tax
5 imposed by subsections (b) and (d) shall be reduced (but not
6 increased) to the rate at which the total amount of tax imposed
7 under this Act, net of all credits allowed under this Act,
8 shall equal (i) the total amount of tax that would be imposed
9 on the foreign insurer's net income allocable to Illinois for
10 the taxable year by such foreign insurer's state or country of
11 domicile if that net income were subject to all income taxes
12 and taxes measured by net income imposed by such foreign
13 insurer's state or country of domicile, net of all credits
14 allowed or (ii) a rate of zero if no such tax is imposed on such
15 income by the foreign insurer's state of domicile. For the
16 purposes of this subsection (d-1), an inter-affiliate includes
17 a mutual insurer under common management.
18         (1) For the purposes of subsection (d-1), in no event
19     shall the sum of the rates of tax imposed by subsections
20     (b) and (d) be reduced below the rate at which the sum of:
21             (A) the total amount of tax imposed on such foreign
22         insurer under this Act for a taxable year, net of all
23         credits allowed under this Act, plus
24             (B) the privilege tax imposed by Section 409 of the
25         Illinois Insurance Code, the fire insurance company
26         tax imposed by Section 12 of the Fire Investigation

 

 

HB4137 - 8 - LRB096 11714 HLH 22430 b

1         Act, and the fire department taxes imposed under
2         Section 11-10-1 of the Illinois Municipal Code,
3     equals 1.25% for taxable years ending prior to December 31,
4     2003, or 1.75% for taxable years ending on or after
5     December 31, 2003, of the net taxable premiums written for
6     the taxable year, as described by subsection (1) of Section
7     409 of the Illinois Insurance Code. This paragraph will in
8     no event increase the rates imposed under subsections (b)
9     and (d).
10         (2) Any reduction in the rates of tax imposed by this
11     subsection shall be applied first against the rates imposed
12     by subsection (b) and only after the tax imposed by
13     subsection (a) net of all credits allowed under this
14     Section other than the credit allowed under subsection (i)
15     has been reduced to zero, against the rates imposed by
16     subsection (d).
17     This subsection (d-1) is exempt from the provisions of
18 Section 250.
19     (e) Investment credit. A taxpayer shall be allowed a credit
20 against the Personal Property Tax Replacement Income Tax for
21 investment in qualified property.
22         (1) A taxpayer shall be allowed a credit equal to .5%
23     of the basis of qualified property placed in service during
24     the taxable year, provided such property is placed in
25     service on or after July 1, 1984. There shall be allowed an
26     additional credit equal to .5% of the basis of qualified

 

 

HB4137 - 9 - LRB096 11714 HLH 22430 b

1     property placed in service during the taxable year,
2     provided such property is placed in service on or after
3     July 1, 1986, and the taxpayer's base employment within
4     Illinois has increased by 1% or more over the preceding
5     year as determined by the taxpayer's employment records
6     filed with the Illinois Department of Employment Security.
7     Taxpayers who are new to Illinois shall be deemed to have
8     met the 1% growth in base employment for the first year in
9     which they file employment records with the Illinois
10     Department of Employment Security. The provisions added to
11     this Section by Public Act 85-1200 (and restored by Public
12     Act 87-895) shall be construed as declaratory of existing
13     law and not as a new enactment. If, in any year, the
14     increase in base employment within Illinois over the
15     preceding year is less than 1%, the additional credit shall
16     be limited to that percentage times a fraction, the
17     numerator of which is .5% and the denominator of which is
18     1%, but shall not exceed .5%. The investment credit shall
19     not be allowed to the extent that it would reduce a
20     taxpayer's liability in any tax year below zero, nor may
21     any credit for qualified property be allowed for any year
22     other than the year in which the property was placed in
23     service in Illinois. For tax years ending on or after
24     December 31, 1987, and on or before December 31, 1988, the
25     credit shall be allowed for the tax year in which the
26     property is placed in service, or, if the amount of the

 

 

HB4137 - 10 - LRB096 11714 HLH 22430 b

1     credit exceeds the tax liability for that year, whether it
2     exceeds the original liability or the liability as later
3     amended, such excess may be carried forward and applied to
4     the tax liability of the 5 taxable years following the
5     excess credit years if the taxpayer (i) makes investments
6     which cause the creation of a minimum of 2,000 full-time
7     equivalent jobs in Illinois, (ii) is located in an
8     enterprise zone established pursuant to the Illinois
9     Enterprise Zone Act and (iii) is certified by the
10     Department of Commerce and Community Affairs (now
11     Department of Commerce and Economic Opportunity) as
12     complying with the requirements specified in clause (i) and
13     (ii) by July 1, 1986. The Department of Commerce and
14     Community Affairs (now Department of Commerce and Economic
15     Opportunity) shall notify the Department of Revenue of all
16     such certifications immediately. For tax years ending
17     after December 31, 1988, the credit shall be allowed for
18     the tax year in which the property is placed in service,
19     or, if the amount of the credit exceeds the tax liability
20     for that year, whether it exceeds the original liability or
21     the liability as later amended, such excess may be carried
22     forward and applied to the tax liability of the 5 taxable
23     years following the excess credit years. The credit shall
24     be applied to the earliest year for which there is a
25     liability. If there is credit from more than one tax year
26     that is available to offset a liability, earlier credit

 

 

HB4137 - 11 - LRB096 11714 HLH 22430 b

1     shall be applied first.
2         (2) The term "qualified property" means property
3     which:
4             (A) is tangible, whether new or used, including
5         buildings and structural components of buildings and
6         signs that are real property, but not including land or
7         improvements to real property that are not a structural
8         component of a building such as landscaping, sewer
9         lines, local access roads, fencing, parking lots, and
10         other appurtenances;
11             (B) is depreciable pursuant to Section 167 of the
12         Internal Revenue Code, except that "3-year property"
13         as defined in Section 168(c)(2)(A) of that Code is not
14         eligible for the credit provided by this subsection
15         (e);
16             (C) is acquired by purchase as defined in Section
17         179(d) of the Internal Revenue Code;
18             (D) is used in Illinois by a taxpayer who is
19         primarily engaged in manufacturing, or in mining coal
20         or fluorite, or in retailing, or was placed in service
21         on or after July 1, 2006 in a River Edge Redevelopment
22         Zone established pursuant to the River Edge
23         Redevelopment Zone Act; and
24             (E) has not previously been used in Illinois in
25         such a manner and by such a person as would qualify for
26         the credit provided by this subsection (e) or

 

 

HB4137 - 12 - LRB096 11714 HLH 22430 b

1         subsection (f).
2         (3) For purposes of this subsection (e),
3     "manufacturing" means the material staging and production
4     of tangible personal property by procedures commonly
5     regarded as manufacturing, processing, fabrication, or
6     assembling which changes some existing material into new
7     shapes, new qualities, or new combinations. For purposes of
8     this subsection (e) the term "mining" shall have the same
9     meaning as the term "mining" in Section 613(c) of the
10     Internal Revenue Code. For purposes of this subsection (e),
11     the term "retailing" means the sale of tangible personal
12     property or services rendered in conjunction with the sale
13     of tangible consumer goods or commodities.
14         (4) The basis of qualified property shall be the basis
15     used to compute the depreciation deduction for federal
16     income tax purposes.
17         (5) If the basis of the property for federal income tax
18     depreciation purposes is increased after it has been placed
19     in service in Illinois by the taxpayer, the amount of such
20     increase shall be deemed property placed in service on the
21     date of such increase in basis.
22         (6) The term "placed in service" shall have the same
23     meaning as under Section 46 of the Internal Revenue Code.
24         (7) If during any taxable year, any property ceases to
25     be qualified property in the hands of the taxpayer within
26     48 months after being placed in service, or the situs of

 

 

HB4137 - 13 - LRB096 11714 HLH 22430 b

1     any qualified property is moved outside Illinois within 48
2     months after being placed in service, the Personal Property
3     Tax Replacement Income Tax for such taxable year shall be
4     increased. Such increase shall be determined by (i)
5     recomputing the investment credit which would have been
6     allowed for the year in which credit for such property was
7     originally allowed by eliminating such property from such
8     computation and, (ii) subtracting such recomputed credit
9     from the amount of credit previously allowed. For the
10     purposes of this paragraph (7), a reduction of the basis of
11     qualified property resulting from a redetermination of the
12     purchase price shall be deemed a disposition of qualified
13     property to the extent of such reduction.
14         (8) Unless the investment credit is extended by law,
15     the basis of qualified property shall not include costs
16     incurred after December 31, 2008, except for costs incurred
17     pursuant to a binding contract entered into on or before
18     December 31, 2008.
19         (9) Each taxable year ending before December 31, 2000,
20     a partnership may elect to pass through to its partners the
21     credits to which the partnership is entitled under this
22     subsection (e) for the taxable year. A partner may use the
23     credit allocated to him or her under this paragraph only
24     against the tax imposed in subsections (c) and (d) of this
25     Section. If the partnership makes that election, those
26     credits shall be allocated among the partners in the

 

 

HB4137 - 14 - LRB096 11714 HLH 22430 b

1     partnership in accordance with the rules set forth in
2     Section 704(b) of the Internal Revenue Code, and the rules
3     promulgated under that Section, and the allocated amount of
4     the credits shall be allowed to the partners for that
5     taxable year. The partnership shall make this election on
6     its Personal Property Tax Replacement Income Tax return for
7     that taxable year. The election to pass through the credits
8     shall be irrevocable.
9         For taxable years ending on or after December 31, 2000,
10     a partner that qualifies its partnership for a subtraction
11     under subparagraph (I) of paragraph (2) of subsection (d)
12     of Section 203 or a shareholder that qualifies a Subchapter
13     S corporation for a subtraction under subparagraph (S) of
14     paragraph (2) of subsection (b) of Section 203 shall be
15     allowed a credit under this subsection (e) equal to its
16     share of the credit earned under this subsection (e) during
17     the taxable year by the partnership or Subchapter S
18     corporation, determined in accordance with the
19     determination of income and distributive share of income
20     under Sections 702 and 704 and Subchapter S of the Internal
21     Revenue Code. This paragraph is exempt from the provisions
22     of Section 250.
23     (f) Investment credit; Enterprise Zone; River Edge
24 Redevelopment Zone.
25         (1) A taxpayer shall be allowed a credit against the
26     tax imposed by subsections (a) and (b) of this Section for

 

 

HB4137 - 15 - LRB096 11714 HLH 22430 b

1     investment in qualified property which is placed in service
2     in an Enterprise Zone created pursuant to the Illinois
3     Enterprise Zone Act or, for property placed in service on
4     or after July 1, 2006, a River Edge Redevelopment Zone
5     established pursuant to the River Edge Redevelopment Zone
6     Act. For partners, shareholders of Subchapter S
7     corporations, and owners of limited liability companies,
8     if the liability company is treated as a partnership for
9     purposes of federal and State income taxation, there shall
10     be allowed a credit under this subsection (f) to be
11     determined in accordance with the determination of income
12     and distributive share of income under Sections 702 and 704
13     and Subchapter S of the Internal Revenue Code. The credit
14     shall be .5% of the basis for such property. The credit
15     shall be available only in the taxable year in which the
16     property is placed in service in the Enterprise Zone or
17     River Edge Redevelopment Zone and shall not be allowed to
18     the extent that it would reduce a taxpayer's liability for
19     the tax imposed by subsections (a) and (b) of this Section
20     to below zero. For tax years ending on or after December
21     31, 1985, the credit shall be allowed for the tax year in
22     which the property is placed in service, or, if the amount
23     of the credit exceeds the tax liability for that year,
24     whether it exceeds the original liability or the liability
25     as later amended, such excess may be carried forward and
26     applied to the tax liability of the 5 taxable years

 

 

HB4137 - 16 - LRB096 11714 HLH 22430 b

1     following the excess credit year. The credit shall be
2     applied to the earliest year for which there is a
3     liability. If there is credit from more than one tax year
4     that is available to offset a liability, the credit
5     accruing first in time shall be applied first.
6         (2) The term qualified property means property which:
7             (A) is tangible, whether new or used, including
8         buildings and structural components of buildings;
9             (B) is depreciable pursuant to Section 167 of the
10         Internal Revenue Code, except that "3-year property"
11         as defined in Section 168(c)(2)(A) of that Code is not
12         eligible for the credit provided by this subsection
13         (f);
14             (C) is acquired by purchase as defined in Section
15         179(d) of the Internal Revenue Code;
16             (D) is used in the Enterprise Zone or River Edge
17         Redevelopment Zone by the taxpayer; and
18             (E) has not been previously used in Illinois in
19         such a manner and by such a person as would qualify for
20         the credit provided by this subsection (f) or
21         subsection (e).
22         (3) The basis of qualified property shall be the basis
23     used to compute the depreciation deduction for federal
24     income tax purposes.
25         (4) If the basis of the property for federal income tax
26     depreciation purposes is increased after it has been placed

 

 

HB4137 - 17 - LRB096 11714 HLH 22430 b

1     in service in the Enterprise Zone or River Edge
2     Redevelopment Zone by the taxpayer, the amount of such
3     increase shall be deemed property placed in service on the
4     date of such increase in basis.
5         (5) The term "placed in service" shall have the same
6     meaning as under Section 46 of the Internal Revenue Code.
7         (6) If during any taxable year, any property ceases to
8     be qualified property in the hands of the taxpayer within
9     48 months after being placed in service, or the situs of
10     any qualified property is moved outside the Enterprise Zone
11     or River Edge Redevelopment Zone within 48 months after
12     being placed in service, the tax imposed under subsections
13     (a) and (b) of this Section for such taxable year shall be
14     increased. Such increase shall be determined by (i)
15     recomputing the investment credit which would have been
16     allowed for the year in which credit for such property was
17     originally allowed by eliminating such property from such
18     computation, and (ii) subtracting such recomputed credit
19     from the amount of credit previously allowed. For the
20     purposes of this paragraph (6), a reduction of the basis of
21     qualified property resulting from a redetermination of the
22     purchase price shall be deemed a disposition of qualified
23     property to the extent of such reduction.
24         (7) There shall be allowed an additional credit equal
25     to 0.5% of the basis of qualified property placed in
26     service during the taxable year in a River Edge

 

 

HB4137 - 18 - LRB096 11714 HLH 22430 b

1     Redevelopment Zone, provided such property is placed in
2     service on or after July 1, 2006, and the taxpayer's base
3     employment within Illinois has increased by 1% or more over
4     the preceding year as determined by the taxpayer's
5     employment records filed with the Illinois Department of
6     Employment Security. Taxpayers who are new to Illinois
7     shall be deemed to have met the 1% growth in base
8     employment for the first year in which they file employment
9     records with the Illinois Department of Employment
10     Security. If, in any year, the increase in base employment
11     within Illinois over the preceding year is less than 1%,
12     the additional credit shall be limited to that percentage
13     times a fraction, the numerator of which is 0.5% and the
14     denominator of which is 1%, but shall not exceed 0.5%.
15     (g) Jobs Tax Credit; Enterprise Zone, River Edge
16 Redevelopment Zone, and Foreign Trade Zone or Sub-Zone.
17         (1) A taxpayer conducting a trade or business in an
18     enterprise zone or a High Impact Business designated by the
19     Department of Commerce and Economic Opportunity or for
20     taxable years ending on or after December 31, 2006, in a
21     River Edge Redevelopment Zone conducting a trade or
22     business in a federally designated Foreign Trade Zone or
23     Sub-Zone shall be allowed a credit against the tax imposed
24     by subsections (a) and (b) of this Section in the amount of
25     $500 per eligible employee hired to work in the zone during
26     the taxable year.

 

 

HB4137 - 19 - LRB096 11714 HLH 22430 b

1         (2) To qualify for the credit:
2             (A) the taxpayer must hire 5 or more eligible
3         employees to work in an enterprise zone, River Edge
4         Redevelopment Zone, or federally designated Foreign
5         Trade Zone or Sub-Zone during the taxable year;
6             (B) the taxpayer's total employment within the
7         enterprise zone, River Edge Redevelopment Zone, or
8         federally designated Foreign Trade Zone or Sub-Zone
9         must increase by 5 or more full-time employees beyond
10         the total employed in that zone at the end of the
11         previous tax year for which a jobs tax credit under
12         this Section was taken, or beyond the total employed by
13         the taxpayer as of December 31, 1985, whichever is
14         later; and
15             (C) the eligible employees must be employed 180
16         consecutive days in order to be deemed hired for
17         purposes of this subsection.
18         (3) An "eligible employee" means an employee who is:
19             (A) Certified by the Department of Commerce and
20         Economic Opportunity as "eligible for services"
21         pursuant to regulations promulgated in accordance with
22         Title II of the Job Training Partnership Act, Training
23         Services for the Disadvantaged or Title III of the Job
24         Training Partnership Act, Employment and Training
25         Assistance for Dislocated Workers Program.
26             (B) Hired after the enterprise zone, River Edge

 

 

HB4137 - 20 - LRB096 11714 HLH 22430 b

1         Redevelopment Zone, or federally designated Foreign
2         Trade Zone or Sub-Zone was designated or the trade or
3         business was located in that zone, whichever is later.
4             (C) Employed in the enterprise zone, River Edge
5         Redevelopment Zone, or Foreign Trade Zone or Sub-Zone.
6         An employee is employed in an enterprise zone or
7         federally designated Foreign Trade Zone or Sub-Zone if
8         his services are rendered there or it is the base of
9         operations for the services performed.
10             (D) A full-time employee working 30 or more hours
11         per week.
12         (4) For tax years ending on or after December 31, 1985
13     and prior to December 31, 1988, the credit shall be allowed
14     for the tax year in which the eligible employees are hired.
15     For tax years ending on or after December 31, 1988, the
16     credit shall be allowed for the tax year immediately
17     following the tax year in which the eligible employees are
18     hired. If the amount of the credit exceeds the tax
19     liability for that year, whether it exceeds the original
20     liability or the liability as later amended, such excess
21     may be carried forward and applied to the tax liability of
22     the 5 taxable years following the excess credit year. The
23     credit shall be applied to the earliest year for which
24     there is a liability. If there is credit from more than one
25     tax year that is available to offset a liability, earlier
26     credit shall be applied first.

 

 

HB4137 - 21 - LRB096 11714 HLH 22430 b

1         (5) The Department of Revenue shall promulgate such
2     rules and regulations as may be deemed necessary to carry
3     out the purposes of this subsection (g).
4         (6) The credit shall be available for eligible
5     employees hired on or after January 1, 1986.
6     (h) Investment credit; High Impact Business.
7         (1) Subject to subsections (b) and (b-5) of Section 5.5
8     of the Illinois Enterprise Zone Act, a taxpayer shall be
9     allowed a credit against the tax imposed by subsections (a)
10     and (b) of this Section for investment in qualified
11     property which is placed in service by a Department of
12     Commerce and Economic Opportunity designated High Impact
13     Business. The credit shall be .5% of the basis for such
14     property. The credit shall not be available (i) until the
15     minimum investments in qualified property set forth in
16     subdivision (a)(3)(A) of Section 5.5 of the Illinois
17     Enterprise Zone Act have been satisfied or (ii) until the
18     time authorized in subsection (b-5) of the Illinois
19     Enterprise Zone Act for entities designated as High Impact
20     Businesses under subdivisions (a)(3)(B), (a)(3)(C), and
21     (a)(3)(D) of Section 5.5 of the Illinois Enterprise Zone
22     Act, and shall not be allowed to the extent that it would
23     reduce a taxpayer's liability for the tax imposed by
24     subsections (a) and (b) of this Section to below zero. The
25     credit applicable to such investments shall be taken in the
26     taxable year in which such investments have been completed.

 

 

HB4137 - 22 - LRB096 11714 HLH 22430 b

1     The credit for additional investments beyond the minimum
2     investment by a designated high impact business authorized
3     under subdivision (a)(3)(A) of Section 5.5 of the Illinois
4     Enterprise Zone Act shall be available only in the taxable
5     year in which the property is placed in service and shall
6     not be allowed to the extent that it would reduce a
7     taxpayer's liability for the tax imposed by subsections (a)
8     and (b) of this Section to below zero. For tax years ending
9     on or after December 31, 1987, the credit shall be allowed
10     for the tax year in which the property is placed in
11     service, or, if the amount of the credit exceeds the tax
12     liability for that year, whether it exceeds the original
13     liability or the liability as later amended, such excess
14     may be carried forward and applied to the tax liability of
15     the 5 taxable years following the excess credit year. The
16     credit shall be applied to the earliest year for which
17     there is a liability. If there is credit from more than one
18     tax year that is available to offset a liability, the
19     credit accruing first in time shall be applied first.
20         Changes made in this subdivision (h)(1) by Public Act
21     88-670 restore changes made by Public Act 85-1182 and
22     reflect existing law.
23         (2) The term qualified property means property which:
24             (A) is tangible, whether new or used, including
25         buildings and structural components of buildings;
26             (B) is depreciable pursuant to Section 167 of the

 

 

HB4137 - 23 - LRB096 11714 HLH 22430 b

1         Internal Revenue Code, except that "3-year property"
2         as defined in Section 168(c)(2)(A) of that Code is not
3         eligible for the credit provided by this subsection
4         (h);
5             (C) is acquired by purchase as defined in Section
6         179(d) of the Internal Revenue Code; and
7             (D) is not eligible for the Enterprise Zone
8         Investment Credit provided by subsection (f) of this
9         Section.
10         (3) The basis of qualified property shall be the basis
11     used to compute the depreciation deduction for federal
12     income tax purposes.
13         (4) If the basis of the property for federal income tax
14     depreciation purposes is increased after it has been placed
15     in service in a federally designated Foreign Trade Zone or
16     Sub-Zone located in Illinois by the taxpayer, the amount of
17     such increase shall be deemed property placed in service on
18     the date of such increase in basis.
19         (5) The term "placed in service" shall have the same
20     meaning as under Section 46 of the Internal Revenue Code.
21         (6) If during any taxable year ending on or before
22     December 31, 1996, any property ceases to be qualified
23     property in the hands of the taxpayer within 48 months
24     after being placed in service, or the situs of any
25     qualified property is moved outside Illinois within 48
26     months after being placed in service, the tax imposed under

 

 

HB4137 - 24 - LRB096 11714 HLH 22430 b

1     subsections (a) and (b) of this Section for such taxable
2     year shall be increased. Such increase shall be determined
3     by (i) recomputing the investment credit which would have
4     been allowed for the year in which credit for such property
5     was originally allowed by eliminating such property from
6     such computation, and (ii) subtracting such recomputed
7     credit from the amount of credit previously allowed. For
8     the purposes of this paragraph (6), a reduction of the
9     basis of qualified property resulting from a
10     redetermination of the purchase price shall be deemed a
11     disposition of qualified property to the extent of such
12     reduction.
13         (7) Beginning with tax years ending after December 31,
14     1996, if a taxpayer qualifies for the credit under this
15     subsection (h) and thereby is granted a tax abatement and
16     the taxpayer relocates its entire facility in violation of
17     the explicit terms and length of the contract under Section
18     18-183 of the Property Tax Code, the tax imposed under
19     subsections (a) and (b) of this Section shall be increased
20     for the taxable year in which the taxpayer relocated its
21     facility by an amount equal to the amount of credit
22     received by the taxpayer under this subsection (h).
23     (i) Credit for Personal Property Tax Replacement Income
24 Tax. For tax years ending prior to December 31, 2003, a credit
25 shall be allowed against the tax imposed by subsections (a) and
26 (b) of this Section for the tax imposed by subsections (c) and

 

 

HB4137 - 25 - LRB096 11714 HLH 22430 b

1 (d) of this Section. This credit shall be computed by
2 multiplying the tax imposed by subsections (c) and (d) of this
3 Section by a fraction, the numerator of which is base income
4 allocable to Illinois and the denominator of which is Illinois
5 base income, and further multiplying the product by the tax
6 rate imposed by subsections (a) and (b) of this Section.
7     Any credit earned on or after December 31, 1986 under this
8 subsection which is unused in the year the credit is computed
9 because it exceeds the tax liability imposed by subsections (a)
10 and (b) for that year (whether it exceeds the original
11 liability or the liability as later amended) may be carried
12 forward and applied to the tax liability imposed by subsections
13 (a) and (b) of the 5 taxable years following the excess credit
14 year, provided that no credit may be carried forward to any
15 year ending on or after December 31, 2003. This credit shall be
16 applied first to the earliest year for which there is a
17 liability. If there is a credit under this subsection from more
18 than one tax year that is available to offset a liability the
19 earliest credit arising under this subsection shall be applied
20 first.
21     If, during any taxable year ending on or after December 31,
22 1986, the tax imposed by subsections (c) and (d) of this
23 Section for which a taxpayer has claimed a credit under this
24 subsection (i) is reduced, the amount of credit for such tax
25 shall also be reduced. Such reduction shall be determined by
26 recomputing the credit to take into account the reduced tax

 

 

HB4137 - 26 - LRB096 11714 HLH 22430 b

1 imposed by subsections (c) and (d). If any portion of the
2 reduced amount of credit has been carried to a different
3 taxable year, an amended return shall be filed for such taxable
4 year to reduce the amount of credit claimed.
5     (j) Training expense credit. Beginning with tax years
6 ending on or after December 31, 1986 and prior to December 31,
7 2003, a taxpayer shall be allowed a credit against the tax
8 imposed by subsections (a) and (b) under this Section for all
9 amounts paid or accrued, on behalf of all persons employed by
10 the taxpayer in Illinois or Illinois residents employed outside
11 of Illinois by a taxpayer, for educational or vocational
12 training in semi-technical or technical fields or semi-skilled
13 or skilled fields, which were deducted from gross income in the
14 computation of taxable income. The credit against the tax
15 imposed by subsections (a) and (b) shall be 1.6% of such
16 training expenses. For partners, shareholders of subchapter S
17 corporations, and owners of limited liability companies, if the
18 liability company is treated as a partnership for purposes of
19 federal and State income taxation, there shall be allowed a
20 credit under this subsection (j) to be determined in accordance
21 with the determination of income and distributive share of
22 income under Sections 702 and 704 and subchapter S of the
23 Internal Revenue Code.
24     Any credit allowed under this subsection which is unused in
25 the year the credit is earned may be carried forward to each of
26 the 5 taxable years following the year for which the credit is

 

 

HB4137 - 27 - LRB096 11714 HLH 22430 b

1 first computed until it is used. This credit shall be applied
2 first to the earliest year for which there is a liability. If
3 there is a credit under this subsection from more than one tax
4 year that is available to offset a liability the earliest
5 credit arising under this subsection shall be applied first. No
6 carryforward credit may be claimed in any tax year ending on or
7 after December 31, 2003.
8     (k) Research and development credit.
9     For tax years ending after July 1, 1990 and prior to
10 December 31, 2003, and beginning again for tax years ending on
11 or after December 31, 2004, a taxpayer shall be allowed a
12 credit against the tax imposed by subsections (a) and (b) of
13 this Section for increasing research activities in this State.
14 The credit allowed against the tax imposed by subsections (a)
15 and (b) shall be equal to 6 1/2% of the qualifying expenditures
16 for increasing research activities in this State. For partners,
17 shareholders of subchapter S corporations, and owners of
18 limited liability companies, if the liability company is
19 treated as a partnership for purposes of federal and State
20 income taxation, there shall be allowed a credit under this
21 subsection to be determined in accordance with the
22 determination of income and distributive share of income under
23 Sections 702 and 704 and subchapter S of the Internal Revenue
24 Code.
25     For purposes of this subsection, "qualifying expenditures"
26 means the qualifying expenditures as defined for the federal

 

 

HB4137 - 28 - LRB096 11714 HLH 22430 b

1 credit for increasing research activities which would be
2 allowable under Section 41 of the Internal Revenue Code and
3 which are conducted in this State, "qualifying expenditures for
4 increasing research activities in this State" means the excess
5 of qualifying expenditures for the taxable year in which
6 incurred over qualifying expenditures for the base period,
7 "qualifying expenditures for the base period" means the average
8 of the qualifying expenditures for each year in the base
9 period, and "base period" means the 3 taxable years immediately
10 preceding the taxable year for which the determination is being
11 made.
12     Any credit in excess of the tax liability for the taxable
13 year may be carried forward. A taxpayer may elect to have the
14 unused credit shown on its final completed return carried over
15 as a credit against the tax liability for the following 5
16 taxable years or until it has been fully used, whichever occurs
17 first; provided that no credit earned in a tax year ending
18 prior to December 31, 2003 may be carried forward to any year
19 ending on or after December 31, 2003.
20     If an unused credit is carried forward to a given year from
21 2 or more earlier years, that credit arising in the earliest
22 year will be applied first against the tax liability for the
23 given year. If a tax liability for the given year still
24 remains, the credit from the next earliest year will then be
25 applied, and so on, until all credits have been used or no tax
26 liability for the given year remains. Any remaining unused

 

 

HB4137 - 29 - LRB096 11714 HLH 22430 b

1 credit or credits then will be carried forward to the next
2 following year in which a tax liability is incurred, except
3 that no credit can be carried forward to a year which is more
4 than 5 years after the year in which the expense for which the
5 credit is given was incurred.
6     No inference shall be drawn from this amendatory Act of the
7 91st General Assembly in construing this Section for taxable
8 years beginning before January 1, 1999.
9     (l) Environmental Remediation Tax Credit.
10         (i) For tax years ending after December 31, 1997 and on
11     or before December 31, 2001, a taxpayer shall be allowed a
12     credit against the tax imposed by subsections (a) and (b)
13     of this Section for certain amounts paid for unreimbursed
14     eligible remediation costs, as specified in this
15     subsection. For purposes of this Section, "unreimbursed
16     eligible remediation costs" means costs approved by the
17     Illinois Environmental Protection Agency ("Agency") under
18     Section 58.14 of the Environmental Protection Act that were
19     paid in performing environmental remediation at a site for
20     which a No Further Remediation Letter was issued by the
21     Agency and recorded under Section 58.10 of the
22     Environmental Protection Act. The credit must be claimed
23     for the taxable year in which Agency approval of the
24     eligible remediation costs is granted. The credit is not
25     available to any taxpayer if the taxpayer or any related
26     party caused or contributed to, in any material respect, a

 

 

HB4137 - 30 - LRB096 11714 HLH 22430 b

1     release of regulated substances on, in, or under the site
2     that was identified and addressed by the remedial action
3     pursuant to the Site Remediation Program of the
4     Environmental Protection Act. After the Pollution Control
5     Board rules are adopted pursuant to the Illinois
6     Administrative Procedure Act for the administration and
7     enforcement of Section 58.9 of the Environmental
8     Protection Act, determinations as to credit availability
9     for purposes of this Section shall be made consistent with
10     those rules. For purposes of this Section, "taxpayer"
11     includes a person whose tax attributes the taxpayer has
12     succeeded to under Section 381 of the Internal Revenue Code
13     and "related party" includes the persons disallowed a
14     deduction for losses by paragraphs (b), (c), and (f)(1) of
15     Section 267 of the Internal Revenue Code by virtue of being
16     a related taxpayer, as well as any of its partners. The
17     credit allowed against the tax imposed by subsections (a)
18     and (b) shall be equal to 25% of the unreimbursed eligible
19     remediation costs in excess of $100,000 per site, except
20     that the $100,000 threshold shall not apply to any site
21     contained in an enterprise zone as determined by the
22     Department of Commerce and Community Affairs (now
23     Department of Commerce and Economic Opportunity). The
24     total credit allowed shall not exceed $40,000 per year with
25     a maximum total of $150,000 per site. For partners and
26     shareholders of subchapter S corporations, there shall be

 

 

HB4137 - 31 - LRB096 11714 HLH 22430 b

1     allowed a credit under this subsection to be determined in
2     accordance with the determination of income and
3     distributive share of income under Sections 702 and 704 and
4     subchapter S of the Internal Revenue Code.
5         (ii) A credit allowed under this subsection that is
6     unused in the year the credit is earned may be carried
7     forward to each of the 5 taxable years following the year
8     for which the credit is first earned until it is used. The
9     term "unused credit" does not include any amounts of
10     unreimbursed eligible remediation costs in excess of the
11     maximum credit per site authorized under paragraph (i).
12     This credit shall be applied first to the earliest year for
13     which there is a liability. If there is a credit under this
14     subsection from more than one tax year that is available to
15     offset a liability, the earliest credit arising under this
16     subsection shall be applied first. A credit allowed under
17     this subsection may be sold to a buyer as part of a sale of
18     all or part of the remediation site for which the credit
19     was granted. The purchaser of a remediation site and the
20     tax credit shall succeed to the unused credit and remaining
21     carry-forward period of the seller. To perfect the
22     transfer, the assignor shall record the transfer in the
23     chain of title for the site and provide written notice to
24     the Director of the Illinois Department of Revenue of the
25     assignor's intent to sell the remediation site and the
26     amount of the tax credit to be transferred as a portion of

 

 

HB4137 - 32 - LRB096 11714 HLH 22430 b

1     the sale. In no event may a credit be transferred to any
2     taxpayer if the taxpayer or a related party would not be
3     eligible under the provisions of subsection (i).
4         (iii) For purposes of this Section, the term "site"
5     shall have the same meaning as under Section 58.2 of the
6     Environmental Protection Act.
7     (m) Education expense credit. Beginning with tax years
8 ending after December 31, 1999, a taxpayer who is the custodian
9 of one or more qualifying pupils shall be allowed a credit
10 against the tax imposed by subsections (a) and (b) of this
11 Section for qualified education expenses incurred on behalf of
12 the qualifying pupils. The credit shall be equal to 25% of
13 qualified education expenses, but in no event may the total
14 credit under this subsection claimed by a family that is the
15 custodian of qualifying pupils exceed $500. In no event shall a
16 credit under this subsection reduce the taxpayer's liability
17 under this Act to less than zero. This subsection is exempt
18 from the provisions of Section 250 of this Act.
19     For purposes of this subsection:
20     "Qualifying pupils" means individuals who (i) are
21 residents of the State of Illinois, (ii) are under the age of
22 21 at the close of the school year for which a credit is
23 sought, and (iii) during the school year for which a credit is
24 sought were full-time pupils enrolled in a kindergarten through
25 twelfth grade education program at any school, as defined in
26 this subsection.

 

 

HB4137 - 33 - LRB096 11714 HLH 22430 b

1     "Qualified education expense" means the amount incurred on
2 behalf of a qualifying pupil in excess of $250 for tuition,
3 book fees, and lab fees at the school in which the pupil is
4 enrolled during the regular school year.
5     "School" means any public or nonpublic elementary or
6 secondary school in Illinois that is in compliance with Title
7 VI of the Civil Rights Act of 1964 and attendance at which
8 satisfies the requirements of Section 26-1 of the School Code,
9 except that nothing shall be construed to require a child to
10 attend any particular public or nonpublic school to qualify for
11 the credit under this Section.
12     "Custodian" means, with respect to qualifying pupils, an
13 Illinois resident who is a parent, the parents, a legal
14 guardian, or the legal guardians of the qualifying pupils.
15     (n) River Edge Redevelopment Zone site remediation tax
16 credit.
17         (i) For tax years ending on or after December 31, 2006,
18     a taxpayer shall be allowed a credit against the tax
19     imposed by subsections (a) and (b) of this Section for
20     certain amounts paid for unreimbursed eligible remediation
21     costs, as specified in this subsection. For purposes of
22     this Section, "unreimbursed eligible remediation costs"
23     means costs approved by the Illinois Environmental
24     Protection Agency ("Agency") under Section 58.14a of the
25     Environmental Protection Act that were paid in performing
26     environmental remediation at a site within a River Edge

 

 

HB4137 - 34 - LRB096 11714 HLH 22430 b

1     Redevelopment Zone for which a No Further Remediation
2     Letter was issued by the Agency and recorded under Section
3     58.10 of the Environmental Protection Act. The credit must
4     be claimed for the taxable year in which Agency approval of
5     the eligible remediation costs is granted. The credit is
6     not available to any taxpayer if the taxpayer or any
7     related party caused or contributed to, in any material
8     respect, a release of regulated substances on, in, or under
9     the site that was identified and addressed by the remedial
10     action pursuant to the Site Remediation Program of the
11     Environmental Protection Act. Determinations as to credit
12     availability for purposes of this Section shall be made
13     consistent with rules adopted by the Pollution Control
14     Board pursuant to the Illinois Administrative Procedure
15     Act for the administration and enforcement of Section 58.9
16     of the Environmental Protection Act. For purposes of this
17     Section, "taxpayer" includes a person whose tax attributes
18     the taxpayer has succeeded to under Section 381 of the
19     Internal Revenue Code and "related party" includes the
20     persons disallowed a deduction for losses by paragraphs
21     (b), (c), and (f)(1) of Section 267 of the Internal Revenue
22     Code by virtue of being a related taxpayer, as well as any
23     of its partners. The credit allowed against the tax imposed
24     by subsections (a) and (b) shall be equal to 25% of the
25     unreimbursed eligible remediation costs in excess of
26     $100,000 per site.

 

 

HB4137 - 35 - LRB096 11714 HLH 22430 b

1         (ii) A credit allowed under this subsection that is
2     unused in the year the credit is earned may be carried
3     forward to each of the 5 taxable years following the year
4     for which the credit is first earned until it is used. This
5     credit shall be applied first to the earliest year for
6     which there is a liability. If there is a credit under this
7     subsection from more than one tax year that is available to
8     offset a liability, the earliest credit arising under this
9     subsection shall be applied first. A credit allowed under
10     this subsection may be sold to a buyer as part of a sale of
11     all or part of the remediation site for which the credit
12     was granted. The purchaser of a remediation site and the
13     tax credit shall succeed to the unused credit and remaining
14     carry-forward period of the seller. To perfect the
15     transfer, the assignor shall record the transfer in the
16     chain of title for the site and provide written notice to
17     the Director of the Illinois Department of Revenue of the
18     assignor's intent to sell the remediation site and the
19     amount of the tax credit to be transferred as a portion of
20     the sale. In no event may a credit be transferred to any
21     taxpayer if the taxpayer or a related party would not be
22     eligible under the provisions of subsection (i).
23         (iii) For purposes of this Section, the term "site"
24     shall have the same meaning as under Section 58.2 of the
25     Environmental Protection Act.
26         (iv) This subsection is exempt from the provisions of

 

 

HB4137 - 36 - LRB096 11714 HLH 22430 b

1     Section 250.
2 (Source: P.A. 94-1021, eff. 7-12-06; 95-454, eff. 8-27-07.)
 
3     (35 ILCS 5/202.5 new)
4     Sec. 202.5. Net income attributable to the period prior to
5 January 1, 2010 and net income attributable to the period after
6 December 31, 2009.
7     (a) In general. With respect to the taxable year of a
8 taxpayer beginning prior to January 1, 2010 and ending after
9 December 31, 2009, net income for the period after December 31,
10 2009 is that amount that bears the same ratio to the taxpayer's
11 net income for the entire taxable year as the number of days in
12 that year after December 31, 2009 bears to the total number of
13 days in that year, and the net income for the period prior to
14 January 1, 2009 is that amount that bears the same ratio to the
15 taxpayer's net income for the entire taxable year as the number
16 of days in that year prior to January 1, 2010 bears to the
17 total number of days in that year.
18     (b) Election to attribute income and deduction items
19 specifically to the respective portions of a taxable year prior
20 to January 1, 2010 and after December 31, 2009. In the case of
21 a taxpayer with a taxable year beginning prior to January 1,
22 2010 and ending after December 31, 2009, the taxpayer may
23 elect, instead of the procedure established in subsection (a)
24 of this Section, to determine net income on a specific
25 accounting basis for the 2 portions of his or her taxable year:

 

 

HB4137 - 37 - LRB096 11714 HLH 22430 b

1         (i) from the beginning of the taxable year through
2     December 31, 2009; and
3         (ii) from January 1, 2010 through the end of the
4     taxable year.
5     If the taxpayer elects specific accounting under this
6 subsection, there shall be taken into account in computing base
7 income for each of the 2 portions of the taxable year only
8 those items earned, received, paid, incurred or accrued in each
9 such period. The standard exemption provided by Section 204
10 must be divided between the respective periods in amounts that
11 bear the same ratio to the total exemption allowable under
12 Section 204 (determined without regard to this Section) as the
13 total number of days in each such period bears to the total
14 number of days in the taxable year. The election provided by
15 this subsection must be made in form and manner that the
16 Department requires by rule, but must be made no later than the
17 due date (including any extensions thereof) for the filing of
18 the return for the taxable year, and is irrevocable.
 
19     (35 ILCS 5/901)  (from Ch. 120, par. 9-901)
20     Sec. 901. Collection Authority.
21     (a) In general.
22     The Department shall collect the taxes imposed by this Act.
23 The Department shall collect certified past due child support
24 amounts under Section 2505-650 of the Department of Revenue Law
25 (20 ILCS 2505/2505-650). Except as provided in subsections (c)

 

 

HB4137 - 38 - LRB096 11714 HLH 22430 b

1 and (e) of this Section, money collected pursuant to
2 subsections (a) and (b) of Section 201 of this Act shall be
3 paid into the General Revenue Fund in the State treasury; money
4 collected pursuant to subsections (c) and (d) of Section 201 of
5 this Act shall be paid into the Personal Property Tax
6 Replacement Fund, a special fund in the State Treasury; and
7 money collected under Section 2505-650 of the Department of
8 Revenue Law (20 ILCS 2505/2505-650) shall be paid into the
9 Child Support Enforcement Trust Fund, a special fund outside
10 the State Treasury, or to the State Disbursement Unit
11 established under Section 10-26 of the Illinois Public Aid
12 Code, as directed by the Department of Healthcare and Family
13 Services.
14     (b) Local Government Governmental Distributive Fund.
15     Beginning August 1, 1969, and continuing through June 30,
16 1994, the Treasurer shall transfer each month from the General
17 Revenue Fund to a special fund in the State treasury, to be
18 known as the "Local Government Distributive Fund", an amount
19 equal to 1/12 of the net revenue realized from the tax imposed
20 by subsections (a) and (b) of Section 201 of this Act during
21 the preceding month. Beginning July 1, 1994, and continuing
22 through June 30, 1995, the Treasurer shall transfer each month
23 from the General Revenue Fund to the Local Government
24 Distributive Fund an amount equal to 1/11 of the net revenue
25 realized from the tax imposed by subsections (a) and (b) of
26 Section 201 of this Act during the preceding month. Beginning

 

 

HB4137 - 39 - LRB096 11714 HLH 22430 b

1 July 1, 1995, the Treasurer shall transfer each month from the
2 General Revenue Fund to the Local Government Distributive Fund
3 an amount equal to the net of (i) 1/10 of the net revenue
4 realized from the tax imposed by subsections (a) and (b) of
5 Section 201 of the Illinois Income Tax Act during the preceding
6 month, except that the net revenue attributable to the increase
7 in the income tax imposed by subsections (a) and (b) of Section
8 201 of this Act in accordance with this amendatory Act of the
9 96th General Assembly are not included in the calculation of
10 the amount transferred to the Local Government Distributive
11 Fund (ii) minus, beginning July 1, 2003 and ending June 30,
12 2004, $6,666,666, and beginning July 1, 2004, zero. Net revenue
13 realized for a month shall be defined as the revenue from the
14 tax imposed by subsections (a) and (b) of Section 201 of this
15 Act which is deposited in the General Revenue Fund, the
16 Educational Assistance Fund and the Income Tax Surcharge Local
17 Government Distributive Fund during the month minus the amount
18 paid out of the General Revenue Fund in State warrants during
19 that same month as refunds to taxpayers for overpayment of
20 liability under the tax imposed by subsections (a) and (b) of
21 Section 201 of this Act.
22     (c) Deposits Into Income Tax Refund Fund.
23         (1) Beginning on January 1, 1989 and thereafter, the
24     Department shall deposit a percentage of the amounts
25     collected pursuant to subsections (a) and (b)(1), (2), and
26     (3), (4), and (5) of Section 201 of this Act into a fund in

 

 

HB4137 - 40 - LRB096 11714 HLH 22430 b

1     the State treasury known as the Income Tax Refund Fund. The
2     Department shall deposit 6% of such amounts during the
3     period beginning January 1, 1989 and ending on June 30,
4     1989. Beginning with State fiscal year 1990 and for each
5     fiscal year thereafter, the percentage deposited into the
6     Income Tax Refund Fund during a fiscal year shall be the
7     Annual Percentage. For fiscal years 1999 through 2001, the
8     Annual Percentage shall be 7.1%. For fiscal year 2003, the
9     Annual Percentage shall be 8%. For fiscal year 2004, the
10     Annual Percentage shall be 11.7%. Upon the effective date
11     of this amendatory Act of the 93rd General Assembly, the
12     Annual Percentage shall be 10% for fiscal year 2005. For
13     fiscal year 2006, the Annual Percentage shall be 9.75%. For
14     fiscal year 2007, the Annual Percentage shall be 9.75%. For
15     fiscal year 2008, the Annual Percentage shall be 7.75%. For
16     fiscal year 2009, the Annual Percentage shall be 9.75%. For
17     all other fiscal years, the Annual Percentage shall be
18     calculated as a fraction, the numerator of which shall be
19     the amount of refunds approved for payment by the
20     Department during the preceding fiscal year as a result of
21     overpayment of tax liability under subsections (a) and
22     (b)(1), (2), and (3), (4), and (5) of Section 201 of this
23     Act plus the amount of such refunds remaining approved but
24     unpaid at the end of the preceding fiscal year, minus the
25     amounts transferred into the Income Tax Refund Fund from
26     the Tobacco Settlement Recovery Fund, and the denominator

 

 

HB4137 - 41 - LRB096 11714 HLH 22430 b

1     of which shall be the amounts which will be collected
2     pursuant to subsections (a) and (b)(1), (2), and (3), (4),
3     and (5) of Section 201 of this Act during the preceding
4     fiscal year; except that in State fiscal year 2002, the
5     Annual Percentage shall in no event exceed 7.6%. The
6     Director of Revenue shall certify the Annual Percentage to
7     the Comptroller on the last business day of the fiscal year
8     immediately preceding the fiscal year for which it is to be
9     effective.
10         (2) Beginning on January 1, 1989 and thereafter, the
11     Department shall deposit a percentage of the amounts
12     collected pursuant to subsections (a) and (b)(6), (7), and
13     (8), (c) and (d) of Section 201 of this Act into a fund in
14     the State treasury known as the Income Tax Refund Fund. The
15     Department shall deposit 18% of such amounts during the
16     period beginning January 1, 1989 and ending on June 30,
17     1989. Beginning with State fiscal year 1990 and for each
18     fiscal year thereafter, the percentage deposited into the
19     Income Tax Refund Fund during a fiscal year shall be the
20     Annual Percentage. For fiscal years 1999, 2000, and 2001,
21     the Annual Percentage shall be 19%. For fiscal year 2003,
22     the Annual Percentage shall be 27%. For fiscal year 2004,
23     the Annual Percentage shall be 32%. Upon the effective date
24     of this amendatory Act of the 93rd General Assembly, the
25     Annual Percentage shall be 24% for fiscal year 2005. For
26     fiscal year 2006, the Annual Percentage shall be 20%. For

 

 

HB4137 - 42 - LRB096 11714 HLH 22430 b

1     fiscal year 2007, the Annual Percentage shall be 17.5%. For
2     fiscal year 2008, the Annual Percentage shall be 15.5%. For
3     fiscal year 2009, the Annual Percentage shall be 17.5%. For
4     all other fiscal years, the Annual Percentage shall be
5     calculated as a fraction, the numerator of which shall be
6     the amount of refunds approved for payment by the
7     Department during the preceding fiscal year as a result of
8     overpayment of tax liability under subsections (a) and
9     (b)(6), (7), and (8), (c) and (d) of Section 201 of this
10     Act plus the amount of such refunds remaining approved but
11     unpaid at the end of the preceding fiscal year, and the
12     denominator of which shall be the amounts which will be
13     collected pursuant to subsections (a) and (b)(6), (7), and
14     (8), (c) and (d) of Section 201 of this Act during the
15     preceding fiscal year; except that in State fiscal year
16     2002, the Annual Percentage shall in no event exceed 23%.
17     The Director of Revenue shall certify the Annual Percentage
18     to the Comptroller on the last business day of the fiscal
19     year immediately preceding the fiscal year for which it is
20     to be effective.
21         (3) The Comptroller shall order transferred and the
22     Treasurer shall transfer from the Tobacco Settlement
23     Recovery Fund to the Income Tax Refund Fund (i) $35,000,000
24     in January, 2001, (ii) $35,000,000 in January, 2002, and
25     (iii) $35,000,000 in January, 2003.
26     (d) Expenditures from Income Tax Refund Fund.

 

 

HB4137 - 43 - LRB096 11714 HLH 22430 b

1         (1) Beginning January 1, 1989, money in the Income Tax
2     Refund Fund shall be expended exclusively for the purpose
3     of paying refunds resulting from overpayment of tax
4     liability under Section 201 of this Act, for paying rebates
5     under Section 208.1 in the event that the amounts in the
6     Homeowners' Tax Relief Fund are insufficient for that
7     purpose, and for making transfers pursuant to this
8     subsection (d).
9         (2) The Director shall order payment of refunds
10     resulting from overpayment of tax liability under Section
11     201 of this Act from the Income Tax Refund Fund only to the
12     extent that amounts collected pursuant to Section 201 of
13     this Act and transfers pursuant to this subsection (d) and
14     item (3) of subsection (c) have been deposited and retained
15     in the Fund.
16         (3) As soon as possible after the end of each fiscal
17     year, the Director shall order transferred and the State
18     Treasurer and State Comptroller shall transfer from the
19     Income Tax Refund Fund to the Personal Property Tax
20     Replacement Fund an amount, certified by the Director to
21     the Comptroller, equal to the excess of the amount
22     collected pursuant to subsections (c) and (d) of Section
23     201 of this Act deposited into the Income Tax Refund Fund
24     during the fiscal year over the amount of refunds resulting
25     from overpayment of tax liability under subsections (c) and
26     (d) of Section 201 of this Act paid from the Income Tax

 

 

HB4137 - 44 - LRB096 11714 HLH 22430 b

1     Refund Fund during the fiscal year.
2         (4) As soon as possible after the end of each fiscal
3     year, the Director shall order transferred and the State
4     Treasurer and State Comptroller shall transfer from the
5     Personal Property Tax Replacement Fund to the Income Tax
6     Refund Fund an amount, certified by the Director to the
7     Comptroller, equal to the excess of the amount of refunds
8     resulting from overpayment of tax liability under
9     subsections (c) and (d) of Section 201 of this Act paid
10     from the Income Tax Refund Fund during the fiscal year over
11     the amount collected pursuant to subsections (c) and (d) of
12     Section 201 of this Act deposited into the Income Tax
13     Refund Fund during the fiscal year.
14         (4.5) As soon as possible after the end of fiscal year
15     1999 and of each fiscal year thereafter, the Director shall
16     order transferred and the State Treasurer and State
17     Comptroller shall transfer from the Income Tax Refund Fund
18     to the General Revenue Fund any surplus remaining in the
19     Income Tax Refund Fund as of the end of such fiscal year;
20     excluding for fiscal years 2000, 2001, and 2002 amounts
21     attributable to transfers under item (3) of subsection (c)
22     less refunds resulting from the earned income tax credit.
23         (5) This Act shall constitute an irrevocable and
24     continuing appropriation from the Income Tax Refund Fund
25     for the purpose of paying refunds upon the order of the
26     Director in accordance with the provisions of this Section.

 

 

HB4137 - 45 - LRB096 11714 HLH 22430 b

1     (e) Deposits into the Education Assistance Fund and the
2 Income Tax Surcharge Local Government Distributive Fund.
3     On July 1, 1991, and thereafter, of the amounts collected
4 pursuant to subsections (a) and (b) of Section 201 of this Act,
5 minus deposits into the Income Tax Refund Fund, the Department
6 shall deposit 7.3% into the Education Assistance Fund in the
7 State Treasury. Beginning July 1, 1991, and continuing through
8 January 31, 1993, of the amounts collected pursuant to
9 subsections (a) and (b) of Section 201 of the Illinois Income
10 Tax Act, minus deposits into the Income Tax Refund Fund, the
11 Department shall deposit 3.0% into the Income Tax Surcharge
12 Local Government Distributive Fund in the State Treasury.
13 Beginning February 1, 1993 and continuing through June 30,
14 1993, of the amounts collected pursuant to subsections (a) and
15 (b) of Section 201 of the Illinois Income Tax Act, minus
16 deposits into the Income Tax Refund Fund, the Department shall
17 deposit 4.4% into the Income Tax Surcharge Local Government
18 Distributive Fund in the State Treasury. Beginning July 1,
19 1993, and continuing through June 30, 1994, of the amounts
20 collected under subsections (a) and (b) of Section 201 of this
21 Act, minus deposits into the Income Tax Refund Fund, the
22 Department shall deposit 1.475% into the Income Tax Surcharge
23 Local Government Distributive Fund in the State Treasury.
24     (f) Deposits into the Homestead Property Tax Replacement
25 Fund. On January 1, 2010 and thereafter, of the amounts
26 collected pursuant to subsections (a) and (b) of Section 201 of

 

 

HB4137 - 46 - LRB096 11714 HLH 22430 b

1 this Act, minus deposits into the Income Tax Refund Fund, the
2 Department shall deposit into the Homestead Property Tax
3 Replacement Fund the amount that is attributable to the
4 increase in the amounts collected under subsections (a) and (b)
5 of Section 201 of this Act under this amendatory Act of the
6 96th General Assembly.
7 (Source: P.A. 94-91, eff. 7-1-05; 94-839, eff. 6-6-06; 95-707,
8 eff. 1-11-08; 95-744, eff. 7-18-08; revised 10-23-08.)
 
9     Section 15. The Property Tax Code is amended by changing
10 Sections 14-20, 15-10, 20-178, and 31-25 and by adding Section
11 15-163 as follows:
 
12     (35 ILCS 200/14-20)
13     Sec. 14-20. Certificate of error; counties of less than
14 3,000,000. In any county with less than 3,000,000 inhabitants,
15 if, at any time before judgment or order of sale is entered in
16 any proceeding to collect or to enjoin the collection of taxes
17 based upon any assessment of any property, the chief county
18 assessment officer discovers an error or mistake in the
19 assessment (other than errors of judgment as to the valuation
20 of the property), he or she shall issue to the person
21 erroneously assessed a certificate setting forth the nature of
22 the error and the cause or causes of the error. In any county
23 with less than 3,000,000 inhabitants, if an owner fails to file
24 an application for the Senior Citizens Assessment Freeze

 

 

HB4137 - 47 - LRB096 11714 HLH 22430 b

1 Homestead Exemption provided in Section 15-172 during the
2 previous assessment year and qualifies for the exemption, the
3 Chief County Assessment Officer pursuant to this Section, or
4 the Board of Review pursuant to Section 16-75, shall issue a
5 certificate of error setting forth the correct taxable
6 valuation of the property. The certificate, when properly
7 endorsed by the majority of the board of review, showing their
8 concurrence, and not otherwise, may be used in evidence in any
9 court of competent jurisdiction, and when so introduced in
10 evidence, shall become a part of the court record and shall not
11 be removed from the files except on an order of the court.
12 (Source: P.A. 90-552, eff. 12-12-97; 91-377, eff. 7-30-99.)
 
13     (35 ILCS 200/15-10)
14     Sec. 15-10. Exempt property; procedures for certification.
15 All property granted an exemption by the Department pursuant to
16 the requirements of Section 15-5 and described in the Sections
17 following Section 15-30 and preceding Section 16-5, to the
18 extent therein limited, is exempt from taxation. In order to
19 maintain that exempt status, the titleholder or the owner of
20 the beneficial interest of any property that is exempt must
21 file with the chief county assessment officer, on or before
22 January 31 of each year (May 31 in the case of property
23 exempted by Section 15-170), an affidavit stating whether there
24 has been any change in the ownership or use of the property or
25 the status of the owner-resident, or that a disabled veteran

 

 

HB4137 - 48 - LRB096 11714 HLH 22430 b

1 who qualifies under Section 15-165 owned and used the property
2 as of January 1 of that year. The nature of any change shall be
3 stated in the affidavit. Failure to file an affidavit shall, in
4 the discretion of the assessment officer, constitute cause to
5 terminate the exemption of that property, notwithstanding any
6 other provision of this Code. Owners of 5 or more such exempt
7 parcels within a county may file a single annual affidavit in
8 lieu of an affidavit for each parcel. The assessment officer,
9 upon request, shall furnish an affidavit form to the owners, in
10 which the owner may state whether there has been any change in
11 the ownership or use of the property or status of the owner or
12 resident as of January 1 of that year. The owner of 5 or more
13 exempt parcels shall list all the properties giving the same
14 information for each parcel as required of owners who file
15 individual affidavits.
16     However, titleholders or owners of the beneficial interest
17 in any property exempted under any of the following provisions
18 are not required to submit an annual filing under this Section:
19         (1) Section 15-45 (burial grounds) in counties of less
20     than 3,000,000 inhabitants and owned by a not-for-profit
21     organization.
22         (2) Section 15-40.
23         (3) Section 15-50 (United States property).
24     If there is a change in use or ownership, however, notice
25 must be filed pursuant to Section 15-20.
26     An application for the standard homestead exemption must be

 

 

HB4137 - 49 - LRB096 11714 HLH 22430 b

1 filed in accordance with Section 15-167. homestead exemptions
2 shall be filed as provided in Section 15-170 (senior citizens
3 homestead exemption), Section 15-172 (senior citizens
4 assessment freeze homestead exemption), and Sections 15-175
5 (general homestead exemption), 15-176 (general alternative
6 homestead exemption), and 15-177 (long-time occupant homestead
7 exemption), respectively.
8 (Source: P.A. 95-644, eff. 10-12-07.)
 
9     (35 ILCS 200/15-163 new)
10     Sec. 15-163. Standard homestead exemption.
11     (a) Beginning with the 2010 taxable year, homestead
12 property is entitled to an annual homestead exemption of
13 $100,000.
14     (b) If married persons maintain and reside in separate
15 residences qualifying as homestead property, each residence is
16 entitled to receive 50% of the total reduction in equalized
17 assessed valuation provided by this Section.
18     (c) In a cooperative where a homestead exemption has been
19 granted, the cooperative association or its management firm
20 shall credit the savings resulting from that exemption only to
21 the apportioned tax liability of the owner who qualified for
22 the exemption. Any person who willfully refuses to so credit
23 the savings is guilty of a Class B misdemeanor.
24     (d) In all counties, the assessor or chief county
25 assessment officer may determine the eligibility of

 

 

HB4137 - 50 - LRB096 11714 HLH 22430 b

1 residential property to receive the homestead exemption and the
2 amount of the exemption by application, visual inspection,
3 questionnaire or other reasonable methods. The determination
4 shall be made in accordance with guidelines established by the
5 Department, provided that the taxpayer applying for an
6 additional general exemption under this Section shall submit to
7 the chief county assessment officer an application with an
8 affidavit of the applicant's total household income, age,
9 marital status (and, if married, the name and address of the
10 applicant's spouse, if known), and principal dwelling place of
11 members of the household on January 1 of the taxable year. The
12 Department shall issue guidelines establishing a method for
13 verifying the accuracy of the affidavits filed by applicants
14 under this paragraph. The applications shall be clearly marked
15 as applications for the Standard General Homestead Exemption.
16     (e) In the event of a sale of homestead property the
17 homestead exemption remains in effect for the remainder of the
18 assessment year of the sale. The assessor or chief county
19 assessment officer may require the new owner of the property to
20 apply for the homestead exemption for the following assessment
21 year.
22     (f) As used in this Section:
23     "Homestead property" includes (i) residential property
24 that is occupied by its owner or owners as his, her, or their
25 principal dwelling place, or (ii) that is a leasehold interest
26 on which a single family residence is situated, that is

 

 

HB4137 - 51 - LRB096 11714 HLH 22430 b

1 occupied as a residence by a person who has an ownership
2 interest therein, legal or equitable or as a lessee, and on
3 which the person is liable for the payment of property taxes.
 
4     (35 ILCS 200/20-178)
5     Sec. 20-178. Certificate of error; refund; interest. When
6 the county collector makes any refunds due on certificates of
7 error issued under Sections 14-15 through 14-25 that have been
8 either certified or adjudicated, the county collector shall pay
9 the taxpayer interest on the amount of the refund at the rate
10 of 0.5% per month.
11     No interest shall be due under this Section for any time
12 prior to 60 days after the effective date of this amendatory
13 Act of the 91st General Assembly. For certificates of error
14 issued prior to the effective date of this amendatory Act of
15 the 91st General Assembly, the county collector shall pay the
16 taxpayer interest from 60 days after the effective date of this
17 amendatory Act of the 91st General Assembly until the date the
18 refund is paid. For certificates of error issued on or after
19 the effective date of this amendatory Act of the 91st General
20 Assembly, interest shall be paid from 60 days after the
21 certificate of error is issued by the chief county assessment
22 officer to the date the refund is made. To cover the cost of
23 interest, the county collector shall proportionately reduce
24 the distribution of taxes collected for each taxing district in
25 which the property is situated.

 

 

HB4137 - 52 - LRB096 11714 HLH 22430 b

1     This Section shall not apply to any certificate of error
2 granting a homestead exemption under Section 15-167, 15-170,
3 15-172, 15-175, 15-176, or 15-177.
4 (Source: P.A. 95-644, eff. 10-12-07.)
 
5     (35 ILCS 200/31-25)
6     Sec. 31-25. Transfer declaration. At the time a deed, a
7 document transferring a controlling interest in real property,
8 or trust document is presented for recordation, or within 3
9 business days after the transfer is effected, whichever is
10 earlier, there shall also be presented to the recorder or
11 registrar of titles a declaration, signed by at least one of
12 the sellers and also signed by at least one of the buyers in
13 the transaction or by the attorneys or agents for the sellers
14 or buyers. The declaration shall state information including,
15 but not limited to: (a) the value of the real property or
16 beneficial interest in real property located in Illinois so
17 transferred; (b) the parcel identifying number of the property;
18 (c) the legal description of the property; (d) the date of the
19 deed, the date the transfer was effected, or the date of the
20 trust document; (e) the type of deed, transfer, or trust
21 document; (f) the address of the property; (g) the type of
22 improvement, if any, on the property; (h) information as to
23 whether the transfer is between related individuals or
24 corporate affiliates or is a compulsory transaction; (i) the
25 lot size or acreage; (j) the value of personal property sold

 

 

HB4137 - 53 - LRB096 11714 HLH 22430 b

1 with the real estate; (k) the year the contract was initiated
2 if an installment sale; (l) any homestead exemptions under
3 Article 15 of the Property Tax Code, , as provided in Sections
4 15-170, 15-172, 15-175, and 15-176 as reflected on the most
5 recent annual tax bill; and (m) the name, address, and
6 telephone number of the person preparing the declaration.
7 Except as provided in Section 31-45, a deed, a document
8 transferring a controlling interest in real property, or trust
9 document shall not be accepted for recordation unless it is
10 accompanied by a declaration containing all the information
11 requested in the declaration. When the declaration is signed by
12 an attorney or agent on behalf of sellers or buyers who have
13 the power of direction to deal with the title to the real
14 estate under a land trust agreement, the trustee being the mere
15 repository of record legal title with a duty of conveying the
16 real estate only when and if directed in writing by the
17 beneficiary or beneficiaries having the power of direction, the
18 attorneys or agents executing the declaration on behalf of the
19 sellers or buyers need identify only the land trust that is the
20 repository of record legal title and not the beneficiary or
21 beneficiaries having the power of direction under the land
22 trust agreement. The declaration form shall be prescribed by
23 the Department and shall contain sales information questions.
24 For sales occurring during a period in which the provisions of
25 Section 17-10 require the Department to adjust sale prices for
26 seller paid points and prevailing cost of cash, the declaration

 

 

HB4137 - 54 - LRB096 11714 HLH 22430 b

1 form shall contain questions regarding the financing of the
2 sale. The subject of the financing questions shall include any
3 direct seller participation in the financing of the sale or
4 information on financing that is unconventional so as to affect
5 the fair cash value received by the seller. The intent of the
6 sales and financing questions is to aid in the reduction in the
7 number of buyers required to provide financing information
8 necessary for the adjustment outlined in Section 17-10. For
9 sales occurring during a period in which the provisions of
10 Section 17-10 require the Department to adjust sale prices for
11 seller paid points and prevailing cost of cash, the declaration
12 form shall include, at a minimum, the following data: (a)
13 seller paid points, (b) the sales price, (c) type of financing
14 (conventional, VA, FHA, seller-financed, or other), (d) down
15 payment, (e) term, (f) interest rate, (g) type and description
16 of interest rate (fixed, adjustable or renegotiable), and (h)
17 an appropriate place for the inclusion of special facts or
18 circumstances, if any. The Department shall provide an adequate
19 supply of forms to each recorder and registrar of titles in the
20 State.
21 (Source: P.A. 93-657, eff. 6-1-04; 94-489, eff. 8-8-05.)
 
22     (35 ILCS 200/15-165 rep.)
23     (35 ILCS 200/15-167 rep.)
24     (35 ILCS 200/15-168 rep.)
25     (35 ILCS 200/15-169 rep.)

 

 

HB4137 - 55 - LRB096 11714 HLH 22430 b

1     (35 ILCS 200/15-170 rep.)
2     (35 ILCS 200/15-172 rep.)
3     (35 ILCS 200/15-175 rep.)
4     (35 ILCS 200/15-176 rep.)
5     (35 ILCS 200/15-177 rep.)
6     (35 ILCS 200/15-180 rep.)
7     Section 20. The Property Tax Code is amended by repealing
8 Sections 15-165, 15-167, 15-168, 15-169, 15-170, 15-172,
9 15-175, 15-176, 15-177, and 15-180.
 
10     Section 99. Effective date. This Act takes effect January
11 1, 2010.

 

 

HB4137 - 56 - LRB096 11714 HLH 22430 b

1 INDEX
2 Statutes amended in order of appearance
3     30 ILCS 805/8.28
4     30 ILCS 105/5.719 new
5     30 ILCS 105/6z-80 new
6     35 ILCS 5/201 from Ch. 120, par. 2-201
7     35 ILCS 5/202.5 new
8     35 ILCS 5/901 from Ch. 120, par. 9-901
9     35 ILCS 200/14-20
10     35 ILCS 200/15-10
11     35 ILCS 200/15-163 new
12     35 ILCS 200/20-178
13     35 ILCS 200/31-25
14     35 ILCS 200/15-165 rep.
15     35 ILCS 200/15-167 rep.
16     35 ILCS 200/15-168 rep.
17     35 ILCS 200/15-169 rep.
18     35 ILCS 200/15-170 rep.
19     35 ILCS 200/15-172 rep.
20     35 ILCS 200/15-175 rep.
21     35 ILCS 200/15-176 rep.
22     35 ILCS 200/15-177 rep.
23     35 ILCS 200/15-180 rep.