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HB6038 Engrossed |
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LRB096 17793 HLH 33160 b |
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| entitled to a credit as described in this
subsection and may |
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| transfer that credit as described in subsection (c).
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| (b) If the amount of the credit exceeds the tax liability |
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| for the year, the
excess may be carried forward and applied to |
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| the tax liability of the 5 taxable
years following the excess |
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| credit year. The tax credit shall be applied to the
earliest |
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| year for which there is a tax liability. If there are credits |
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| for
more than one year that are available to offset a |
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| liability, the earlier credit
shall be applied first.
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| (c) The transfer of the tax credit allowed under this |
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| Section may be made
(i) to the purchaser of land that has been |
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| designated solely for affordable
housing projects in |
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| accordance with the Illinois Housing Development Act or
(ii) to |
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| another donor who has also made a donation in accordance with |
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| Section 7.28 of the
Illinois Housing
Development Act.
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| (d) A taxpayer claiming the credit provided by this Section |
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| must maintain
and record any information that the Department |
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| may require by regulation
regarding the project for which the |
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| credit is claimed.
When
claiming the credit provided by this |
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| Section, the taxpayer must provide
information regarding the |
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| taxpayer's donation to the project under the Illinois Housing |
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| Development Act.
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| (Source: P.A. 93-369, eff. 7-24-03; 94-46, eff. 6-17-05.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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