Illinois General Assembly - Bill Status for SB2997
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 Bill Status of SB2997  102nd General Assembly


Senate Sponsors
Sen. Deanna Demuzio and Louis S. Viverito

Last Action
DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/219 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2010 and ending on or before December 31, 2012, each taxpayer with an adjusted gross income of less than $250,000 is entitled to a credit in an amount not to exceed $7,500 if (i) the taxpayer purchases a newly constructed home during the taxable year, (ii) the home is the taxpayer's principal place of residence on the last day of the taxable year, and (iii) the assessed value of the residence is less than $500,000. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.

DateChamber Action
  2/3/2010SenateFiled with Secretary by Sen. Deanna Demuzio
  2/3/2010SenateFirst Reading
  2/3/2010SenateReferred to Assignments
  2/24/2010SenateAssigned to Revenue
  3/8/2010SenateTo Revenue Subcommittee on Special Issues
  3/8/2010SenateRule 3-9(a) / Re-referred to Assignments
  3/9/2010SenateAdded as Co-Sponsor Sen. Louis S. Viverito
  1/12/2011SenateSession Sine Die

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