Illinois General Assembly - Bill Status for SB2997

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.

Actions

Date	Chamber	Action
2/3/2010	Senate	Filed with Secretary by Sen. Deanna Demuzio
2/3/2010	Senate	First Reading
2/3/2010	Senate	Referred to Assignments
2/24/2010	Senate	Assigned to Revenue
3/8/2010	Senate	To Revenue Subcommittee on Special Issues
3/8/2010	Senate	Rule 3-9(a) / Re-referred to Assignments
3/9/2010	Senate	Added as Co-Sponsor Sen. Louis S. Viverito
1/12/2011	Senate	Session Sine Die

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