State of Illinois
90th General Assembly
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90_HB0186

      35 ILCS 5/211 new
          Amends the Illinois Income Tax Act to create a tax credit
      for individuals in the amount of 3% of  the  average  monthly
      rent  paid  by the taxpayer during the taxable year on his or
      her residence.  Provides that no amount of rent in excess  of
      $1,000  per  month  shall  be used in calculating the average
      monthly rent.  Sunsets the credit after 10 years.   Effective
      immediately.
                                                     LRB9000932KDcd
                                               LRB9000932KDcd
 1        AN  ACT  to  amend  the Illinois Income Tax Act by adding
 2    Section 211.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.  The  Illinois  Income  Tax Act is amended by
 6    adding Section 211 as follows:
 7        (35 ILCS 5/211 new)
 8        Sec. 211.  Residential rent credit.  Beginning  with  tax
 9    years  ending  on  or after December 31, 1997 and ending with
10    tax years  ending  on  or  before  December  31,  2006,  each
11    individual  taxpayer  is entitled to a credit against the tax
12    imposed under this Act in the amount of  3%  of  the  average
13    monthly rent paid by the taxpayer during the taxable year for
14    the  residence of the taxpayer.  For purposes of this credit,
15    the amount of rent for any single month used for  calculating
16    the average monthly rent shall not exceed $1,000. In no event
17    shall  a  credit  under  this  Section  reduce the taxpayer's
18    liability under this Act to less than zero.
19        Section 99.  Effective date.  This Act takes effect  upon
20    becoming law.

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