MUNOZ-MADIGAN,L. 35 ILCS 5/212 new Amends the Illinois Income Tax Act. Creates the Illinois low-income housing tax credit. Grants a taxpayer owning an interest in a qualified project the credit in an amount determined by the Illinois Housing Development Authority to ensure the feasibility of the project. Limits the amount of the credit to an amount equal to the federal credit. Allows an excess credit to be carried forward and applied to the tax liability of the succeeding 10 years. Excepts from the Act's sunset requirements. Effective immediately. 99-02-25 S FIRST READING 99-02-25 S REFERRED TO SENATE RULES COMMITTEE RULES 99-02-25 S ADDED AS A CHIEF CO-SPONSOR MADIGAN,L 99-03-03 S ASSIGNED TO COMMITTEE REVENUE 99-03-18 S TO SUBCOMMITTEE 99-03-18 S COMMITTEE REVENUE 99-03-20 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES 01-01-09 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary