House Sponsors: DANIELS-KOSEL-O'CONNOR-BOST-LYONS,EILEEN, ZICKUS, RIGHTER, SCHMITZ, JONES,JOHN, PERSICO, BEAUBIEN, MITCHELL,BILL, WOJCIK, KURTZ, HULTGREN, PARKE, BELLOCK, BERNS, LAWFER, MATHIAS, WAIT, CROSS, MYERS,RICHARD, COULSON, TURNER,JOHN, MEYER, KLINGLER, STEPHENS, BIGGINS, SAVIANO, MOFFITT, LINDNER, WRIGHT AND WINKEL. Short description: INC TAX-PROP TAX CREDIT Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Provides that in addition to the existing tax credit for residential property, for the 2001 tax year and thereafter, every individual taxpayer whose principal residence has an equalized assessed value of less than $166,667 shall be entitled to an additional tax credit equal to 5% of the real property taxes paid on the principal residence of the taxpayer. Creates a credit against the taxes imposed under the Act for Subchapter S corporations and sole proprietorships in an amount equal to 5% of the property taxes paid on eligible property owned by the Subchapter S corporation or sole proprietorship. Provides that for Subchapter S corporation or sole proprietorship property to be eligible, it must have an equalized assessed value of less than (i) $399,000 in counties with 3,000,000 or more inhabitants or (ii) $166,667 in counties with fewer than 3,000,000 inhabitants. Exempts the credits from the sunset provisions. Effective immediately. HOUSE AMENDMENT NO. 1. Deletes reference to: 35 ILCS 5/208 from Ch. 120, par. 2-208 35 ILCS 5/208.5 new Adds reference to: 20 ILCS 655/4.5 new 30 ILCS 105/5.545 new 30 ILCS 105/6z-18 from Ch. 127, par. 142z-18 30 ILCS 105/6z-20 from Ch. 127, par. 142z-20 35 ILCS 5/201 from Ch. 120, par. 2-201 35 ILCS 5/203 from Ch. 120, par. 2-203 35 ILCS 5/204 from Ch. 120, par. 2-204 35 ILCS 5/208.7 new 35 ILCS 5/212 35 ILCS 5/213 new 35 ILCS 5/214 new 35 ILCS 5/215 new 35 ILCS 5/216 new 35 ILCS 5/217 new 35 ILCS 5/218 new 35 ILCS 5/219 new 35 ILCS 10/5-20 35 ILCS 105/1a from Ch. 120, par. 439.1a 35 ILCS 105/3-5 from Ch. 120, par. 439.3-5 35 ILCS 105/3-10 from Ch. 120, par. 439.3-10 35 ILCS 105/3-87 new 35 ILCS 105/3b new 35 ILCS 105/9 from Ch. 120, par. 439.9 35 ILCS 110/3-5 from Ch. 120, par. 439.33-5 35 ILCS 110/3-10 from Ch. 120, par. 439.33-10 35 ILCS 110/3-72 new 35 ILCS 115/3-5 from Ch. 120, par. 439.103-5 35 ILCS 115/3-10 from Ch. 120, par. 439.103-10 35 ILCS 115/3-52 new 35 ILCS 120/1c from Ch. 120, par. 440c 35 ILCS 120/2-5 from Ch. 120, par. 441-5 35 ILCS 120/2-10 from Ch. 120, par. 441-10 35 ILCS 120/2-67 new 35 ILCS 120/2-75 new 35 ILCS 120/2d from Ch. 120, par. 441d 35 ILCS 120/3 from Ch. 120, par. 442 35 ILCS 145/9 from Ch. 120, par. 481b.39 35 ILCS 505/2 from Ch. 120, par. 418 35 ILCS 505/8b new 35 ILCS 505/13 from Ch. 120, par. 429 35 ILCS 505/13a from Ch. 120, par. 429a 35 ILCS 615/2 from Ch. 120, par. 467.17 110 ILCS 947/65.25 230 ILCS 25/3 from Ch. 120, par. 1103 310 ILCS 10/8.24 new 320 ILCS 25/Act title 320 ILCS 25/1 from Ch. 67 1/2, par. 401 320 ILCS 25/2 from Ch. 67 1/2, par. 402 320 ILCS 25/4 from Ch. 67 1/2, par. 404 415 ILCS 5/58.13a new 415 ILCS 5/58.14 415 ILCS 120/21 new 415 ILCS 120/25 415 ILCS 120/30 415 ILCS 120/31 new 415 ILCS 120/32 new 415 ILCS 120/35 415 ILCS 120/40 415 ILCS 120/45 30 ILCS 805/8.25 new Deletes everything. Creates the Elder Care Savings Fund Act. Authorizes the State Treasurer to establish an Elder Care Savings Fund. Allows Illinois residents to invest in the fund and provides that investors' earnings are exempt from certain taxes. Provides for a program of grants for long-term care or services. Creates an Elder Care Trust Authority to advise the Elder Care Savings Fund staff and perform other functions. Creates the Automobile Leasing Occupation and Use Tax Act to change the way tax is imposed on vehicles that are leased. Amends the Illinois Income Tax Act. Authorizes an alternative method of computation of the research and development credit and extends the credit to December 31, 2009 (now, 2004). Extends the environmental remediation tax credit to 2010 (now, expires December 31, 2001). Makes other changes concerning the credit. Creates a deduction (i) for Medicare Part B expenses, (ii) for unreimbursed amounts spent on home health care services, (iii) for amounts contributed to a Roth IRA, (iv) of up to $5,000 for dependent care provided for a child, disabled spouse, or other dependent adult, and (v) of $500 for teachers. Increases the basic exemption amount to $4,000 (now, $2,000). Provides that the earned income tax credit allowed shall be increased incrementally from the current 5% of the federal tax credit allowed for the taxable year to 20% and changes the repeal date from June 1, 2003 to June 1, 2006. Provides for a tax credit (i) of 5% of property taxes paid for property below a certain assessed value, (ii) in the amount of 5% of the average monthly rent paid during the taxable year on the residence of a taxpayer, (iii) in an amount up to $1,000 per taxable year for unreimbursed health care costs for certain senior citizens, (iv) in an amount equal to 15% of the premium costs paid for a qualified long term care insurance contract covering certain persons, not to exceed $200, (v) of $500 for certain members of a volunteer fire department, (vi) for certain taxpayers, in an amount not to exceed $500 for tuition and fees for college, (vii) for taxpayers making donations to certain affordable housing projects (Amends the Housing Authorities Act as well), (viii) in the amount of expenditures required for providing an on-site lactation room on the premises of the taxpayer's workplace, and (ix) of $500 for an eligible caregiver of a person with long-term care needs. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Exempts from the taxes imposed by these Acts (i) certain tangible personal property and its component parts purchased by a telecommunications carrier and (ii) certain personal property and machinery and equipment certified by the purchaser to be essential to and used in the process of the production of electricity by an eligible facility. Eliminates the State's portion of the tax on motor fuel and gasohol. Suspends the State's portion of the tax on clothes and footwear for 9 days each August. Amends the Hotel Operators' Occupation Tax Act. Exempts certain disaster relief organizations from the tax. Amends the Motor Fuel Tax Law to eliminate the tax, for up to 5 years, imposed on alternate fuels. Makes other changes. Amends the Gas Revenue Tax Act. Suspends the tax on use or consumption of gas for the period beginning December 1, 2001 through May 31, 2002. Amends the Higher Education Student Assistance Act to provide for teacher shortage scholarships and to establish a loan forgiveness program for certain teachers. Amends the Bingo License and Tax Act. Eliminates the tax on bingo games. Amends the Senior Citizens and Disabled Persons Property Tax Relief and Pharmaceutical Assistance Act. Changes the short title of the Act to the Property Tax Relief and Pharmaceutical Assistance Act and expands eligibility and increases property tax-based grants. Amends the Environmental Protection Act. Makes changes concerning the environmental remediation tax credit and creates the Distressed Communities and Industries Grant Fund to pay allowable costs needed to cause an eligible remediation project to occur. Makes other changes. Amends the Alternate Fuels Act. Provides that the Environmental Protection Agency shall establish the Alternate Fuel Infrastructure Program to provide funding for the building of certain alternative fueling facilities to be built within a specific area. Provides that the Agency shall administer, in cooperation with DCCA and Chicago Area Clean Cities, the Clean Fuel Education Program to provide education about the benefits of using alternate fuels. Makes other changes. Amends the State Finance Act to provide for the distribution as a result of the reduced tax rate on motor fuel and gasohol and to create the Distressed Communities and Industries Grant Fund. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status