92nd General Assembly
Summary of HB2559
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House Sponsors:

Short description: 
LOW INCOME HOUSING TAX CREDIT                                              

Synopsis of Bill as introduced:
        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.  Exempts the       
   credit from the Act's sunset requirements.  Effective immediately.          
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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