92nd General Assembly
Summary of HB3240
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House Sponsors:
FEIGENHOLTZ-MCCARTHY, FOWLER AND FORBY.

Short description: 
INC TAX-RESIDENTIAL RENT CRED                                              

Synopsis of Bill as introduced:
        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.                                     
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


   END OF INQUIRY 



 Full Text  Bill Status