92nd General Assembly
Summary of SB0212
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Senate Sponsors:
TROTTER-MADIGAN,L-LIGHTFORD, MUNOZ AND SILVERSTEIN.

Short description: 
INC TX-RENT CREDIT                                                         

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act to create  a  tax  credit  for      
   individuals  in  the  amount of 5% 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.  Provides that this      
   credit will be available beginning with tax years ending on  or  after      
   December  31,  2001  and  ending  with  tax  years ending on or before      
   December 31, 2005.  Effective immediately.                                  
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


   END OF INQUIRY 



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