Sen. A. J. Wilhelmi
Filed: 3/25/2009
 
 

 




 

 		












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AMENDMENT TO SENATE BILL 542 




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    AMENDMENT NO. ______. Amend Senate Bill 542  by replacing 
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everything after the enacting clause with the following:

 
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    "Section 5. The Illinois Income Tax Act is amended  by 
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adding Section 218 as follows:
 
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    (35 ILCS 5/218  new)
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    Sec. 218. Home purchase credit.  For each taxable year 
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ending on or after December 31, 2009 and on or before December 
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30, 2011, each taxpayer is entitled to a credit against the tax 
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imposed by subsections (a) and (b) of Section 201 of this Act 
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in an amount equal to 1% of the purchase price of the 
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taxpayer's principal place of residence if the residence (i) is 
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purchased during that taxable year, (ii) is the taxpayer's 
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principal place of residence on the last day of that taxable 
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year, and (ii) is purchased with cash or with a mortgage that 
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is not a "high risk home loan" as defined in Section 10 of the 
 


 






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High Risk Home Loan Act.  The amount of the credit may not 
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exceed $5,000.  The credit may be claimed for only one 
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residence.  In no event shall a credit under this Section reduce 
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the taxpayer's liability to less than zero.
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.".