HB5789 98TH GENERAL ASSEMBLY

LRB098 17770 HLH 52891 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5789

Introduced , by Rep. Silvana Tabares

SYNOPSIS AS INTRODUCED:

35 ILCS 5/224 new

Amends the Illinois Income Tax Act. Provides that each taxpayer is allowed an income tax credit in an amount equal to 50% of the reasonable expenditures incurred by the taxpayer for the purpose of making a multi-unit residential building more accessible to persons with disabilities by removing architectural or physical barriers to or within that building. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 224 as follows:

(35 ILCS 5/224 new)

Sec. 224. Accessibility credit. For tax years beginning on or after January 1, 2014, each taxpayer is allowed a credit against the tax imposed by subsections (a) and (b) of Section 201 in an amount equal to 50% of the reasonable expenditures incurred by the taxpayer for the purpose of making a multi-unit residential building more accessible to persons with disabilities by removing architectural or physical barriers to or within that building. This Section does not apply to modifications made to a facility that was first placed in service during the taxable year.

The tax credit may not reduce the taxpayer's liability to less than zero. If the amount of the tax credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The credit must be applied to the earliest year for which there is a tax liability. If there are credits from more than one tax year that are available to offset a liability, then the earlier credit must be applied first.

This Section is exempt from the provisions of Section 250.

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