HB 1098

Abstract

Amends the Illinois Income Tax Act. Provides that, beginning with taxable years ending on or after December 31, 2003 and ending with taxable years ending on or before December 30, 2008, a taxpayer is entitled to an income tax credit for the amount expended by the taxpayer for alterations to residential property that is not otherwise required to be accessible and is voluntarily being made accessible under standards established in the Illinois Accessibility Code, provided that the property is located within one-half mile of a heavy rail transit station. Provides that the tax credit may not reduce the taxpayer's liability to less than zero but that the taxpayer may carry the credit forward for 10 taxable years. Requires the taxpayer to maintain and record any information required by the Department of Revenue regarding the alterations for which the credit is claimed. Effective immediately.