Chris Lauzen
- Republican
Primary
Amends the Illinois Income Tax Act. Provides that, beginning with taxable years ending on or after December 31, 2003, every individual taxpayer who owns property in an active adult planned unit development community is entitled to a tax credit equal to 50% of the real property taxes extended on behalf of the school district and paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Provides that if the credit exceeds the tax liability of the taxpayer, the taxpayer shall receive a refund for the amount of the excess. Provides that the Department of Revenue shall adopt rules defining "active adult planned unit development community". Exempts the credit from the sunset provisions of the Act. Effective immediately.
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Session Sine Die
State Mandates Fiscal Note Filed from the State Board of Education
Fiscal Note Filed
Fiscal Note Filed
Fiscal Note Requested by Sen. Steven J. Rauschenberger
Housing Affordability Impact Note Requested by Sen. Chris Lauzen
Added as Chief Co-Sponsor Sen. Steven J. Rauschenberger
Rule 3-9(a) / Re-referred to Rules
Held in Revenue
To Subcommittee
Assigned to Revenue
Filed with Secretary by Sen. Chris Lauzen
Referred to Rules
First Reading
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