Illinois 2023-2024 Regular Session

Illinois Senate Bill SB1836 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1836 Introduced 2/9/2023, by Sen. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for individual taxpayers who rent a dwelling in Illinois for use as their principal place of residence. Provides that the credit shall be equal to 5% of the documented rental costs paid by such taxpayer during the taxable year on that dwelling. Effective immediately. LRB103 29606 HLH 56001 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1836 Introduced 2/9/2023, by Sen. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for individual taxpayers who rent a dwelling in Illinois for use as their principal place of residence. Provides that the credit shall be equal to 5% of the documented rental costs paid by such taxpayer during the taxable year on that dwelling. Effective immediately. LRB103 29606 HLH 56001 b LRB103 29606 HLH 56001 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1836 Introduced 2/9/2023, by Sen. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/234 new 35 ILCS 5/234 new
4	4	35 ILCS 5/234 new
5	5	Amends the Illinois Income Tax Act. Creates an income tax credit for individual taxpayers who rent a dwelling in Illinois for use as their principal place of residence. Provides that the credit shall be equal to 5% of the documented rental costs paid by such taxpayer during the taxable year on that dwelling. Effective immediately.
6	6	LRB103 29606 HLH 56001 b LRB103 29606 HLH 56001 b
7	7	LRB103 29606 HLH 56001 b
8	8	A BILL FOR
9	9	SB1836LRB103 29606 HLH 56001 b SB1836 LRB103 29606 HLH 56001 b
10	10	SB1836 LRB103 29606 HLH 56001 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 adding Section 234 as follows:
16	16	6 (35 ILCS 5/234 new)
17	17	7 Sec. 234. Tax credit for residential rental payments.
18	18	8 (a) Beginning with tax years ending on or after December
19	19	9 31, 2023, every individual taxpayer who rents a dwelling in
20	20	10 Illinois for use as the individual's principal place of
21	21	11 residence shall be entitled to a tax credit equal to 5% of the
22	22	12 documented rental costs paid by the taxpayer during the
23	23	13 taxable year on that dwelling.
24	24	14 (b) To qualify for the credit under this Section, the
25	25	15 taxpayer must meet the following requirements for the tax year
26	26	16 in which the taxpayer is claiming the credit provided by this
27	27	17 Section:
28	28	18 (1) the taxpayer must have resided in Illinois for at
29	29	19 least 183 days;
30	30	20 (2) the taxpayer's federal adjusted gross income must
31	31	21 not exceed 200% of the poverty guidelines updated
32	32	22 periodically in the Federal Register by the United States
33	33	23 Department of Health and Human Services under the
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1836 Introduced 2/9/2023, by Sen. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/234 new 35 ILCS 5/234 new
39	39	35 ILCS 5/234 new
40	40	Amends the Illinois Income Tax Act. Creates an income tax credit for individual taxpayers who rent a dwelling in Illinois for use as their principal place of residence. Provides that the credit shall be equal to 5% of the documented rental costs paid by such taxpayer during the taxable year on that dwelling. Effective immediately.
41	41	LRB103 29606 HLH 56001 b LRB103 29606 HLH 56001 b
42	42	LRB103 29606 HLH 56001 b
43	43	A BILL FOR
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49	49	35 ILCS 5/234 new
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53	53	LRB103 29606 HLH 56001 b
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66	66	SB1836- 2 -LRB103 29606 HLH 56001 b SB1836 - 2 - LRB103 29606 HLH 56001 b
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68	68	1 authority of 42 U.S.C. 9902(2);
69	69	2 (3) the total rental payments on the taxpayer's
70	70	3 principal place of residence during the taxable year must
71	71	4 exceed 30% of the taxpayer's federal adjusted gross
72	72	5 income; and
73	73	6 (4) the taxpayer must not be claimed as a dependent on
74	74	7 someone else's tax return.
75	75	8 (c) The credit provided by this Section does not apply to
76	76	9 an individual who rents a dwelling that is exempt from
77	77	10 Illinois property taxes.
78	78	11 (d) The Department may establish by rule:
79	79	12 (1) a maximum dollar amount of the credit, which may
80	80	13 vary by regions of the State, based on fair market rents
81	81	14 determined by the U.S. Department of Housing and Urban
82	82	15 Development for purposes of the housing choice voucher
83	83	16 program;
84	84	17 (2) the requirements by which the taxpayer shall
85	85	18 document rental payments; and
86	86	19 (3) any schedules for forms necessary to meet the
87	87	20 requirements of this Section.
88	88	21 (e) In no event shall a credit under this Section reduce
89	89	22 the taxpayer's liability to less than zero. If the amount of
90	90	23 the credit exceeds the income tax liability for the applicable
91	91	24 tax year, then the excess credit shall be refunded to the
92	92	25 taxpayer.
93	93	26 (f) This Section is exempt from the provisions of Section
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99	99	SB1836 - 2 - LRB103 29606 HLH 56001 b
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102	102	SB1836- 3 -LRB103 29606 HLH 56001 b SB1836 - 3 - LRB103 29606 HLH 56001 b
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104	104	1 250.
105	105	2 Section 99. Effective date. This Act takes effect upon
106	106	3 becoming law.
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112	112	SB1836 - 3 - LRB103 29606 HLH 56001 b