Search Form
First, enter a politician or zip code
Now, choose a category

Key Votes

HB 1883 - Property Tax Amendments - Key Vote

Illinois Key Votes

Stages

Family

Issues

Stage Details

Legislation - Referred to Committee (House) -
Legislation - Concurrence Vote Failed (House) (8-99) - (Key vote)

Title: Property Tax Amendments

Vote Smart's Synopsis:

Vote to pass a bill that authorizes municipalities to establish an economic development project area and establishes certain tax deductions and tax credits.

Highlights:
  • Authorizes a municipality to establish an economic development project area (Sec. 4).
  • Requires developers in the economic development project area to maintain at least 4,250 full-time equivalent jobs and ensure that at least $100 million in private investments occur in the economic development project area (Sec. 4).
  • Increases the percentage of the federal Earned Income Tax Credit that may be claimed as a credit against state income taxes as follows (Sec. 212):
    • From 5 percent to 7.5 percent of the federal Earned Income Tax Credit for each taxable year beginning on or after January 1, 2012; and
    • From 7.5 percent to 10 percent of the federal Earned Income Tax Credit for each taxable year beginning on or after January 1, 2013.
  • Increases the basic amount used to calculate the standard exemption for individual taxpayers as follows (Sec. 204):
    • From $1,650 to $2,000 for taxable years ending on or before December 31, 2012;
    • From $2,000 to $2,050 for taxable years ending after December 31, 2012 but before December 31, 2013; and
    • From $2,050 to $2,050 plus a cost-of-living adjustment for taxable years ending after December 31, 2013.
  • Authorizes businesses in Illinois to claim a deduction of no more than $100,000 for business losses for all taxable years ending on or after December 31, 2012 but before December 31, 2014 (Sec. 207).
  • Extends the research and development credit for taxpayers from January 1, 2011 to January 1, 2016 (Sec. 201).
Legislation - Bill Passed With Amendment (Senate) (36-18) - (Key vote)

Title: Property Tax Amendments

Vote Smart's Synopsis:

Vote to pass a bill that authorizes municipalities to establish an economic development project area and establishes certain tax deductions and tax credits.

Highlights:
  • Authorizes a municipality to establish an economic development project area (Sec. 4).
  • Requires developers in the economic development project area to maintain at least 4,250 full-time equivalent jobs and ensure that at least $100 million in private investments occur in the economic development project area (Sec. 4).
  • Increases the percentage of the federal Earned Income Tax Credit that may be claimed as a credit against state income taxes as follows (Sec. 212):
    • From 5 percent to 7.5 percent of the federal Earned Income Tax Credit for each taxable year beginning on or after January 1, 2012; and
    • From 7.5 percent to 10 percent of the federal Earned Income Tax Credit for each taxable year beginning on or after January 1, 2013.
  • Increases the basic amount used to calculate the standard exemption for individual taxpayers as follows (Sec. 204):
    • From $1,650 to $2,000 for taxable years ending on or before December 31, 2012;
    • From $2,000 to $2,050 for taxable years ending after December 31, 2012 but before December 31, 2013; and
    • From $2,050 to $2,050 plus a cost-of-living adjustment for taxable years ending after December 31, 2013.
  • Authorizes businesses in Illinois to claim a deduction of no more than $100,000 for business losses for all taxable years ending on or after December 31, 2012 but before December 31, 2014 (Sec. 207).
  • Extends the research and development credit for taxpayers from January 1, 2011 to January 1, 2016 (Sec. 201).
Legislation - Bill Passed (House) (72-31) -

Title: Property Tax Amendments

Legislation - Introduced (House) -

Title: Property Tax Amendments

Sponsors

Skip to top
Back to top