Summary as Introduced
Amends the Illinois Income Tax Act. Provides that the credit for expenditures incurred in the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone applies for taxable years ending prior to January 1, 2027 (currently January 1, 2022). Effective immediately.
Staff Analysis
Revenue omnibus package that includes the following tax relief provisions, none of which will negatively impact local tax collections: (1) temporary, six-month suspension (July 1, 2022 through December 31, 2022) of the state’s scheduled inflationary increase of Motor Fuel Tax (MFT); (2) sales tax holiday on school supplies (August 5, 2022, through August 14, 2022); (3) temporary, one-year suspension of the sales tax on groceries, but not pharmaceuticals. The bill includes reimbursements for local units of government from the newly-created Grocery Tax Replacement Fund; and (4) one-time property tax rebate of up to $300 for specified taxpayers and a one-time income tax rebate of $50 for single filers, $100 for joint filers, with an additional $100 for each dependent (up to three dependents) for certain taxpayers based on their adjusted gross income.