093_SB0529sam002
LRB093 09881 SJM 14152 a
1 AMENDMENT TO SENATE BILL 529
2 AMENDMENT NO. . Amend Senate Bill 529 on page 1,
3 immediately below line 1, by inserting the following:
4 "WHEREAS, Over $1,000,000,000 annually is transferred out
5 of Illinois by retirees to Southern-tier states; and
6 WHEREAS, Illinois is second only to New York in net loss
7 of people migrating to other states, averaging a net loss in
8 excess of 20,000 people per year; and
9 WHEREAS, It takes 3.7 factory jobs to equal the economic
10 impact of one active adult retirement household; and
11 WHEREAS, Retirees have money, spend it, and don't burden
12 municipal services; and
13 WHEREAS, Active adult retirement communities are a magnet
14 for new business development; and
15 WHEREAS, Retaining retirees in Illinois means more
16 business, and more business means more jobs and more tax
17 dollars; and
18 WHEREAS, A typical active adult retiree household will
19 spend in excess of $2,000 per year in sales tax, income tax,
20 car registration fees, highway tolls, and, in some instances,
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1 business license fees; property taxes are another major
2 expenditure; in addition to that, taxes will be paid by the
3 people newly employed; and
4 WHEREAS, Active adult planned unit development
5 communities' restrictions prohibit full-time residency by
6 anyone under age 19; and
7 WHEREAS, To level the playing field between Illinois and
8 the Southern-tier states, this legislation proposes a
9 refundable tax credit; the credit would apply only to those
10 living in active adult planned unit development communities
11 and would be equal to 50% of the amount the property owner in
12 an active adult community is paying to the schools through
13 property taxes; and
14 WHEREAS, The tax credit proposed by this legislation
15 would have the following benefits:
16 (1) Schools will not be penalized because they will
17 get the amount of their levy anyway;
18 (2) The State is not mortgaging new income flows,
19 but is providing the credit out of funds it already has
20 and will continue to receive; and
21 (3) Illinois money stays in Illinois; therefore";
22 and
23 on page 7, line 13, after "203" by inserting "and adding
24 Section 208.2"; and
25 on page 43, immediately below line 4, by inserting the
26 following:
27 "(35 ILCS 5/208.2 new)
28 Sec. 208.2. Retirement Community Economic Development
29 Incentive Credit.
30 (a) Beginning with taxable years ending on or after
31 December 31, 2003, every individual taxpayer who owns
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1 property in an active adult planned unit development
2 community is entitled to a credit against the tax imposed by
3 subsections (a) and (b) of Section 201 in an amount equal to
4 50% of the real property taxes extended on behalf of the
5 school district and paid by the taxpayer during the taxable
6 year on the principal residence of the taxpayer.
7 (b) If a credit allowed under this Section exceeds the
8 tax liability of the taxpayer, the taxpayer shall receive a
9 refund for the amount of the excess.
10 (c) The Department shall adopt rules defining "active
11 adult planned unit development community".
12 (d) This Section is exempt from the provisions of
13 Section 250.".