PETERSON-OBAMA. 35 ILCS 5/214 new Amends the Illinois Income Tax Act. Creates the affordable housing donation tax credit. Beginning with taxable years ending on or after December 31, 2000 and ending with taxable years ending on or before December 31, 2006, grants a credit equal to 50% of the taxpayer's donation to a not-for-profit sponsor that (i) is organized under the General Not For Profit Corporation Act of 1986 for the purpose of constructing or rehabilitating affordable housing units in this State; (ii) is organized for the purpose of constructing or rehabilitating affordable housing units and has been issued a ruling from the Internal Revenue Service of the United States Department of the Treasury that the organization is exempt from income taxation under the provisions of the Internal Revenue Code; or (iii) is an organization designated as a community development corporation by the United States government under Title VII of the Economic Opportunity Act of 1964. Allows an excess credit to be carried forward and applied to the succeeding 10 years. Effective immediately. 00-02-02 S FIRST READING 00-02-02 S REFERRED TO SENATE RULES COMMITTEE RULES 01-01-09 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary