IL HB0236

Adds Section 224 to the Illinois Income Tax Act to create a $1,000 income tax credit for taxpayers who purchase a qualified townhome during the taxable year, effective for tax years beginning January 1, 2015 or later.

Defines "qualified townhome" as a townhome located in Lake County that qualifies as homestead property under Section 15-175(f) of the Property Tax Code.

Allows the credit to reduce tax liability to zero, with any excess credit amount refunded to the taxpayer.

Exempts this credit from Section 250 provisions of the Illinois Income Tax Act.

Becomes effective immediately upon passage.