RENT CONTROL ACT

Creates the Rent Control Act. Establishes County Rent Control Boards in every county on the date all initial members of a Board are elected and qualified. Provides for nomination and election of Board members. Includes provisions relating to qualifications of members, vacancy of a Board member seat, and meetings of a Board. Provides for duties of a Board, including establishing countywide rent-controlled amounts for renting to households of specified income levels and calculating an average rent for dwellings in the county. Provides that a Board must establish regulations concerning rent for households of specified income levels, including: restrictions on increasing rent-controlled amounts; notice to tenants before increasing rent; creation of a reserve account by property owners for repairs and capital improvements; and other regulations. Defines terms. Limits home rule powers. Amends the Election Code by making conforming changes relating to the election of Board members. Amends the Illinois Income Tax Act. Adds an income tax credit equal to the difference between the rent-controlled amount and the average rent established by a County Rent Control Board and an income tax credit for an amount equal to the amount of capital improvements to property a taxpayer owns and rents to households of specified income levels. Repeals the Rent Control Preemption Act.