(35 ILCS 5/208.5)

(Section scheduled to be repealed on January 1, 2024)

Sec. 208.5. Residential real estate tax rebate.

(a) The Department shall pay a one-time rebate to every individual taxpayer who files with the Department, on or before October 17, 2022, an Illinois income tax return for tax year 2021 and who qualifies, in that tax year, under rules adopted by the Department, for the income tax credit provided under Section 208 of this Act. The amount of the one-time rebate provided under this Section shall be the lesser of: (1) the amount of the credit provided under Section 208 for tax year 2021, including any amounts that would otherwise reduce a taxpayer's liability to less than zero, or (2) $300 per principal residence. The Department shall develop a process to claim a rebate for taxpayers who otherwise would be eligible for the rebate under this Section but who did not have an obligation to file a 2021 Illinois income tax return because their exemption allowance exceeded their Illinois base income.

(b) On the effective date of this amendatory Act of the 102nd General Assembly, or as soon thereafter as practical, but no later than June 30, 2022, the State Comptroller shall direct and the State Treasurer shall transfer the sum of $470,000,000 from the General Revenue Fund to the Income Tax Refund Fund.

(c) On July 1, 2022, or as soon thereafter as practical, the State Comptroller shall direct and the State Treasurer shall transfer the sum of $50,000,000 from the General Revenue Fund to the Income Tax Refund Fund.

(d) In addition to any other transfers that may be provided for by law, beginning on the effective date of this amendatory Act of the 102nd General Assembly and until June 30, 2023, the Director may certify additional transfer amounts needed beyond the amounts specified in subsections (b) and (c). The State Comptroller shall direct and the State Treasurer shall transfer the amounts certified by the Director from the General Revenue Fund to the Income Tax Refund Fund.

(e) The one-time rebate payments provided under this Section shall be paid from the Income Tax Refund Fund.

(f) Beginning on July 5, 2022, the Department shall certify to the Comptroller the names of the taxpayers who are eligible for a one-time rebate under this Section, the amounts of those rebates, and any other information that the Comptroller requires to direct the payment of the rebates provided under this Section to taxpayers.

(g) The amount of a rebate under this Section shall not be included in the taxpayer's income or resources for the purposes of determining eligibility or benefit level in any means-tested benefit program administered by a governmental entity unless required by federal law.

(h) Notwithstanding any other law to the contrary, the rebates shall not be subject to offset by the Comptroller against any liability owed either to the State or to any unit of local government.

(i) This Section is repealed on January 1, 2024.

(Source: P.A. 102-700, eff. 4-19-22.)