103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4383

 

Introduced 1/16/2024, by Rep. Jay Hoffman

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/208  from Ch. 120, par. 2-208

    Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning a tax credit for property taxes.


LRB103 36702 HLH 66812 b

 

 

A BILL FOR

 

HB4383LRB103 36702 HLH 66812 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by
5changing Section 208 as follows:
 
6    (35 ILCS 5/208)  (from Ch. 120, par. 2-208)
7    Sec. 208. Tax credit for residential real property taxes.
8Beginning with tax years ending on or after December 31, 1991,
9every individual taxpayer shall be entitled to a tax credit
10equal to 5% of real property taxes paid by such taxpayer during
11the the taxable year on the principal residence of the
12taxpayer. In the case of multi-unit or multi-use structures
13and farm dwellings, the taxes on the taxpayer's principal
14residence shall be that portion of the total taxes which is
15attributable to such principal residence. Notwithstanding any
16other provision of law, for taxable years beginning on or
17after January 1, 2017, no taxpayer may claim a credit under
18this Section if the taxpayer's adjusted gross income for the
19taxable year exceeds (i) $500,000, in the case of spouses
20filing a joint federal tax return, or (ii) $250,000, in the
21case of all other taxpayers.
22(Source: P.A. 101-8, see Section 99 for effective date;
23102-558, eff. 8-20-21.)