093_HB0866eng

 
HB0866 Engrossed                     LRB093 05710 SJM 05803 b

 1        AN ACT in relation to income taxes.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  Illinois  Income Tax Act is amended by
 5    changing 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.
 8    Beginning with tax years ending  on  or  after  December  31,
 9    1991,  every  individual  taxpayer shall be entitled to a tax
10    credit equal to 5% of the real property taxes  paid  by  such
11    taxpayer  during  the taxable year on the principal residence
12    of the taxpayer. In  the  case  of  multi-unit  or  multi-use
13    structures  and  farm  dwellings, the taxes on the taxpayer's
14    principal residence shall be that portion of the total  taxes
15    which is attributable to such principal residence.
16    (Source: P.A. 87-17.)