93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6043

 

Introduced 2/6/2004, by Tom Cross

 

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.


LRB093 17486 SJM 43155 b

 

 

A BILL FOR

 

HB6043 LRB093 17486 SJM 43155 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, 1991,
9 every individual taxpayer shall be entitled to a tax credit
10 equal to 5% of the real property taxes paid by such taxpayer
11 during the taxable year on the principal residence of the
12 taxpayer. In the case of multi-unit or multi-use structures and
13 farm dwellings, the taxes on the taxpayer's principal residence
14 shall be that portion of the total taxes which is attributable
15 to such principal residence.
16 (Source: P.A. 87-17.)