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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 HB0135
Introduced 1/10/2005, by Rep. William Delgado SYNOPSIS AS INTRODUCED: |
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35 ILCS 5/208 |
from Ch. 120, par. 2-208 |
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Amends the Illinois Income Tax Act. Provides that the tax credit for residential real property taxes may not exceed $300 per taxable year.
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FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB0135 |
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LRB094 05474 BDD 35520 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by |
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| changing Section 208 as follows:
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| (35 ILCS 5/208) (from Ch. 120, par. 2-208)
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| Sec. 208. Tax credit for residential real property taxes. |
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| Beginning with tax years ending on or after December 31, 1991,
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| every individual taxpayer shall be entitled to a tax credit |
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| equal
to 5% of real property taxes paid by such taxpayer during |
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taxable year on the principal residence of the taxpayer. In |
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case of multi-unit or multi-use structures and farm |
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| dwellings,
the taxes on the taxpayer's principal residence |
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| shall be that
portion of the total taxes which is attributable |
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| to such principal
residence. The credit under this Section may |
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| not exceed $300 per taxable year.
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| (Source: P.A. 87-17.)
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