|
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0707
Introduced 2/18/2005, by Sen. Don Harmon - Emil Jones, Jr. 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.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
SB0707 |
|
LRB094 08531 BDD 38738 b |
|
|
| 1 |
| AN ACT concerning revenue.
|
| 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 real property taxes paid by such taxpayer during |
| 11 |
| the
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.)
|