|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 SB1757
Introduced 2/25/2005, by Sen. Carole Pankau SYNOPSIS AS INTRODUCED: |
|
35 ILCS 5/208 |
from Ch. 120, par. 2-208 |
|
Amends the Illinois Income Tax Act. In a provision concerning the tax credit for residential real property taxes, provides that, for taxable years ending on or after December 31, 2005, the amount of the credit is a percentage, based upon the taxpayer's household income, of the real property taxes paid by the taxpayer during the
taxable year on the principal residence of the taxpayer (now, the amount of the credit is 5% of the real property taxes for all taxpayers). Effective immediately.
|
| |
|
|
FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
|
|
A BILL FOR
|
|
|
|
|
SB1757 |
|
LRB094 11355 BDD 42213 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 |
| (a) Beginning with tax years ending on or after December |
9 |
| 31, 1991 and ending with taxable years ending on or before |
10 |
| December 30, 2005 ,
every individual taxpayer shall be entitled |
11 |
| to a tax credit equal
to 5% of real property taxes paid by such |
12 |
| taxpayer during the
taxable year on the principal residence of |
13 |
| the taxpayer. |
14 |
| (b) For taxable years ending on or after December 31, 2005, |
15 |
| every individual taxpayer is entitled to a tax credit in an |
16 |
| amount equal to: |
17 |
| (1) for taxpayers with a household income of $100,000 |
18 |
| or more per year, 5% of the real property taxes paid by the |
19 |
| taxpayer during the
taxable year on the principal residence |
20 |
| of the taxpayer; |
21 |
| (2) for taxpayers with a household income of $90,000 or |
22 |
| more but less than $100,000 per year, 10% of the real |
23 |
| property taxes paid by the taxpayer during the
taxable year |
24 |
| on the principal residence of the taxpayer;
|
25 |
| (3) for taxpayers with a household income of $80,000 or |
26 |
| more but less than $90,000 per year, 20% of the real |
27 |
| property taxes paid by the taxpayer during the
taxable year |
28 |
| on the principal residence of the taxpayer;
|
29 |
| (4) for taxpayers with a household income of $70,000 or |
30 |
| more but less than $80,000 per year, 30% of the real |
31 |
| property taxes paid by the taxpayer during the
taxable year |
32 |
| on the principal residence of the taxpayer;
|