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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0259 Introduced 01/25/11, by Rep. Jack D. Franks 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. In a Section granting a tax credit for residential real property taxes, provides that, for tax years beginning on or after January 1, 2012, if the taxpayer qualifies for the disabled persons' homestead exemption under the Property Tax Code, then the taxpayer is entitled to a credit equal to 10% (instead of 5%) of real property taxes paid by the taxpayer during the taxable year on the qualifying property. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Exempts the credit from the Act's automatic sunset provision. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB0259 | | LRB097 06337 HLH 46417 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | changing Section 208 as follows:
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| 6 | | (35 ILCS 5/208) (from Ch. 120, par. 2-208)
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| 7 | | Sec. 208. Tax credit for residential real property taxes. |
| 8 | | (a) Except as provided in subsection (b) of this Section, |
| 9 | | beginning Beginning with tax years ending on or after December |
| 10 | | 31, 1991,
every individual taxpayer shall be entitled to a tax |
| 11 | | credit equal
to 5% of real property taxes paid by such taxpayer |
| 12 | | during the
taxable year on the principal residence of the |
| 13 | | taxpayer. In the
case of multi-unit or multi-use structures and |
| 14 | | farm dwellings,
the taxes on the taxpayer's principal residence |
| 15 | | shall be that
portion of the total taxes which is attributable |
| 16 | | to such principal
residence.
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| 17 | | (b) For tax years beginning on or after January 1, 2012, if |
| 18 | | the taxpayer qualifies for the disabled persons' homestead |
| 19 | | exemption under Section 15-168 of the Property Tax Code during |
| 20 | | the taxable year, then the taxpayer is entitled to a credit |
| 21 | | against the tax imposed by subsections (a) and (b) of Section |
| 22 | | 201 of this Act equal to 10% of real property taxes paid by the |
| 23 | | taxpayer during the taxable year on the qualifying property. In |