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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB4226 Introduced 1/30/2012, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | 35 ILCS 5/208 | from Ch. 120, par. 2-208 |
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning a tax credit for property taxes.
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| | A BILL FOR |
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| | HB4226 | | LRB097 15216 HLH 60316 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, |
| 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 | | Beginning with tax years ending on or after December 31, 1991,
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| 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.)
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