94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4118

 

Introduced 09/30/05, by Rep. Ron Stephens

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/208   from Ch. 120, par. 2-208

    Amends the Illinois Income Tax Act. Provides that, for tax years ending after December 31, 2005, the amount of the income tax credit for residential real property taxes is: (1) 100% of the real property taxes paid by the taxpayer to a school district during the tax year; plus (2) 5% of real property taxes paid by the taxpayer to a taxing body other than a school district during the tax year. Exempts the credit from the Act's sunset provisions. Effective immediately.


LRB094 14137 BDD 49036 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4118 LRB094 14137 BDD 49036 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 and by adding Section 208.2 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 through tax years ending on or before December 31,
10 2005, 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.
14     (b) For tax years ending after December 31, 2005, every
15 individual taxpayer who has paid taxes during the tax year on
16 the principal residence of the taxpayer is entitled to a tax
17 credit equal to:
18         (1) 100% of the real property taxes paid by the
19     taxpayer to a school district during the tax year; plus
20         (2) 5% of real property taxes paid by the taxpayer to a
21     taxing body other than a school district during the tax
22     year.
23     (c) In the case of multi-unit or multi-use structures and
24 farm dwellings, the taxes on the taxpayer's principal residence
25 shall be that portion of the total taxes which is attributable
26 to such principal residence.
27     (d) This Section is exempt from the provisions of Section
28 250.
29 (Source: P.A. 87-17.)
 
30     Section 99. Effective date. This Act takes effect upon
31 becoming law.