96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4741

 

Introduced 1/11/2010, by Rep. Jack D. Franks

 

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

    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, 2011, 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.


LRB096 16402 HLH 31668 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4741 LRB096 16402 HLH 31668 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) 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.
17     (b) For tax years beginning on or after January 1, 2011, 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

 

 

HB4741 - 2 - LRB096 16402 HLH 31668 b

1 the case of multi-unit or multi-use structures and farm
2 dwellings, the credit shall be taken as a percentage of that
3 portion of the total taxes that is attributable to the
4 taxpayer's principal residence. A credit awarded under this
5 subsection may not be carried forward or back and may not
6 reduce the taxpayer's liability to less than zero.
7     (c) This Section is exempt from the provisions of Section
8 250.
9 (Source: P.A. 87-17.)
 
10     Section 99. Effective date. This Act takes effect upon
11 becoming law.