Bill Status of HB4290 94th General Assembly
Short Description: INC TX-RESIDENTIAL PROP CR
Rep. Ron Stephens - Thomas Holbrook
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
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) 5% of real property taxes paid by the taxpayer to a taxing body other than a school district during the tax year; plus (2) for taxable year 2006, 5% of the real property taxes paid by the taxpayer to a school district during the tax year and to be increased by 5% increments each year thereafter until the credit equals 100% of the real property taxes paid by the taxpayer to a school district during the tax year. Exempts the credit from the Act's sunset provisions. Effective immediately.