Bill Status of HB1073 103rd General Assembly
Short Description: INC TX-PROP TX CREDIT
Rep. Steven Reick, Martin McLaughlin, Tony M. McCombie, Dan Swanson, Norine K. Hammond, Tom Weber, Dave Severin and Kevin Schmidt
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, if the amount of the credit for residential real property taxes exceeds the taxpayer's liability, that amount shall be refunded if the taxpayer is 65 years or older and has a federal adjusted gross income of not more than $50,000. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.