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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4118
Introduced 09/30/05, by Rep. Ron Stephens SYNOPSIS AS INTRODUCED:
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35 ILCS 5/208 |
from Ch. 120, par. 2-208 |
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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.
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| FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB4118 |
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LRB094 14137 BDD 49036 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by |
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| changing Section 208 and by adding Section 208.2 as follows:
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| (35 ILCS 5/208) (from Ch. 120, par. 2-208)
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| Sec. 208. Tax credit for residential real property taxes. |
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| (a) Beginning with tax years ending on or after December |
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| 31, 1991 through tax years ending on or before December 31, |
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| 2005,
every individual taxpayer shall be entitled to a tax |
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| credit equal
to 5% of real property taxes paid by such taxpayer |
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| during the
taxable year on the principal residence of the |
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| taxpayer. |
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| (b) For tax years ending after December 31, 2005, every |
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| individual taxpayer who has paid taxes during the tax year on |
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| the principal residence of the taxpayer is entitled to a tax |
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| credit equal
to: |
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| (1) 100% of the real property taxes paid by the |
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| taxpayer to a school district during the tax year; plus
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| (2) 5% of real property taxes paid by the taxpayer to a |
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| taxing body other than a school district during the
tax |
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| year.
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| (c) In the
case of multi-unit or multi-use structures and |
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| farm dwellings,
the taxes on the taxpayer's principal residence |
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| shall be that
portion of the total taxes which is attributable |
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| to such principal
residence. |
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| (d) This Section is exempt from the provisions of Section |
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| 250.
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| (Source: P.A. 87-17.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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