SB2132 99TH GENERAL ASSEMBLY

LRB099 12283 HLH 35289 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2132

Introduced 5/7/2015, by Sen. Dan Kotowski

SYNOPSIS AS INTRODUCED:

35 ILCS 5/208

from Ch. 120, par. 2-208

Amends the Illinois Income Tax Act. Increases the amount of the tax credit for residential real property taxes from 5% to 10% of real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by changing Section 208 as follows:

(35 ILCS 5/208) (from Ch. 120, par. 2-208)

Sec. 208. Tax credit for residential real property taxes. For Beginning with tax years ending on or after December 31, 1991 and ending prior to December 31, 2015, every individual taxpayer shall be entitled to a tax credit equal to 5% of real property taxes paid by such taxpayer during the taxable year on the principal residence of the taxpayer.

For tax years ending on or after December 31, 2015, every individual taxpayer shall be entitled to a tax credit equal to 10% of real property taxes paid by such taxpayer during the taxable year on the principal residence of the taxpayer.

In the case of multi-unit or multi-use structures and farm dwellings, the taxes on the taxpayer's principal residence shall be that portion of the total taxes which is attributable to such principal residence.

This Section is exempt from the provisions of Section 250.

(Source: P.A. 87-17.)

Section 99. Effective date. This Act takes effect upon becoming law.