GARRETT. 35 ILCS 5/208 from Ch. 120, par. 2-208 35 ILCS 5/208.5 new Amends the Illinois Income Tax Act. Provides that in addition to the existing tax credit for residential property, for the 2000 tax year and thereafter, every individual taxpayer whose principal residence has an equalized assessed value as determined by the Department of Revenue of less than $166,667 shall be entitled to an additional tax credit equal to 5% of the real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Creates a credit against the taxes imposed under the Act for Subchapter S Corporations and sole proprietorships in an amount equal to 5% of the property taxes paid by the Subchapter S Corporation and the sole proprietorship during the taxable year on eligible property owned by the corporation or proprietorship. Provides that eligible property has an equalized assessed value of less than (i) $399,000 in counties with 3,000,000 or more inhabitants or (ii) $166,667 in counties with fewer than 3,000,000 inhabitants. Exempts the credits from the sunset provisions. Effective immediately. 00-02-07 H FIRST READING 00-02-07 H REFERRED TO HOUSE RULES COMMITTEE RULES 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary