100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4304

 

Introduced , by Rep. Steven Reick

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/208  from Ch. 120, par. 2-208

    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. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4304LRB100 16278 HLH 31401 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by
5changing Section 208 as follows:
 
6    (35 ILCS 5/208)  (from Ch. 120, par. 2-208)
7    Sec. 208. Tax credit for residential real property taxes.
8Beginning with tax years ending on or after December 31, 1991,
9every individual taxpayer shall be entitled to a tax credit
10equal to 5% of real property taxes paid by such taxpayer during
11the taxable year on the principal residence of the taxpayer. In
12the case of multi-unit or multi-use structures and farm
13dwellings, the taxes on the taxpayer's principal residence
14shall be that portion of the total taxes which is attributable
15to such principal residence. For taxable years beginning on or
16after January 1, 2018, if the amount of the credit exceeds the
17taxpayer's income tax liability for the applicable tax year,
18then the excess credit shall be refunded to the taxpayer if (i)
19the taxpayer is 65 years old or older and (ii) has a federal
20adjusted gross income not greater than $50,000. The amount of a
21refund shall not be included in the taxpayer's income or
22resources for the purposes of determining eligibility or
23benefit level in any means-tested benefit program administered

 

 

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1by a governmental entity unless required by federal law.
2Notwithstanding any other provision of law, for taxable years
3beginning on or after January 1, 2017, no taxpayer may claim a
4credit under this Section if the taxpayer's adjusted gross
5income for the taxable year exceeds (i) $500,000, in the case
6of spouses filing a joint federal tax return, or (ii) $250,000,
7in the case of all other taxpayers.
8    The provisions of this Section, as amended by this
9amendatory Act of the 100th General Assembly, are exempt from
10the provisions of Section 250.
11(Source: P.A. 100-22, eff. 7-6-17.)
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.