SB3180 101ST GENERAL ASSEMBLY

LRB101 19858 HLH 69378 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3180

Introduced 2/11/2020, by Sen. Steve Stadelman

SYNOPSIS AS INTRODUCED:

35 ILCS 5/208

from Ch. 120, par. 2-208

Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning a tax credit for property taxes.

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)

(Text of Section before amendment by P.A. 101-8)

Sec. 208. Tax credit for residential real property taxes. Beginning with tax years ending on or after December 31, 1991, every individual taxpayer shall be entitled to a tax credit equal to 5% of real property taxes paid by such taxpayer during the 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. Notwithstanding any other provision of law, for taxable years beginning on or after January 1, 2017, no taxpayer may claim a credit under this Section if the taxpayer's adjusted gross income for the taxable year exceeds (i) $500,000, in the case of spouses filing a joint federal tax return, or (ii) $250,000, in the case of all other taxpayers.

(Source: P.A. 100-22, eff. 7-6-17.)

(Text of Section after amendment by P.A. 101-8)

Sec. 208. Tax credit for residential real property taxes. For tax years ending on or after December 31, 1991 and ending prior to December 31, 2021, every individual taxpayer shall be entitled to a tax credit equal to 5% of real property taxes paid by such taxpayer during the the taxable year on the principal residence of the taxpayer. For tax years ending on or after December 31, 2021, every individual taxpayer shall be entitled to a tax credit equal to 6% 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. Notwithstanding any other provision of law, for taxable years beginning on or after January 1, 2017, no taxpayer may claim a credit under this Section if the taxpayer's adjusted gross income for the taxable year exceeds (i) $500,000, in the case of spouses filing a joint federal tax return, or (ii) $250,000, in the case of all other taxpayers. This Section is exempt from the provisions of Section 250.

(Source: P.A. 100-22, eff. 7-6-17; 101-8, see Section 99 for effective date.)

Section 95. No acceleration or delay. Where this Act makes changes in a statute that is represented in this Act by text that is not yet or no longer in effect (for example, a Section represented by multiple versions), the use of that text does not accelerate or delay the taking effect of (i) the changes made by this Act or (ii) provisions derived from any other Public Act.