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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB4163 Introduced 2/9/2022, by Sen. Chapin Rose 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. Increases the credit for for residential real property taxes from 5% to 10% of real property taxes paid by the taxpayer for tax years ending on or after December 31, 2022. Effective immediately.
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| | A BILL FOR |
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| | SB4163 | | LRB102 24433 HLH 33667 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | changing Section 208 as follows:
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| 6 | | (35 ILCS 5/208) (from Ch. 120, par. 2-208)
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| 7 | | Sec. 208. Tax credit for residential real property taxes. |
| 8 | | Beginning with tax years ending on or after December 31, 1991 |
| 9 | | and prior to December 31, 2022,
every individual taxpayer |
| 10 | | shall be entitled to a tax credit equal
to 5% of real property |
| 11 | | taxes paid by such taxpayer during the
taxable year on the |
| 12 | | principal residence of the taxpayer. For tax years ending on |
| 13 | | or after December 31, 2022,
every individual taxpayer shall be |
| 14 | | entitled to a tax credit equal
to 10% of real property taxes |
| 15 | | paid by such taxpayer during the
taxable year on the principal |
| 16 | | residence of the taxpayer. In the
case of multi-unit or |
| 17 | | multi-use structures and farm dwellings,
the taxes on the |
| 18 | | taxpayer's principal residence shall be that
portion of the |
| 19 | | total taxes which is attributable to such principal
residence. |
| 20 | | Notwithstanding any other provision of law, for taxable years |
| 21 | | beginning on or after January 1, 2017, no taxpayer may claim a |
| 22 | | credit under this Section if the taxpayer's adjusted gross |
| 23 | | income for the taxable year exceeds (i) $500,000, in the case |