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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0138 Introduced 1/27/2011, by Sen. Dan Kotowski 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 amount of the credit for residential real property taxes from 5% of real property taxes paid by the taxpayer during the
taxable year on his or her principal residence to 10% of real property taxes paid by the taxpayer during the
taxable year on his or her principal residence. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB0138 | | LRB097 06500 HLH 46583 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 ending before December 31, 2011,
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 beginning on |
| 13 | | or after January 1, 2011, 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.
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| 20 | | (Source: P.A. 87-17.)
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| 21 | | Section 99. Effective date. This Act takes effect upon |
| 22 | | becoming law.
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