Sen. Toi W. Hutchinson
Filed: 5/17/2017
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| 1 | AMENDMENT TO SENATE BILL 9
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 9, AS AMENDED, by | ||||||
| 3 | inserting Article 31 in its proper numeric sequence as follows:
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| 4 | "ARTICLE 31. INCOME TAX CREDIT-PROPERTY TAX | ||||||
| 5 | Section 5. The Illinois Income Tax Act is amended by | ||||||
| 6 | changing Section 208 as follows:
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| 7 | (35 ILCS 5/208) (from Ch. 120, par. 2-208)
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| 8 | Sec. 208. Tax credit for residential real property taxes. | ||||||
| 9 | Beginning with tax years ending on or after December 31, 1991,
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| 10 | every individual taxpayer shall be entitled to a tax credit | ||||||
| 11 | equal
to 5% of real property taxes paid by such taxpayer during | ||||||
| 12 | the
taxable year on the principal residence of the taxpayer. In | ||||||
| 13 | the
case of multi-unit or multi-use structures and farm | ||||||
| 14 | dwellings,
the taxes on the taxpayer's principal residence | ||||||
| 15 | shall be that
portion of the total taxes which is attributable | ||||||
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| 1 | to such principal
residence. Notwithstanding any other | ||||||
| 2 | provision of law, for taxable years beginning on or after | ||||||
| 3 | January 1, 2018, no taxpayer may claim a credit under this | ||||||
| 4 | Section if the taxpayer's adjusted gross income for the taxable | ||||||
| 5 | year exceeds (i) $500,000, in the case of spouses filing a | ||||||
| 6 | joint federal tax return, or (ii) $250,000, in the case of all | ||||||
| 7 | other taxpayers.
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| 8 | (Source: P.A. 87-17.)".
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