101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB2685

 

Introduced 1/29/2020, by Sen. William E. Brady

 

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.


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A BILL FOR

 

SB2685LRB101 17072 HLH 66472 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    (Text of Section before amendment by P.A. 101-8)
8    Sec. 208. Tax credit for residential real property taxes.
9Beginning with tax years ending on or after December 31, 1991,
10every individual taxpayer shall be entitled to a tax credit
11equal to 5% of real property taxes paid by such taxpayer during
12the the taxable year on the principal residence of the
13taxpayer. In the case of multi-unit or multi-use structures and
14farm dwellings, the taxes on the taxpayer's principal residence
15shall be that portion of the total taxes which is attributable
16to such principal residence. Notwithstanding any other
17provision of law, for taxable years beginning on or after
18January 1, 2017, no taxpayer may claim a credit under this
19Section if the taxpayer's adjusted gross income for the taxable
20year exceeds (i) $500,000, in the case of spouses filing a
21joint federal tax return, or (ii) $250,000, in the case of all
22other taxpayers.
23(Source: P.A. 100-22, eff. 7-6-17.)
 

 

 

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1    (Text of Section after amendment by P.A. 101-8)
2    Sec. 208. Tax credit for residential real property taxes.
3For tax years ending on or after December 31, 1991 and ending
4prior to December 31, 2021, every individual taxpayer shall be
5entitled to a tax credit equal to 5% of real property taxes
6paid by such taxpayer during the the taxable year on the
7principal residence of the taxpayer. For tax years ending on or
8after December 31, 2021, every individual taxpayer shall be
9entitled to a tax credit equal to 6% of real property taxes
10paid by such taxpayer during the taxable year on the principal
11residence of the taxpayer. In the case of multi-unit or
12multi-use structures and farm dwellings, the taxes on the
13taxpayer's principal residence shall be that portion of the
14total taxes which is attributable to such principal residence.
15Notwithstanding any other provision of law, for taxable years
16beginning on or after January 1, 2017, no taxpayer may claim a
17credit under this Section if the taxpayer's adjusted gross
18income for the taxable year exceeds (i) $500,000, in the case
19of spouses filing a joint federal tax return, or (ii) $250,000,
20in the case of all other taxpayers. This Section is exempt from
21the provisions of Section 250.
22(Source: P.A. 100-22, eff. 7-6-17; 101-8, see Section 99 for
23effective date.)
 
24    Section 95. No acceleration or delay. Where this Act makes

 

 

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1changes in a statute that is represented in this Act by text
2that is not yet or no longer in effect (for example, a Section
3represented by multiple versions), the use of that text does
4not accelerate or delay the taking effect of (i) the changes
5made by this Act or (ii) provisions derived from any other
6Public Act.