|
| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 HB1073 Introduced 1/12/2023, by Rep. Steven Reick SYNOPSIS AS INTRODUCED: |
| 35 ILCS 5/208 | from Ch. 120, par. 2-208 |
|
Amends the Illinois Income Tax Act. Provides that, if the amount of the credit for residential real property taxes exceeds the taxpayer's liability, that amount shall be refunded if the taxpayer is 65 years or older and has a federal adjusted gross income of not more than $50,000. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
|
| |
| | A BILL FOR |
|
|
| | HB1073 | | LRB103 04763 HLH 49772 b |
|
|
1 | | AN ACT concerning revenue.
|
2 | | Be it enacted by the People of the State of Illinois,
|
3 | | represented in the General Assembly:
|
4 | | Section 5. The Illinois Income Tax Act is amended by |
5 | | changing Section 208 as follows:
|
6 | | (35 ILCS 5/208) (from Ch. 120, par. 2-208)
|
7 | | Sec. 208. Tax credit for residential real property taxes. |
8 | | Beginning with tax years ending on or after December 31, 1991,
|
9 | | every individual taxpayer shall be entitled to a tax credit |
10 | | equal
to 5% of real property taxes paid by such taxpayer during |
11 | | the
taxable year on the principal residence of the taxpayer. |
12 | | In the
case of multi-unit or multi-use structures and farm |
13 | | dwellings,
the taxes on the taxpayer's principal residence |
14 | | shall be that
portion of the total taxes which is attributable |
15 | | to such principal
residence. Notwithstanding any other |
16 | | provision of law, for taxable years beginning on or after |
17 | | January 1, 2017, no taxpayer may claim a credit under this |
18 | | Section if the taxpayer's adjusted gross income for the |
19 | | taxable year exceeds (i) $500,000, in the case of spouses |
20 | | filing a joint federal tax return, or (ii) $250,000, in the |
21 | | case of all other taxpayers.
|
22 | | For taxable years beginning on or after January 1, 2023, |
23 | | if the amount of the credit exceeds the taxpayer's income tax |