94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1757

 

Introduced 2/25/2005, by Sen. Carole Pankau

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/208   from Ch. 120, par. 2-208

    Amends the Illinois Income Tax Act. In a provision concerning the tax credit for residential real property taxes, provides that, for taxable years ending on or after December 31, 2005, the amount of the credit is a percentage, based upon the taxpayer's household income, of the real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer (now, the amount of the credit is 5% of the real property taxes for all taxpayers). Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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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     (a) Beginning with tax years ending on or after December
9 31, 1991 and ending with taxable years ending on or before
10 December 30, 2005, every individual taxpayer shall be entitled
11 to a tax credit equal to 5% of real property taxes paid by such
12 taxpayer during the taxable year on the principal residence of
13 the taxpayer.
14     (b) For taxable years ending on or after December 31, 2005,
15 every individual taxpayer is entitled to a tax credit in an
16 amount equal to:
17         (1) for taxpayers with a household income of $100,000
18     or more per year, 5% of the real property taxes paid by the
19     taxpayer during the taxable year on the principal residence
20     of the taxpayer;
21         (2) for taxpayers with a household income of $90,000 or
22     more but less than $100,000 per year, 10% of the real
23     property taxes paid by the taxpayer during the taxable year
24     on the principal residence of the taxpayer;
25         (3) for taxpayers with a household income of $80,000 or
26     more but less than $90,000 per year, 20% of the real
27     property taxes paid by the taxpayer during the taxable year
28     on the principal residence of the taxpayer;
29         (4) for taxpayers with a household income of $70,000 or
30     more but less than $80,000 per year, 30% of the real
31     property taxes paid by the taxpayer during the taxable year
32     on the principal residence of the taxpayer;

 

 

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1         (5) for taxpayers with a household income of $60,000 or
2     more but less than $70,000 per year, 40% of the real
3     property taxes paid by the taxpayer during the taxable year
4     on the principal residence of the taxpayer;
5         (6) for taxpayers with a household income of $50,000 or
6     more but less than $60,000 per year, 50% of the real
7     property taxes paid by the taxpayer during the taxable year
8     on the principal residence of the taxpayer;
9         (7) for taxpayers with a household income of $40,000 or
10     more but less than $50,000 per year, 60% of the real
11     property taxes paid by the taxpayer during the taxable year
12     on the principal residence of the taxpayer;
13         (8) for taxpayers with a household income of $30,000 or
14     more but less than $40,000 per year, 70% of the real
15     property taxes paid by the taxpayer during the taxable year
16     on the principal residence of the taxpayer;
17         (9) for taxpayers with a household income of $20,000 or
18     more but less than $30,000 per year, 80% of the real
19     property taxes paid by the taxpayer during the taxable year
20     on the principal residence of the taxpayer; and
21         (10) for taxpayers with a household income of less than
22     $20,000 per year, 100% of the real property taxes paid by
23     the taxpayer during the taxable year on the principal
24     residence of the taxpayer.
25     For purposes of this subsection, "household income" means
26 the combined income of the members of a household. "Household"
27 means the taxpayer, the spouse of the taxpayer, and all persons
28 using the residence of the taxpayer as their principal place of
29 residence.
30     (c) In the case of multi-unit or multi-use structures and
31 farm dwellings, the taxes on the taxpayer's principal residence
32 shall be that portion of the total taxes which is attributable
33 to such principal residence.
34 (Source: P.A. 87-17.)
 
35     Section 99. Effective date. This Act takes effect upon

 

 

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1 becoming law.