97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0259

 

Introduced 01/25/11, by Rep. Jack D. Franks

 

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

    Amends the Illinois Income Tax Act. In a Section granting a tax credit for residential real property taxes, provides that, for tax years beginning on or after January 1, 2012, if the taxpayer qualifies for the disabled persons' homestead exemption under the Property Tax Code, then the taxpayer is entitled to a credit equal to 10% (instead of 5%) of real property taxes paid by the taxpayer during the taxable year on the qualifying property. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Exempts the credit from the Act's automatic sunset provision. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0259LRB097 06337 HLH 46417 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    Sec. 208. Tax credit for residential real property taxes.
8    (a) Except as provided in subsection (b) of this Section,
9beginning Beginning with tax years ending on or after December
1031, 1991, every individual taxpayer shall be entitled to a tax
11credit equal to 5% of real property taxes paid by such taxpayer
12during 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.
17    (b) For tax years beginning on or after January 1, 2012, if
18the taxpayer qualifies for the disabled persons' homestead
19exemption under Section 15-168 of the Property Tax Code during
20the taxable year, then the taxpayer is entitled to a credit
21against the tax imposed by subsections (a) and (b) of Section
22201 of this Act equal to 10% of real property taxes paid by the
23taxpayer during the taxable year on the qualifying property. In

 

 

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1the case of multi-unit or multi-use structures and farm
2dwellings, the credit shall be taken as a percentage of that
3portion of the total taxes that is attributable to the
4taxpayer's principal residence. A credit awarded under this
5subsection may not be carried forward or back and may not
6reduce the taxpayer's liability to less than zero.
7    (c) This Section is exempt from the provisions of Section
8250.
9(Source: P.A. 87-17.)
 
10    Section 99. Effective date. This Act takes effect upon
11becoming law.