97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB4226

 

Introduced 1/30/2012, by Rep. Michael J. Madigan

 

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.


LRB097 15216 HLH 60316 b

 

 

A BILL FOR

 

HB4226LRB097 15216 HLH 60316 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.
8Beginning with tax years ending on or after December 31, 1991,
9every individual taxpayer shall be entitled to a tax credit
10equal to 5% of real property taxes paid by such taxpayer during
11the the taxable year on the principal residence of the
12taxpayer. In the case of multi-unit or multi-use structures and
13farm dwellings, the taxes on the taxpayer's principal residence
14shall be that portion of the total taxes which is attributable
15to such principal residence.
16(Source: P.A. 87-17.)