Bill Status of SB2624 103rd General Assembly
Short Description: INC TX-RENTAL PAYMENTS
Sen. Natalie Toro - Willie Preston
|Assigned to Revenue
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit for certain qualified individual taxpayers who rent a dwelling in Illinois for use as their principal place of residence. Provides that the credit shall be equal to 5% of the documented rental costs paid by such taxpayer during the taxable year on that dwelling. Effective immediately.