Illinois General Assembly - Full Text of SB4163
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Full Text of SB4163  102nd General Assembly

SB4163 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB4163

 

Introduced 2/9/2022, by Sen. Chapin Rose

 

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

    Amends the Illinois Income Tax Act. Increases the credit for for residential real property taxes from 5% to 10% of real property taxes paid by the taxpayer for tax years ending on or after December 31, 2022. Effective immediately.


LRB102 24433 HLH 33667 b

 

 

A BILL FOR

 

SB4163LRB102 24433 HLH 33667 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
9and prior to December 31, 2022, every individual taxpayer
10shall be entitled to a tax credit equal to 5% of real property
11taxes paid by such taxpayer during the taxable year on the
12principal residence of the taxpayer. For tax years ending on
13or after December 31, 2022, every individual taxpayer shall be
14entitled to a tax credit equal to 10% of real property taxes
15paid by such taxpayer during the taxable year on the principal
16residence of the taxpayer. In the case of multi-unit or
17multi-use structures and farm dwellings, the taxes on the
18taxpayer's principal residence shall be that portion of the
19total taxes which is attributable to such principal residence.
20Notwithstanding any other provision of law, for taxable years
21beginning on or after January 1, 2017, no taxpayer may claim a
22credit under this Section if the taxpayer's adjusted gross
23income for the taxable year exceeds (i) $500,000, in the case

 

 

SB4163- 2 -LRB102 24433 HLH 33667 b

1of spouses filing a joint federal tax return, or (ii)
2$250,000, in the case of all other taxpayers.
3(Source: P.A. 101-8, see Section 99 for effective date;
4102-558, eff. 8-20-21.)
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.