HB6666 95TH GENERAL ASSEMBLY

LRB095 20721 HLH 49159 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB6666

Introduced , by Rep. Brent Hassert

SYNOPSIS AS INTRODUCED:

35 ILCS 5/208

from Ch. 120, par. 2-208

Amends the Illinois Income Tax Act. Increases the credit for property taxes paid by the taxpayer from 5% to 10%. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by changing Section 208 as follows:

(35 ILCS 5/208) (from Ch. 120, par. 2-208)

Sec. 208. Tax credit for residential real property taxes. Beginning with tax years ending on or after December 31, 1991 and through the tax year ending on December 31, 2007, every individual taxpayer shall be entitled to a tax credit equal to 5% of real property taxes paid by such taxpayer during the taxable year on the principal residence of the taxpayer. In the case of multi-unit or multi-use structures and farm dwellings, the taxes on the taxpayer's principal residence shall be that portion of the total taxes which is attributable to such principal residence.

For tax years ending on or after December 31, 2008, every individual taxpayer shall be entitled to a tax credit equal to 10% of real property taxes paid by such taxpayer during the taxable year on the principal residence of the taxpayer. In the case of multi-unit or multi-use structures and farm dwellings, the taxes on the taxpayer's principal residence shall be that portion of the total taxes which is attributable to such principal residence.

(Source: P.A. 87-17.)

Section 99. Effective date. This Act takes effect upon becoming law.