SB0009sam005 100TH GENERAL ASSEMBLY

Sen. Toi W. Hutchinson

Filed: 5/17/2017

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 9

2    AMENDMENT NO. ______. Amend Senate Bill 9, AS AMENDED, by
3inserting Article 31 in its proper numeric sequence as follows:
 
4
"ARTICLE 31. INCOME TAX CREDIT-PROPERTY TAX

 
5    Section 5. The Illinois Income Tax Act is amended by
6changing Section 208 as follows:
 
7    (35 ILCS 5/208)  (from Ch. 120, par. 2-208)
8    Sec. 208. Tax credit for residential real property taxes.
9Beginning with tax years ending on or after December 31, 1991,
10every individual taxpayer shall be entitled to a tax credit
11equal to 5% of real property taxes paid by such taxpayer during
12the taxable year on the principal residence of the taxpayer. In
13the case of multi-unit or multi-use structures and farm
14dwellings, the taxes on the taxpayer's principal residence
15shall be that portion of the total taxes which is attributable

 

 

10000SB0009sam005- 2 -LRB100 06347 HLH 26465 a

1to such principal residence. Notwithstanding any other
2provision of law, for taxable years beginning on or after
3January 1, 2018, no taxpayer may claim a credit under this
4Section if the taxpayer's adjusted gross income for the taxable
5year exceeds (i) $500,000, in the case of spouses filing a
6joint federal tax return, or (ii) $250,000, in the case of all
7other taxpayers.
8(Source: P.A. 87-17.)".