Full Text of SB2685 101st General Assembly
SB2685 101ST GENERAL ASSEMBLY |
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020 SB2685 Introduced 1/29/2020, by Sen. William E. Brady SYNOPSIS AS INTRODUCED: | | 35 ILCS 5/208 | from Ch. 120, par. 2-208 |
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning a tax credit for property taxes.
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| | A BILL FOR |
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| | | SB2685 | | LRB101 17072 HLH 66472 b |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Income Tax Act is amended by | 5 | | changing Section 208 as follows:
| 6 | | (35 ILCS 5/208) (from Ch. 120, par. 2-208)
| 7 | | (Text of Section before amendment by P.A. 101-8 )
| 8 | | Sec. 208. Tax credit for residential real property taxes. | 9 | | Beginning with tax years ending on or after December 31, 1991,
| 10 | | every individual taxpayer shall be entitled to a tax credit | 11 | | equal
to 5% of real property taxes paid by such taxpayer during | 12 | | the the
taxable year on the principal residence of the | 13 | | taxpayer. In the
case of multi-unit or multi-use structures and | 14 | | farm dwellings,
the taxes on the taxpayer's principal residence | 15 | | shall be that
portion of the total taxes which is attributable | 16 | | to such principal
residence. Notwithstanding any other | 17 | | provision of law, for taxable years beginning on or after | 18 | | January 1, 2017, no taxpayer may claim a credit under this | 19 | | Section if the taxpayer's adjusted gross income for the taxable | 20 | | year exceeds (i) $500,000, in the case of spouses filing a | 21 | | joint federal tax return, or (ii) $250,000, in the case of all | 22 | | other taxpayers.
| 23 | | (Source: P.A. 100-22, eff. 7-6-17.)
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| 1 | | (Text of Section after amendment by P.A. 101-8 )
| 2 | | Sec. 208. Tax credit for residential real property taxes. | 3 | | For tax years ending on or after December 31, 1991 and ending | 4 | | prior to December 31, 2021,
every individual taxpayer shall be | 5 | | entitled to a tax credit equal
to 5% of real property taxes | 6 | | paid by such taxpayer during the the
taxable year on the | 7 | | principal residence of the taxpayer. For tax years ending on or | 8 | | after December 31, 2021, every individual taxpayer shall be | 9 | | entitled to a tax credit equal
to 6% of real property taxes | 10 | | paid by such taxpayer during the
taxable year on the principal | 11 | | residence of the taxpayer. In the
case of multi-unit or | 12 | | multi-use structures and farm dwellings,
the taxes on the | 13 | | taxpayer's principal residence shall be that
portion of the | 14 | | total taxes which is attributable to such principal
residence. | 15 | | Notwithstanding any other provision of law, for taxable years | 16 | | beginning on or after January 1, 2017, no taxpayer may claim a | 17 | | credit under this Section if the taxpayer's adjusted gross | 18 | | income for the taxable year exceeds (i) $500,000, in the case | 19 | | of spouses filing a joint federal tax return, or (ii) $250,000, | 20 | | in the case of all other taxpayers. This Section is exempt from | 21 | | the provisions of Section 250.
| 22 | | (Source: P.A. 100-22, eff. 7-6-17; 101-8, see Section 99 for | 23 | | effective date.)
| 24 | | Section 95. No acceleration or delay. Where this Act makes |
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| 1 | | changes in a statute that is represented in this Act by text | 2 | | that is not yet or no longer in effect (for example, a Section | 3 | | represented by multiple versions), the use of that text does | 4 | | not accelerate or delay the taking effect of (i) the changes | 5 | | made by this Act or (ii) provisions derived from any other | 6 | | Public Act. |
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