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90_HB2463
35 ILCS 5/208 from Ch. 120, par. 2-208
Amends the Illinois Income Tax Act. Provides that in
addition to the existing tax credit for residential property,
for the 1998 tax year and thereafter, every individual
taxpayer whose principal residence has an equalized assessed
value as determined by the Department of Revenue of less than
$166,666 shall be entitled to an additional tax credit equal
to 5% of the real property taxes paid by the taxpayer during
the taxable year on the principal residence of the taxpayer.
Exempts the additional credit from the sunset provisions.
Effective immediately.
LRB9008573KDgcA
LRB9008573KDgcA
1 AN ACT to amend the Illinois Income Tax Act by changing
2 Section 208.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 changing 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.
9 (a) Beginning with tax years ending on or after December
10 31, 1991, every individual taxpayer shall be entitled to a
11 tax credit equal to 5% of real property taxes paid by such
12 taxpayer during the taxable year on the principal residence
13 of the taxpayer.
14 (b) In addition to the tax credit provided under
15 subsection (a), for the 1998 tax year and thereafter, every
16 individual taxpayer whose principal residence has an
17 equalized assessed value as determined by the Department of
18 less than $166,666 shall be entitled to an additional tax
19 credit equal to 5% of the real property taxes paid by the
20 taxpayer during the taxable year on the principal residence
21 of the taxpayer. The changes made by this amendatory Act of
22 1998 are exempt from the provisions of Section 250.
23 (c) In the case of multi-unit or multi-use structures
24 and farm dwellings, the taxes on the taxpayer's principal
25 residence shall be that portion of the total taxes which is
26 attributable to such principal residence.
27 (Source: P.A. 87-17.)
28 Section 99. Effective date. This Act takes effect upon
29 becoming law.