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90_SB1856
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 tax years 1998, 1999, 2000, 2001, and 2002, every
individual taxpayer 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. Provides that if the taxpayer is 65 years of
age or older and the additional credit exceeds the taxpayer's
liability under this Act, the taxpayer shall receive a refund
in an amount equal to the amount by which the credit exceeds
the taxpayer's liability, offset by the amount of any grant
received by the taxpayer during the tax year under the Senior
Citizens and Disabled Persons Property Tax Relief and
Pharmaceutical Assistance Act. Effective immediately.
LRB9011690KDks
LRB9011690KDks
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 tax years 1998, 1999, 2000, 2001, and
16 2002, every individual taxpayer shall be entitled to an
17 additional tax credit equal to 5% of the real property taxes
18 paid by the taxpayer during the taxable year on the principal
19 residence of the taxpayer. If the taxpayer is 65 years of
20 age or older and the additional credit exceeds the liability
21 of the taxpayer under this Act, the taxpayer shall receive a
22 refund in an amount equal to the amount by which the credit
23 under this Section exceeds the taxpayer's liability under
24 this Act, offset by the amount of any grant received by the
25 taxpayer during the tax year under Section 4 of the Senior
26 Citizens and Disabled Persons Property Tax Relief and
27 Pharmaceutical Assistance Act.".
28 (c) In the case of multi-unit or multi-use structures
29 and farm dwellings, the taxes on the taxpayer's principal
30 residence shall be that portion of the total taxes which is
31 attributable to such principal residence.
-2- LRB9011690KDks
1 (Source: P.A. 87-17.)
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.