O'MALLEY. 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. 98-02-20 S FIRST READING 98-02-20 S REFERRED TO SENATE RULES COMMITTEE RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary