90th General Assembly
Status of SB1856
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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