90th General Assembly
Summary of SB1856
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Senate Sponsors:
O'MALLEY.

Short description: 
INC TX-RESIDENTIAL CREDIT                                                  

Synopsis of Bill as introduced:
        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.                                                                
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status