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91_HB2689
LRB9103475PTpk
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. In the case of multi-unit or multi-use
14 structures and farm dwellings, the taxes on the taxpayer's
15 principal residence shall be that portion of the total taxes
16 which is attributable to such principal residence.
17 (b) Beginning in taxable year 1999, the Department must
18 issue to each taxpayer allowed the tax credit under this
19 Section for the taxable year a refund equal to 5% of the real
20 property taxes paid by the taxpayer in the taxable year to a
21 unit, elementary, or high school district. The refund must
22 be titled as the State Education Property Tax Refund Check.
23 (Source: P.A. 87-17.)
24 Section 99. Effective date. This Act takes effect upon
25 becoming law.