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92_HB4803
LRB9211988SMdv
1 AN ACT in relation to income taxes.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Income Tax Act is amended by
5 changing Section 208 as follows:
6 (35 ILCS 5/208) (from Ch. 120, par. 2-208)
7 Sec. 208. Tax credit for residential real property taxes.
8 Beginning with tax years ending on or after December 31,
9 1991, every individual taxpayer shall be entitled to a tax
10 credit equal to 5% of the real property taxes paid by such
11 taxpayer during the taxable year on the principal residence
12 of the taxpayer. In the case of multi-unit or multi-use
13 structures and farm dwellings, the taxes on the taxpayer's
14 principal residence shall be that portion of the total taxes
15 which is attributable to such principal residence.
16 (Source: P.A. 87-17.)