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92_SB0212 LRB9202152SMdv 1 AN ACT concerning taxation. 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 adding Section 213 as follows: 6 (35 ILCS 5/213 new) 7 Sec. 213. Residential rent credit. Beginning with tax 8 years ending on or after December 31, 2001 and ending with 9 tax years ending on or before December 31, 2005, each 10 individual taxpayer is entitled to a credit against the tax 11 imposed under this Act in the amount of 5% of the average 12 monthly rent paid by the taxpayer during the taxable year for 13 the residence of the taxpayer. For purposes of this credit, 14 the amount of rent for any single month used for calculating 15 the average monthly rent shall not exceed $1,000. In no event 16 shall a credit under this Section reduce the taxpayer's 17 liability under this Act to less than zero. 18 Section 99. Effective date. This Act takes effect upon 19 becoming law.