State of Illinois
92nd General Assembly
Legislation

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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.

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