94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4118


 
Introduced 09/30/05, by Rep. Ron Stephens
 
SYNOPSIS AS INTRODUCED:
 		














35 ILCS 5/208
  from Ch. 120, par. 2-208







    Amends the Illinois Income Tax Act. Provides that, for tax years ending after December 31, 2005, the amount of the  income tax credit for residential real property taxes is: (1) 100% of the real property taxes paid by the taxpayer to a school district during the tax year; plus (2) 5% of real property taxes paid by the taxpayer to a taxing body other than a school district during the
tax year. Exempts the credit from the Act's sunset provisions. Effective immediately.
















LRB094 14137 BDD 49036 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4118

LRB094 14137 BDD 49036 b






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    AN ACT concerning revenue.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Income Tax Act is amended  by 
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changing Section 208 and  by adding Section 208.2 as follows:
 



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    (35 ILCS 5/208)  (from Ch. 120, par. 2-208)



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    Sec. 208. Tax credit for residential real property taxes. 
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    (a) Beginning with tax years ending on or after December 
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31, 1991 through tax years ending on or before December 31, 
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2005,
every individual taxpayer shall be entitled to a tax 
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credit equal
to 5% of real property taxes paid by such taxpayer 
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during the
taxable year on the principal residence of the 
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taxpayer. 
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    (b) For tax years ending after December 31, 2005, every 
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individual taxpayer who has paid taxes during the tax year on 
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the principal residence of the taxpayer is entitled to a tax 
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credit equal
to:
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        (1) 100% of the real property taxes paid by the 
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    taxpayer to a school district during the tax year; plus

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        (2) 5% of real property taxes paid by the taxpayer to a 
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    taxing body other than a school district during the
tax 
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    year.

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    (c) In the
case of multi-unit or multi-use structures and 
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farm dwellings,
the taxes on the taxpayer's principal residence 
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shall be that
portion of the total taxes which is attributable 
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to such principal
residence.
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    (d) This Section is exempt from the provisions of Section 
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250.


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(Source: P.A. 87-17.)


 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.