97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0138

 

Introduced 1/27/2011, by Sen. Dan Kotowski

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/208  from Ch. 120, par. 2-208

    Amends the Illinois Income Tax Act. Increases the amount of the credit for residential real property taxes from 5% of real property taxes paid by the taxpayer during the taxable year on his or her principal residence to 10% of real property taxes paid by the taxpayer during the taxable year on his or her principal residence. Effective immediately.


LRB097 06500 HLH 46583 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB0138LRB097 06500 HLH 46583 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by
5changing 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.
8Beginning with tax years ending on or after December 31, 1991
9and ending before December 31, 2011, every individual taxpayer
10shall be entitled to a tax credit equal to 5% of real property
11taxes paid by such taxpayer during the taxable year on the
12principal residence of the taxpayer. For tax years beginning on
13or after January 1, 2011, every individual taxpayer shall be
14entitled to a tax credit equal to 10% of real property taxes
15paid by such taxpayer during the taxable year on the principal
16residence of the taxpayer. In the case of multi-unit or
17multi-use structures and farm dwellings, the taxes on the
18taxpayer's principal residence shall be that portion of the
19total taxes which is attributable to such principal residence.
20(Source: P.A. 87-17.)
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.