HB3095 97TH GENERAL ASSEMBLY

LRB097 08668 HLH 48797 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3095

Introduced 2/23/2011, by Rep. Michael W. Tryon

SYNOPSIS AS INTRODUCED:

35 ILCS 5/208

from Ch. 120, par. 2-208

Amends the Illinois Income Tax Act. In a Section concerning a credit for residential real property taxes, provides that the Department's electronic filing system must allow taxpayers to enter up to 10 property index numbers per return when calculating the credit.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

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

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

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

Sec. 208. Tax credit for residential real property taxes. Beginning with tax years ending on or after December 31, 1991, every individual taxpayer shall be entitled to a tax credit equal to 5% of real property taxes paid by such taxpayer during the taxable year on the principal residence of the taxpayer. In the case of multi-unit or multi-use structures and farm dwellings, the taxes on the taxpayer's principal residence shall be that portion of the total taxes which is attributable to such principal residence.

The Department's electronic filing system must allow taxpayers to enter up to 10 property index numbers per return when calculating the credit under this Section.

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