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90_HB0186 35 ILCS 5/211 new Amends the Illinois Income Tax Act to create a tax credit for individuals in the amount of 3% of the average monthly rent paid by the taxpayer during the taxable year on his or her residence. Provides that no amount of rent in excess of $1,000 per month shall be used in calculating the average monthly rent. Sunsets the credit after 10 years. Effective immediately. LRB9000932KDcd LRB9000932KDcd 1 AN ACT to amend the Illinois Income Tax Act by adding 2 Section 211. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Illinois Income Tax Act is amended by 6 adding Section 211 as follows: 7 (35 ILCS 5/211 new) 8 Sec. 211. Residential rent credit. Beginning with tax 9 years ending on or after December 31, 1997 and ending with 10 tax years ending on or before December 31, 2006, each 11 individual taxpayer is entitled to a credit against the tax 12 imposed under this Act in the amount of 3% of the average 13 monthly rent paid by the taxpayer during the taxable year for 14 the residence of the taxpayer. For purposes of this credit, 15 the amount of rent for any single month used for calculating 16 the average monthly rent shall not exceed $1,000. In no event 17 shall a credit under this Section reduce the taxpayer's 18 liability under this Act to less than zero. 19 Section 99. Effective date. This Act takes effect upon 20 becoming law.
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