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91_HB2153
LRB9104696PTpk
1 AN ACT to amend the Illinois Income Tax Act by changing
2 Section 208.
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 changing Section 208 as follows:
7 (35 ILCS 5/208) (from Ch. 120, par. 2-208)
8 Sec. 208. Tax credit for residential real property taxes.
9 (a) Beginning with tax years ending on or after December
10 31, 1999, every individual taxpayer shall be entitled to a
11 tax credit equal to 5% of real property taxes paid by such
12 taxpayer during the taxable year on the principal residence
13 of the taxpayer. In the case of multi-unit or multi-use
14 structures and farm dwellings, the taxes on the taxpayer's
15 principal residence shall be that portion of the total taxes
16 which is attributable to such principal residence.
17 (b) Beginning with tax years ending on or after December
18 31, 1999, an individual taxpayer who is 65 years or older and
19 has an annual household income of $35,000 or less is entitled
20 to a tax credit equal to 10% of the real property taxes paid
21 by the taxpayer during the taxable year on the principal
22 residence of the taxpayer. In the case of multi-unit or
23 multi-use structures and farm dwellings, the taxes on the
24 taxpayer's principal residence shall be that portion of the
25 total taxes that is attributable to the principal residence.
26 A taxpayer who has claimed the credit in subsection (a) may
27 not claim the credit under this subsection. For purposes of
28 this Section, "household income" has the same meaning as in
29 Section 15-172 of the Property Tax Code. This amendatory Act
30 of the 91st General Assembly is exempt from the provisions of
31 Section 250.
-2- LRB9104696PTpk
1 (Source: P.A. 87-17.)
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.