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91_HB4744
LRB9114859SMdvA
1 AN ACT to concerning taxation.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Income Tax Act is amended by
5 changing Section 208 and adding Section 208.5 as follows:
6 (35 ILCS 5/208) (from Ch. 120, par. 2-208)
7 Sec. 208. Tax credit for residential real property taxes.
8 (a) Beginning with tax years ending on or after December
9 31, 1991, every individual taxpayer shall be entitled to a
10 tax credit equal to 5% of real property taxes paid by such
11 taxpayer during the taxable year on the principal residence
12 of the taxpayer.
13 (b) In addition to the tax credit provided under
14 subsection (a), for tax years ending on or after December 31,
15 2000, every individual taxpayer whose principal residence has
16 an equalized assessed value as determined by the Department
17 of less than $166,667 shall be entitled to an additional tax
18 credit equal to 5% of the real property taxes paid by the
19 taxpayer during the taxable year on the principal residence
20 of the taxpayer. The changes made by this amendatory Act of
21 the 91st General Assembly are exempt from the provisions of
22 Section 250.
23 (c) In the case of multi-unit or multi-use structures
24 and farm dwellings, the taxes on the taxpayer's principal
25 residence shall be that portion of the total taxes which is
26 attributable to such principal residence.
27 (Source: P.A. 87-17.)
28 (35 ILCS 5/208.5 new)
29 Sec. 208.5. Tax credit for real property taxes paid by
30 Subchapter S Corporations or sole proprietorships. For tax
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1 years ending on or after December 31, 2000, every Subchapter
2 S Corporation and sole proprietorship in this State shall be
3 entitled to a tax credit equal to 5% of the real property
4 taxes paid by the Subchapter S Corporation or sole
5 proprietorship during the taxable year on eligible property
6 owned by the Subchapter S Corporation or sole proprietorship.
7 For purposes of this Section, "eligible property" means
8 property with an equalized assessed value of less than (i)
9 $399,000 in a county with 3,000,000 or more inhabitants or
10 (ii) $166,667 in a county with fewer than 3,000,000
11 inhabitants. In no event shall a credit under this Section
12 reduce the liability of the Subchapter S Corporation or sole
13 proprietorship under this Act to less than zero. This
14 Section is exempt from the provisions of Section 250.
15 Section 10. The Property Tax Code is amended by adding
16 Section 15-173 as follows:
17 (35 ILCS 200/15-173 new)
18 Sec. 15-173. Senior citizens property tax rebate.
19 (a) An individual taxpayer who is 65 years of age or
20 older and who paid residential real property taxes on the
21 taxpayer's principal residence is entitled to a rebate. The
22 rebate shall be in an amount equal to 10% of those taxes paid
23 in a taxable year minus the amount of any credit allowed
24 under Section 208 of the Illinois Income Tax Act and minus
25 any rebate paid under Section 208.1 of the Illinois Income
26 Tax Act. The Department shall pay rebates for property taxes
27 paid in 1999 and thereafter.
28 (b) For the rebate on property taxes paid in 1999, on or
29 before December 31, 2000, the Department shall prepare and
30 distribute an application form. The Department shall begin
31 accepting completed application forms for the rebate on
32 January 1, 2001. To be eligible for a rebate the applicant
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1 must submit a completed application form postmarked on or
2 before March 1, 2001. On or before April 1, 2001, the
3 Department shall certify the names of the taxpayers eligible
4 for the rebate for property taxes paid in 1999 whose
5 application forms were postmarked on or before March 1, 2001
6 and the rebate amounts to the Comptroller. The Comptroller
7 shall mail rebate warrants to those taxpayers by May 1, 2001.
8 (c) For the rebate on property taxes paid in each year
9 after 1999, on or before December 31 of the year the property
10 taxes are paid, the Department shall prepare and distribute
11 an application form. The Department shall begin accepting
12 completed application forms for the rebate on January 1 of
13 the year after the property taxes are paid. To be eligible
14 for a rebate the applicant must submit a completed
15 application form postmarked on or before March 1 of the year
16 after the property taxes are paid. On or before April 1 of
17 the year after the property taxes are paid, the Department
18 shall certify the names of the taxpayers eligible for a
19 rebate whose application forms were postmarked on or before
20 March 1 of the year after the property taxes were paid and
21 the rebate amounts to the Comptroller. The Comptroller shall
22 mail rebate warrants to those taxpayers by May 1 of the year
23 after the property taxes were paid.
24 (d) A person who attains the age of 65 or who is 65
25 years of age or older during the year the property taxes are
26 paid is eligible to apply for a rebate under this Section.
27 (e) The Department shall coordinate the administration
28 of the rebate under this Section with the Senior Citizens and
29 Disabled Persons Property Tax Relief and Pharmaceutical
30 Assistance program with the goal of maximizing participation
31 in the Senior Citizens and Disabled Persons Property Tax
32 Relief and Pharmaceutical Assistance program.
33 Section 99. Effective date. This Act takes effect upon
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1 becoming law.