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91_SB1308
LRB9110256SMdv
1 AN ACT to amend the Illinois Income Tax Act by changing
2 Section 208 and adding Section 212.
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 and adding Section 212 as follows:
7 (35 ILCS 5/208) (from Ch. 120, par. 2-208)
8 Sec. 208. Tax credit for residential real property taxes.
9 Beginning with tax years ending on or after December 31, 1991
10 and ending with tax years ending on or before December 31,
11 1999, every individual taxpayer shall be entitled to a tax
12 credit equal to 5% of real property taxes paid by such
13 taxpayer during the taxable year on the principal residence
14 of the taxpayer. For taxable years 2000 and thereafter, every
15 individual taxpayer shall be entitled to a tax credit equal
16 to 10% of real property taxes paid by that taxpayer during
17 the taxable year on the principal residence of the taxpayer.
18 In the case of multi-unit or multi-use structures and farm
19 dwellings, the taxes on the taxpayer's principal residence
20 shall be that portion of the total taxes which is
21 attributable to such principal residence. For taxable years
22 2000 and thereafter, if the amount of the credit exceeds the
23 tax liability for the year, then the Department shall refund
24 the amount of the excess credit to the taxpayer. The
25 provisions of this Section as amended by this amendatory Act
26 of the 91st General Assembly are exempt from the provisions
27 of Section 250.
28 (Source: P.A. 87-17.)
29 (35 ILCS 5/212 new)
30 Sec. 212. Earned income tax credit for working families.
-2- LRB9110256SMdv
1 For taxable years 2000 through 2004, there is allowed for an
2 individual taxpayer an earned income tax credit against taxes
3 due under this Act equal to 20% of the earned income tax
4 credit allowable for that individual taxpayer for the same
5 taxable year under Section 32 of the Internal Revenue Code of
6 1986.
7 If a credit allowed under this Section exceeds the tax
8 liability of the taxpayer, the taxpayer shall receive a
9 refund for the amount of the excess.
10 Section 99. Effective date. This Act takes effect upon
11 becoming law.