WINKEL-O'CONNOR-KOSEL-MITCHELL,BILL-STEPHENS AND SAVIANO.
INC TAX-PROP TAX-CREDIT-REBATE
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Provides that in addition to
the existing tax credit for residential property, for the 2000 tax
year and thereafter, every individual taxpayer whose principal
residence has an equalized assessed value of less than $166,667 shall
be entitled to an additional tax credit equal to 5% of the real
property taxes paid on the principal residence of the taxpayer.
Creates a credit against the taxes imposed under the Act for
Subchapter S Corporations and sole proprietorships in an amount equal
to 5% of the property taxes paid on eligible property owned by the
Subchapter S Corporation or sole proprietorship. Provides that for
Subchapter S Corporation or sole proprietorship property to be
eligible, it must have an equalized assessed value of less than (i)
$399,000 in counties with 3,000,000 or more inhabitants or (ii)
$166,667 in counties with fewer than 3,000,000 inhabitants. Exempts
the credits from the sunset provisions. Amends the Property Tax Code.
Provides that an individual taxpayer who is 65 years of age or older
and who paid residential real property taxes on the taxpayer's
principal residence is entitled to a rebate. The rebate shall be in
an amount equal to 10% of those taxes minus the amount of any credit
allowed under the Illinois Income Tax Act for property taxes paid and
any homeowners' tax relief rebate paid under the Illinois Income Tax
Act. The Department of Revenue shall pay rebates for property taxes
paid in 1999 and thereafter. Effective immediately.
Last action on Bill: SESSION SINE DIE
Last action date: 01-01-09
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status