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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4290
Introduced 12/20/05, by Rep. Ron Stephens SYNOPSIS AS INTRODUCED:
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35 ILCS 5/208 |
from Ch. 120, par. 2-208 |
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Amends the Illinois Income Tax Act. Provides that, for tax years ending after December 31, 2005, the amount of the income tax credit for residential real property taxes is: (1) 5% of real property taxes paid by the taxpayer to a taxing body other than a school district during the
tax year; plus (2) for taxable year 2006, 5% of the real property taxes paid by the taxpayer to a school district during the tax year and to be increased by 5% increments each year thereafter until the credit equals 100% of the real property taxes paid by the taxpayer to a school district during the tax year. Exempts the credit from the Act's sunset provisions. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB4290 |
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LRB094 15468 BDD 50663 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by |
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| changing Section 208 and by adding Section 208.2 as follows:
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| (35 ILCS 5/208) (from Ch. 120, par. 2-208)
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| Sec. 208. Tax credit for residential real property taxes. |
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| (a) Beginning with tax years ending on or after December |
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| 31, 1991 through tax years ending on or before December 31, |
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| 2005,
every individual taxpayer shall be entitled to a tax |
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| credit equal
to 5% of real property taxes paid by such taxpayer |
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| during the
taxable year on the principal residence of the |
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| taxpayer. |
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| (b) For tax years ending after December 31, 2005, every |
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| individual taxpayer who has paid taxes during the tax year on |
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| the principal residence of the taxpayer is entitled to a tax |
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| credit equal
to: |
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| (1) 5% of real property taxes paid by the taxpayer to a |
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| taxing body other than a school district during the
tax |
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| year; plus
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| (2) For taxable year 2006, 5% of the real property |
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| taxes paid by the taxpayer to a school district during the |
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| tax year and, for each taxable year thereafter, this |
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| percentage of the real property taxes paid by the taxpayer |
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| to a school district must be increased by 5% per year (for |
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| example, to 10% for taxable year 2007 and to 15% for 2008) |
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| until the credit equals 100% of the real property taxes |
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| paid by the taxpayer to a school district during the tax |
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| year.
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| (c) In the
case of multi-unit or multi-use structures and |
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| farm dwellings,
the taxes on the taxpayer's principal residence |
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| shall be that
portion of the total taxes which is attributable |