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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB6666
Introduced , by Rep. Brent Hassert 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. Increases the credit for property taxes paid by the taxpayer from 5% to 10%. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB6666 |
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LRB095 20721 HLH 49159 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 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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| Beginning with tax years ending on or after December 31, 1991 |
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| and through the tax year ending on December 31, 2007,
every |
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| individual taxpayer shall be entitled to a tax credit equal
to |
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| 5% of real property taxes paid by such taxpayer during the
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| taxable year on the principal residence of the taxpayer. In the
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| case of multi-unit or multi-use structures and farm dwellings,
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| the taxes on the taxpayer's principal residence shall be that
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| portion of the total taxes which is attributable to such |
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| principal
residence.
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| For tax years ending on or after December 31, 2008, every |
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| individual taxpayer shall be entitled to a tax credit equal
to |
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| 10% of real property taxes paid by such taxpayer during the
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| taxable year on the principal residence of the taxpayer. In the
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| case of multi-unit or multi-use structures and farm dwellings,
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| the taxes on the taxpayer's principal residence shall be that
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| portion of the total taxes which is attributable to such |