94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0707

 

Introduced 2/18/2005, by Sen. Don Harmon - Emil Jones, Jr.

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/208   from Ch. 120, par. 2-208

    Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning a tax credit for property taxes.


LRB094 08531 BDD 38738 b

 

 

A BILL FOR

 

SB0707 LRB094 08531 BDD 38738 b

1     AN ACT concerning revenue.
 
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 as follows:
 
6     (35 ILCS 5/208)  (from Ch. 120, par. 2-208)
7     Sec. 208. Tax credit for residential real property taxes.
8 Beginning with tax years ending on or after December 31, 1991,
9 every individual taxpayer shall be entitled to a tax credit
10 equal to 5% of real property taxes paid by such taxpayer during
11 the the taxable year on the principal residence of the
12 taxpayer. In the case of multi-unit or multi-use structures and
13 farm dwellings, the taxes on the taxpayer's principal residence
14 shall be that portion of the total taxes which is attributable
15 to such principal residence.
16 (Source: P.A. 87-17.)