102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
Introduced 1/5/2022, by Rep. Steven Reick
SYNOPSIS AS INTRODUCED:
35 ILCS 5/208
from Ch. 120, par. 2-208
Amends the Illinois Income Tax Act. Provides that, if the amount of
the credit for residential real property taxes exceeds the taxpayer's
liability, that amount shall be refunded if the taxpayer is 65 years or
older and has a federal adjusted gross income of not more than $50,000.
Provides that the credit is exempt from the Act's automatic sunset
provision. Effective immediately.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Income Tax Act is amended by
changing Section 208 as follows:
(35 ILCS 5/208)
(from Ch. 120, par. 2-208)
Tax credit for residential real property taxes.
Beginning with tax years ending on or after December 31, 1991,
every individual taxpayer shall be entitled to a tax credit
to 5% of real property taxes paid by such taxpayer during
taxable year on the principal residence of the taxpayer.
case of multi-unit or multi-use structures and farm
the taxes on the taxpayer's principal residence
shall be that
portion of the total taxes which is attributable
to such principal
residence. Notwithstanding any other
provision of law, for taxable years beginning on or after
January 1, 2017, no taxpayer may claim a credit under this
Section if the taxpayer's adjusted gross income for the
taxable year exceeds (i) $500,000, in the case of spouses
filing a joint federal tax return, or (ii) $250,000, in the
case of all other taxpayers.
For taxable years beginning on or after January 1, 2022,
if the amount of the credit exceeds the taxpayer's income tax