SB0138 97TH GENERAL ASSEMBLY

LRB097 06500 HLH 46583 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0138

Introduced 1/27/2011, by Sen. Dan Kotowski

SYNOPSIS AS INTRODUCED:

35 ILCS 5/208

from Ch. 120, par. 2-208

Amends the Illinois Income Tax Act. Increases the amount of the credit for residential real property taxes from 5% of real property taxes paid by the taxpayer during the taxable year on his or her principal residence to 10% of real property taxes paid by the taxpayer during the taxable year on his or her principal residence. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by changing Section 208 as follows:

(35 ILCS 5/208) (from Ch. 120, par. 2-208)

Sec. 208. Tax credit for residential real property taxes. Beginning with tax years ending on or after December 31, 1991 and ending before December 31, 2011, every individual taxpayer shall be entitled to a tax credit equal to 5% of real property taxes paid by such taxpayer during the taxable year on the principal residence of the taxpayer. For tax years beginning on or after January 1, 2011, every individual taxpayer shall be entitled to a tax credit equal to 10% of real property taxes paid by such taxpayer during the taxable year on the principal residence of the taxpayer. In the case of multi-unit or multi-use structures and farm dwellings, the taxes on the taxpayer's principal residence shall be that portion of the total taxes which is attributable to such principal residence.

(Source: P.A. 87-17.)

Section 99. Effective date. This Act takes effect upon becoming law.