State of Illinois
90th General Assembly
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90_HB2576

      35 ILCS 5/208             from Ch. 120, par. 2-208
          Amends the Illinois Income Tax  Act.   Provides  that  in
      addition to the existing tax credit for residential property,
      for  tax  years  1998,  1999,  2000,  2001,  and  2002, every
      individual taxpayer shall be entitled to  an  additional  tax
      credit  equal  to  5%  of the real property taxes paid by the
      taxpayer during the taxable year on the  principal  residence
      of the taxpayer.  Effective immediately.
                                                     LRB9009293KDks
                                               LRB9009293KDks
 1        AN  ACT  to amend the Illinois Income Tax Act by changing
 2    Section 208.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section   5.   The  Illinois Income Tax Act is amended by
 6    changing Section 208 as follows:
 7        (35 ILCS 5/208) (from Ch. 120, par. 2-208)
 8        Sec. 208. Tax credit for residential real property taxes.
 9        (a)  Beginning with tax years ending on or after December
10    31, 1991, every individual taxpayer shall be  entitled  to  a
11    tax  credit  equal  to 5% of real property taxes paid by such
12    taxpayer during the taxable year on the  principal  residence
13    of the taxpayer.
14        (b)  In   addition  to  the  tax  credit  provided  under
15    subsection (a), for tax years 1998,  1999,  2000,  2001,  and
16    2002,  every  individual  taxpayer  shall  be  entitled to an
17    additional tax credit equal to 5% of the real property  taxes
18    paid by the taxpayer during the taxable year on the principal
19    residence of the taxpayer.
20        (c)  In  the  case  of multi-unit or multi-use structures
21    and farm dwellings, the taxes  on  the  taxpayer's  principal
22    residence  shall  be that portion of the total taxes which is
23    attributable to such principal residence.
24    (Source: P.A. 87-17.)
25        Section 99.  Effective date.  This Act takes effect  upon
26    becoming law.

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