91st General Assembly
Summary of HB3242
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House Sponsors:

Short description: 
INC TX-PROP TX CREDIT                                                      

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Provides that in addition to      
   the existing tax credit for residential property,  for  the  2000  tax      
   year   and  thereafter,  every  individual  taxpayer  whose  principal      
   residence has  an  equalized  assessed  value  as  determined  by  the      
   Department  of  Revenue  of less than $166,667 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.   Creates  a  credit against the taxes imposed under the Act      
   for Subchapter S Corporations and sole proprietorships  in  an  amount      
   equal to 5% of the property taxes paid by the Subchapter S Corporation      
   and  the  sole  proprietorship  during  the  taxable  year on eligible      
   property owned by the corporation or  proprietorship.   Provides  that      
   eligible  property  has  an  equalized assessed value of less than (i)      
   $399,000 in counties  with  3,000,000  or  more  inhabitants  or  (ii)      
   $166,667  in  counties with fewer than 3,000,000 inhabitants.  Exempts      
   the credits from the sunset provisions. Effective immediately.              
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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