91st General Assembly
Summary of HB4744
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House Sponsors:
WINKEL-O'CONNOR-KOSEL-MITCHELL,BILL-STEPHENS AND SAVIANO.

Short description: 
INC TAX-PROP TAX-CREDIT-REBATE                                             

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 of less than $166,667  shall      
   be  entitled  to  an  additional  tax  credit  equal to 5% of the real      
   property taxes paid  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 on eligible  property  owned  by  the      
   Subchapter  S  Corporation  or sole proprietorship.  Provides that for      
   Subchapter  S  Corporation  or  sole  proprietorship  property  to  be      
   eligible, it must have 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. Amends the Property Tax Code.      
   Provides that an individual taxpayer who is 65 years of age  or  older      
   and  who  paid  residential  real  property  taxes  on  the taxpayer's      
   principal residence is entitled to a rebate.  The rebate shall  be  in      
   an  amount  equal to 10% of those taxes minus the amount of any credit      
   allowed under the Illinois Income Tax Act for property taxes paid  and      
   any  homeowners'  tax relief rebate paid under the Illinois Income Tax      
   Act.  The Department of Revenue shall pay rebates for property taxes        
   paid in 1999 and thereafter. 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


   END OF INQUIRY 



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