Bill Text: IL SB3180 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning a tax credit for property taxes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3180 Detail]

Download: Illinois-2019-SB3180-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB3180 Introduced 2/7/2020, by Sen. Steve Stadelman SYNOPSIS AS INTRODUCED:
35 ILCS 5/208 from Ch. 120, par. 2-208
Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning a tax credit for property taxes.
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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:
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)
(Text of Section before amendment by P.A. 101-8)
Sec. 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
equal to 5% of real property taxes paid by such taxpayer during
the 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. 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.
(Source: P.A. 100-22, eff. 7-6-17.)

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(Text of Section after amendment by P.A. 101-8)
Sec. 208. Tax credit for residential real property taxes.
For tax years ending on or after December 31, 1991 and ending
prior to December 31, 2021, every individual taxpayer shall be
entitled to a tax credit equal to 5% of real property taxes
paid by such taxpayer during the the taxable year on the
principal residence of the taxpayer. For tax years ending on or
after December 31, 2021, every individual taxpayer shall be
entitled to a tax credit equal to 6% 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.
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. This Section is exempt from
the provisions of Section 250.
(Source: P.A. 100-22, eff. 7-6-17; 101-8, see Section 99 for
effective date.)
Section 95. No acceleration or delay. Where this Act makes

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