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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 |
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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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| | SB3180 | | LRB101 19858 HLH 69378 b |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois, |
3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Income Tax Act is amended by |
5 | | changing Section 208 as follows:
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6 | | (35 ILCS 5/208) (from Ch. 120, par. 2-208)
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7 | | (Text of Section before amendment by P.A. 101-8 )
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8 | | Sec. 208. Tax credit for residential real property taxes. |
9 | | Beginning with tax years ending on or after December 31, 1991,
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10 | | every individual taxpayer shall be entitled to a tax credit |
11 | | equal
to 5% of real property taxes paid by such taxpayer during |
12 | | the the
taxable year on the principal residence of the |
13 | | taxpayer. In the
case of multi-unit or multi-use structures and |
14 | | farm dwellings,
the taxes on the taxpayer's principal residence |
15 | | shall be that
portion of the total taxes which is attributable |
16 | | to such principal
residence. Notwithstanding any other |
17 | | provision of law, for taxable years beginning on or after |
18 | | January 1, 2017, no taxpayer may claim a credit under this |
19 | | Section if the taxpayer's adjusted gross income for the taxable |
20 | | year exceeds (i) $500,000, in the case of spouses filing a |
21 | | joint federal tax return, or (ii) $250,000, in the case of all |
22 | | other taxpayers.
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23 | | (Source: P.A. 100-22, eff. 7-6-17.)
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