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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB2093 Introduced 2/6/2025, by Sen. Erica Harriss SYNOPSIS AS INTRODUCED:
| | 35 ILCS 5/208 | from Ch. 120, par. 2-208 |
| Amends the Illinois Income Tax Act. Provides that the credit for residential real property taxes is refundable. Effective immediately. |
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| | A BILL FOR |
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| | SB2093 | | LRB104 10842 HLH 20923 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) |
| 7 | | Sec. 208. Tax credit for residential real property taxes. |
| 8 | | Beginning with tax years ending on or after December 31, 1991, |
| 9 | | every individual taxpayer shall be entitled to a tax credit |
| 10 | | equal to 5% of real property taxes paid by such taxpayer during |
| 11 | | the taxable year on the principal residence of the taxpayer. |
| 12 | | In the case of multi-unit or multi-use structures and farm |
| 13 | | dwellings, the taxes on the taxpayer's principal residence |
| 14 | | shall be that portion of the total taxes which is attributable |
| 15 | | to such principal residence. Notwithstanding any other |
| 16 | | provision of law, for taxable years beginning on or after |
| 17 | | January 1, 2017, no taxpayer may claim a credit under this |
| 18 | | Section if the taxpayer's adjusted gross income for the |
| 19 | | taxable year exceeds (i) $500,000, in the case of spouses |
| 20 | | filing a joint federal tax return, or (ii) $250,000, in the |
| 21 | | case of all other taxpayers. |
| 22 | | For taxable years beginning on or after January 1, 2025, |
| 23 | | if the amount of the credit exceeds the taxpayer's income tax |