96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3171


 
Introduced 2/9/2010, by Sen. Terry Link
 
SYNOPSIS AS INTRODUCED:
 		





 








35 ILCS 5/208
  from Ch. 120, par. 2-208








     Amends the Illinois Income Tax Act.  Provides that an individual taxpayer with an adjusted gross income of less than $125,000  is entitled to an income tax  credit if the real property taxes paid by that taxpayer during the taxable year on his or her principal residence exceeds 5% of the taxpayer's adjusted gross income.  Provides that the amount of the credit shall not exceed (i) $250 for taxpayers with an adjusted gross income below $75,000 and (ii) $150 for taxpayers with an adjusted gross income of $75,000 or above but less than $125,000.  Effective immediately.
  















LRB096 19981 HLH 35466 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 




  






SB3171

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    AN ACT concerning revenue.
  
 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:
  
 
 
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    Section 5. The Illinois Income Tax Act is amended  by 
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changing Section 208 as follows:
 



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    (35 ILCS 5/208)  (from Ch. 120, par. 2-208)



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    Sec. 208. Tax credit for residential real property taxes.  
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    (a) Beginning with tax years ending on or after December 
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31, 1991,
every individual taxpayer shall be entitled to a tax 
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credit equal
to 5% of real property taxes paid by such taxpayer 
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during the
taxable year on the principal residence of the 
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taxpayer. In the
case of multi-unit or multi-use structures and 
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farm dwellings,
the taxes on the taxpayer's principal residence 
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shall be that
portion of the total taxes which is attributable 
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to such principal
residence.

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    (b) Beginning with tax years ending on or after December 
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31, 2010, every individual taxpayer with an adjusted gross 
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income below $75,000 shall be entitled to an additional tax 
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credit if the real property taxes paid by that taxpayer during 
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the taxable year on his or her principal residence exceeds 5% 
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of the taxpayer's adjusted gross income.  The additional credit 
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shall be equal to 50% of the amount by which the real property 
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taxes paid by the taxpayer on his or her principal residence 
 


 






SB3171
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exceeds 5% of the taxpayer's adjusted gross income. However, 
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the amount of the credit under this subsection shall not exceed 
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$250. 
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    (c) Beginning with tax years ending on or after December 
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31, 2010, every individual taxpayer with an adjusted gross 
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income of $75,000 or above but less than $125,000, shall be 
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entitled to an additional tax credit if the real property taxes 
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paid by the taxpayer during the taxable year on his or her 
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principal residence exceeds 5% of the taxpayer's adjusted gross 
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income.  The additional credit shall be equal to 50% of the 
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amount by which the real property taxes paid by the taxpayer on  
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his or her principal residence exceeds 5% of the taxpayer's 
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adjusted gross income. However, the amount of the credit under 
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this subsection shall not exceed $150. 
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(Source: P.A. 87-17.)

 
 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.