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90_SB1232
35 ILCS 5/208 from Ch. 120, par. 2-208
Amends the Illinois Income Tax Act. Provides that in
addition to the existing tax credit for residential property,
for tax years 1998, 1999, 2000, 2001, and 2002, every
individual taxpayer shall be entitled to an additional tax
credit equal to 5% of the real property taxes paid by the
taxpayer during the taxable year on the principal residence
of the taxpayer. Effective immediately.
LRB9008367KDcd
LRB9008367KDcd
1 AN ACT to amend the Illinois Income Tax Act by changing
2 Section 208.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 changing Section 208 as follows:
7 (35 ILCS 5/208) (from Ch. 120, par. 2-208)
8 Sec. 208. Tax credit for residential real property taxes.
9 (a) Beginning with tax years ending on or after December
10 31, 1991, every individual taxpayer shall be entitled to a
11 tax credit equal to 5% of real property taxes paid by such
12 taxpayer during the taxable year on the principal residence
13 of the taxpayer.
14 (b) In addition to the tax credit provided under
15 subsection (a), for tax years 1998, 1999, 2000, 2001, and
16 2002, every individual taxpayer shall be entitled to an
17 additional tax credit equal to 5% of the real property taxes
18 paid by the taxpayer during the taxable year on the principal
19 residence of the taxpayer.
20 (c) In the case of multi-unit or multi-use structures
21 and farm dwellings, the taxes on the taxpayer's principal
22 residence shall be that portion of the total taxes which is
23 attributable to such principal residence.
24 (Source: P.A. 87-17.)
25 Section 99. Effective date. This Act takes effect upon
26 becoming law.