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91_HB0651
LRB9103450PTpk
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 Beginning with tax years ending on or after December 31, 1991
10 and ending with tax years ending on or before December 31,
11 1998, every individual taxpayer shall be entitled to a tax
12 credit equal to 5% of real property taxes paid by such
13 taxpayer during the taxable year on the principal residence
14 of the taxpayer. Beginning with tax years ending after
15 December 31, 1998, every individual taxpayer shall be
16 entitled to a tax credit equal to 10% of real property taxes
17 paid by such taxpayer during the taxable year on the
18 principal residence of the taxpayer. The provisions of this
19 amendatory Act of the 91st General Assembly are exempt from
20 the provisions of Section 250. In the case of multi-unit or
21 multi-use structures and farm dwellings, the taxes on the
22 taxpayer's principal residence shall be that portion of the
23 total taxes which is attributable to such principal
24 residence.
25 (Source: P.A. 87-17.)
26 Section 99. Effective date. This Act takes effect upon
27 becoming law.