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91_SB0335
LRB9104754PTpk
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. In the case of
19 multi-unit or multi-use structures and farm dwellings, the
20 taxes on the taxpayer's principal residence shall be that
21 portion of the total taxes which is attributable to such
22 principal residence. Beginning with tax years ending after
23 December 31, 1998, if the amount of the credit exceeds the
24 tax liability for the year, then the Department shall refund
25 the amount of the excess credit to the taxpayer. The
26 provisions of this amendatory Act of the 91st General
27 Assembly are exempt from the provisions of Section 250.
28 (Source: P.A. 87-17.)
29 Section 99. Effective date. This Act takes effect upon
30 becoming law.