House Sponsors: WINKEL-O'CONNOR-KOSEL-MITCHELL,BILL-STEPHENS AND SAVIANO. Short description: INC TAX-PROP TAX-CREDIT-REBATE Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Provides that in addition to the existing tax credit for residential property, for the 2000 tax year and thereafter, every individual taxpayer whose principal residence has an equalized assessed value of less than $166,667 shall be entitled to an additional tax credit equal to 5% of the real property taxes paid on the principal residence of the taxpayer. Creates a credit against the taxes imposed under the Act for Subchapter S Corporations and sole proprietorships in an amount equal to 5% of the property taxes paid on eligible property owned by the Subchapter S Corporation or sole proprietorship. Provides that for Subchapter S Corporation or sole proprietorship property to be eligible, it must have an equalized assessed value of less than (i) $399,000 in counties with 3,000,000 or more inhabitants or (ii) $166,667 in counties with fewer than 3,000,000 inhabitants. Exempts the credits from the sunset provisions. Amends the Property Tax Code. Provides that an individual taxpayer who is 65 years of age or older and who paid residential real property taxes on the taxpayer's principal residence is entitled to a rebate. The rebate shall be in an amount equal to 10% of those taxes minus the amount of any credit allowed under the Illinois Income Tax Act for property taxes paid and any homeowners' tax relief rebate paid under the Illinois Income Tax Act. The Department of Revenue shall pay rebates for property taxes paid in 1999 and thereafter. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status