Bill Text: IL SB0138 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Increases the amount of the credit for residential real property taxes from 5% of real property taxes paid by the taxpayer during the taxable year on his or her principal residence to 10% of real property taxes paid by the taxpayer during the taxable year on his or her principal residence. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [SB0138 Detail]

Download: Illinois-2011-SB0138-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 SB0138 Introduced 1/27/2011, by Sen. Dan Kotowski SYNOPSIS AS INTRODUCED:
35 ILCS 5/208 from Ch. 120, par. 2-208
Amends the Illinois Income Tax Act. Increases the amount of the credit for residential real property taxes from 5% of real property taxes paid by the taxpayer during the taxable year on his or her principal residence to 10% of real property taxes paid by the taxpayer during the taxable year on his or her principal residence. Effective immediately.
LRB097 06500 HLH 46583 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
SB0138 LRB097 06500 HLH 46583 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by
changing Section 208 as follows:
(35 ILCS 5/208) (from Ch. 120, par. 2-208)
Sec. 208. Tax credit for residential real property taxes.
Beginning with tax years ending on or after December 31, 1991
and ending before December 31, 2011, every individual taxpayer
shall be entitled to a tax credit equal to 5% of real property
taxes paid by such taxpayer during the taxable year on the
principal residence of the taxpayer. For tax years beginning on
or after January 1, 2011, every individual taxpayer shall be
entitled to a tax credit equal to 10% of real property taxes
paid by such taxpayer during the taxable year on the principal
residence of the taxpayer. In the case of multi-unit or
multi-use structures and farm dwellings, the taxes on the
taxpayer's principal residence shall be that portion of the
total taxes which is attributable to such principal residence.
(Source: P.A. 87-17.)
Section 99. Effective date. This Act takes effect upon
becoming law.