Bill Text: IL SB2132 | 2015-2016 | 99th General Assembly | Introduced

---

Bill Title: Amends the Illinois Income Tax Act. Increases the amount of the tax credit for residential real property taxes from 5% to 10% of real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2015-05-27 - Added as Chief Co-Sponsor Sen. Julie A. Morrison [SB2132 Detail]

Download: Illinois-2015-SB2132-Introduced.html

---

99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 SB2132 Introduced 5/7/2015, 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 tax credit for residential real property taxes from 5% to 10% of real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
LRB099 12283 HLH 35289 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
SB2132 LRB099 12283 HLH 35289 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.
For Beginning with tax years ending on or after December 31,
1991 and ending prior to December 31, 2015, 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 ending on or after December 31, 2015, 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.
This Section is exempt from the provisions of Section 250.
(Source: P.A. 87-17.)

SB2132 - 2 - LRB099 12283 HLH 35289 b
Section 99. Effective date. This Act takes effect upon
becoming law.