Bill Text: IL SB3171 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides that an individual taxpayer with an adjusted gross income of less than $125,000 is entitled to an income tax credit if the real property taxes paid by that taxpayer during the taxable year on his or her principal residence exceeds 5% of the taxpayer's adjusted gross income. Provides that the amount of the credit shall not exceed (i) $250 for taxpayers with an adjusted gross income below $75,000 and (ii) $150 for taxpayers with an adjusted gross income of $75,000 or above but less than $125,000. Effective immediately.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2010-03-19 - Rule 3-9(a) / Re-referred to Assignments [SB3171 Detail]

Download: Illinois-2009-SB3171-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 SB3171 Introduced 2/9/2010, by Sen. Terry Link SYNOPSIS AS INTRODUCED:
35 ILCS 5/208 from Ch. 120, par. 2-208
Amends the Illinois Income Tax Act. Provides that an individual taxpayer with an adjusted gross income of less than $125,000 is entitled to an income tax credit if the real property taxes paid by that taxpayer during the taxable year on his or her principal residence exceeds 5% of the taxpayer's adjusted gross income. Provides that the amount of the credit shall not exceed (i) $250 for taxpayers with an adjusted gross income below $75,000 and (ii) $150 for taxpayers with an adjusted gross income of $75,000 or above but less than $125,000. Effective immediately.
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FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
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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.
(a) Beginning with tax years ending on or after December
31, 1991, 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. 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.
(b) Beginning with tax years ending on or after December
31, 2010, every individual taxpayer with an adjusted gross
income below $75,000 shall be entitled to an additional tax
credit if the real property taxes paid by that taxpayer during
the taxable year on his or her principal residence exceeds 5%
of the taxpayer's adjusted gross income. The additional credit
shall be equal to 50% of the amount by which the real property
taxes paid by the taxpayer on his or her principal residence

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exceeds 5% of the taxpayer's adjusted gross income. However,
the amount of the credit under this subsection shall not exceed
$250.
(c) Beginning with tax years ending on or after December
31, 2010, every individual taxpayer with an adjusted gross
income of $75,000 or above but less than $125,000, shall be
entitled to an additional tax credit if the real property taxes
paid by the taxpayer during the taxable year on his or her
principal residence exceeds 5% of the taxpayer's adjusted gross
income. The additional credit shall be equal to 50% of the
amount by which the real property taxes paid by the taxpayer on
his or her principal residence exceeds 5% of the taxpayer's
adjusted gross income. However, the amount of the credit under
this subsection shall not exceed $150.
(Source: P.A. 87-17.)
Section 99. Effective date. This Act takes effect upon
becoming law.