Bill Text: IL SB4163 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Increases the credit for for residential real property taxes from 5% to 10% of real property taxes paid by the taxpayer for tax years ending on or after December 31, 2022. Effective immediately.

Spectrum: Partisan Bill (Republican 17-0)

Status: (Introduced - Dead) 2022-03-01 - Added as Co-Sponsor Sen. Dave Syverson [SB4163 Detail]

Download: Illinois-2021-SB4163-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 SB4163 Introduced 2/9/2022, by Sen. Chapin Rose SYNOPSIS AS INTRODUCED:
35 ILCS 5/208 from Ch. 120, par. 2-208
Amends the Illinois Income Tax Act. Increases the credit for for residential real property taxes from 5% to 10% of real property taxes paid by the taxpayer for tax years ending on or after December 31, 2022. Effective immediately.
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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.
Beginning with tax years ending on or after December 31, 1991
and prior to December 31, 2022, 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, 2022, 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.
Notwithstanding any other provision of law, for taxable years
beginning on or after January 1, 2017, no taxpayer may claim a
credit under this Section if the taxpayer's adjusted gross
income for the taxable year exceeds (i) $500,000, in the case

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of spouses filing a joint federal tax return, or (ii)
$250,000, in the case of all other taxpayers.
(Source: P.A. 101-8, see Section 99 for effective date;
102-558, eff. 8-20-21.)
Section 99. Effective date. This Act takes effect upon
becoming law.