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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3013 Introduced , by Rep. Steven Reick SYNOPSIS AS INTRODUCED:
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| 35 ILCS 5/208 | from Ch. 120, par. 2-208 |
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Amends the Illinois Income Tax Act. Provides that the amount of credit that exceeds the taxpayer's liability shall be refunded if the taxpayer is 65 years or older and has a federal adjusted gross income of not more than $50,000. 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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| | HB3013 | | LRB100 08276 HLH 20535 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | changing Section 208 as follows:
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| 6 | | (35 ILCS 5/208) (from Ch. 120, par. 2-208)
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| 7 | | Sec. 208. Tax credit for residential real property taxes. |
| 8 | | Beginning with tax years ending on or after December 31, 1991,
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| 9 | | every individual taxpayer shall be entitled to a tax credit |
| 10 | | equal
to 5% of real property taxes paid by such taxpayer during |
| 11 | | the
taxable year on the principal residence of the taxpayer. In |
| 12 | | the
case of multi-unit or multi-use structures and farm |
| 13 | | dwellings,
the taxes on the taxpayer's principal residence |
| 14 | | shall be that
portion of the total taxes which is attributable |
| 15 | | to such principal
residence. For taxable years 2017 and |
| 16 | | thereafter, if the amount of the credit exceeds the income tax |
| 17 | | liability for the applicable tax year, then the excess credit |
| 18 | | shall be refunded to the taxpayer if (i) the taxpayer is 65 |
| 19 | | years old or older and (ii) has a federal adjusted gross income |
| 20 | | not greater than $50,000. The amount of a refund shall not be |
| 21 | | included in the taxpayer's income or resources for the purposes |
| 22 | | of determining eligibility or benefit level in any means-tested |
| 23 | | benefit program administered by a governmental entity unless |