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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1642
Introduced 2/9/2007, by Sen. Don Harmon 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. Makes a technical change in a Section
concerning a tax credit for property taxes.
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A BILL FOR
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SB1642 |
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LRB095 10482 BDD 30697 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by |
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| changing Section 208 as follows:
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| (35 ILCS 5/208) (from Ch. 120, par. 2-208)
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| Sec. 208. Tax credit for residential real property taxes. |
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| Beginning with tax years ending on or after December 31, 1991,
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| every individual taxpayer shall be entitled to a tax credit |
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| equal
to 5% of real property taxes paid by such taxpayer during |
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| the
the
taxable year on the principal residence of the |
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| taxpayer. In the
case of multi-unit or multi-use structures and |
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| farm dwellings,
the taxes on the taxpayer's principal residence |
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| shall be that
portion of the total taxes which is attributable |
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| to such principal
residence. |
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| (Source: P.A. 87-17.)
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