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]

Text: Latest bill text (Introduced) [HTML]

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