Bill Text: IL HB0474 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning a tax credit for property taxes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB0474 Detail]

Download: Illinois-2015-HB0474-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB0474 Introduced , by Rep. Jack D. Franks SYNOPSIS AS INTRODUCED:
35 ILCS 5/208 from Ch. 120, par. 2-208
Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning a tax credit for property taxes.
LRB099 06891 HLH 26972 b
A BILL FOR
HB0474 LRB099 06891 HLH 26972 b
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,
every individual taxpayer shall be entitled to a tax credit
equal to 5% of real property taxes paid by such taxpayer during
the 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.
(Source: P.A. 87-17.)