Bill Text: IL HB3013 | 2017-2018 | 100th General Assembly | Introduced
Bill Title: 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.
Spectrum: Slight Partisan Bill (Republican 10-4)
Status: (Failed) 2019-01-08 - Session Sine Die [HB3013 Detail]
Download: Illinois-2017-HB3013-Introduced.html
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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 |
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1 | required by federal law.
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2 | The provisions of this Section, as amended by this | ||||||
3 | amendatory Act of the 100th General Assembly, are exempt from | ||||||
4 | the provisions of Section 250. | ||||||
5 | (Source: P.A. 87-17.)
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6 | Section 99. Effective date. This Act takes effect upon | ||||||
7 | becoming law.
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