Bill Text: IL HB4304 | 2017-2018 | 100th General Assembly | Introduced

---

Bill Title: Amends the Illinois Income Tax Act. Provides that, if the amount of the credit for residential real property taxes exceeds the taxpayer's liability, that amount 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: Partisan Bill (Republican 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB4304 Detail]

Download: Illinois-2017-HB4304-Introduced.html

---

100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB4304 Introduced , by Rep. Steven Reick SYNOPSIS AS INTRODUCED:
35 ILCS 5/208 from Ch. 120, par. 2-208
Amends the Illinois Income Tax Act. Provides that, if the amount of the credit for residential real property taxes exceeds the taxpayer's liability, that amount 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.
LRB100 16278 HLH 31401 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB4304 LRB100 16278 HLH 31401 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 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. For taxable years beginning on or
after January 1, 2018, if the amount of the credit exceeds the
taxpayer's income tax liability for the applicable tax year,
then the excess credit shall be refunded to the taxpayer if (i)
the taxpayer is 65 years old or older and (ii) has a federal
adjusted gross income not greater than $50,000. The amount of a
refund shall not be included in the taxpayer's income or
resources for the purposes of determining eligibility or
benefit level in any means-tested benefit program administered

HB4304 - 2 - LRB100 16278 HLH 31401 b
by a governmental entity unless required by federal law.
Notwithstanding any other provision of law, for taxable years
beginning on or after January 1, 2017, no taxpayer may claim a
credit under this Section if the taxpayer's adjusted gross
income for the taxable year exceeds (i) $500,000, in the case
of spouses filing a joint federal tax return, or (ii) $250,000,
in the case of all other taxpayers.
The provisions of this Section, as amended by this
amendatory Act of the 100th General Assembly, are exempt from
the provisions of Section 250.
(Source: P.A. 100-22, eff. 7-6-17.)
Section 99. Effective date. This Act takes effect upon
becoming law.