HB 4118

Abstract

Amends the Illinois Income Tax Act. Provides that, for tax years ending after December 31, 2005, the amount of the income tax credit for residential real property taxes is: (1) 100% of the real property taxes paid by the taxpayer to a school district during the tax year; plus (2) 5% of real property taxes paid by the taxpayer to a taxing body other than a school district during the tax year. Exempts the credit from the Act's sunset provisions. Effective immediately.