SB 1757

Abstract

Amends the Illinois Income Tax Act. In a provision concerning the tax credit for residential real property taxes, provides that, for taxable years ending on or after December 31, 2005, the amount of the credit is a percentage, based upon the taxpayer's household income, of the real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer (now, the amount of the credit is 5% of the real property taxes for all taxpayers). Effective immediately.