Illinois HB1192 amends the Illinois Income Tax Act to refund excess residential real property tax credits to eligible taxpayers.
HB1192 amends the Illinois Income Tax Act to allow a refund of any excess credit for residential real property taxes if the taxpayer is 65 years or older and has a federal adjusted gross income of not more than $50,000. This refund is exempt from certain provisions of the Act. The bill also restricts the tax credit for residential real property taxes to taxpayers with an adjusted gross income below specified thresholds.
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