Illinois HB3738 creates an income tax credit for renters who meet specific income and residency requirements.
Illinois HB3738 amends the Illinois Income Tax Act to create a tax credit for renters. The credit is $1,000 for married couples filing jointly and $500 for all other individual taxpayers. To qualify, renters must have paid rent on their Illinois residence for at least six months, not be claimed as a dependent on someone else's federal taxes, and have a federal adjusted gross income below $83,250 for joint filers or $40,770 for others. The credit cannot reduce the taxpayer's liability to less than zero and excess credit amounts cannot be refunded.
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