Illinois HB5123 amends the Illinois Income Tax Act to provide a tax credit for residential real property taxes.
Illinois HB5123 amends the Illinois Income Tax Act to provide a tax credit for residential real property taxes. The credit is equal to 5% of the real property taxes paid on the taxpayer's principal residence. For taxpayers aged 65 or older with a federal adjusted gross income of not more than $50,000, any excess credit over their income tax liability will be refunded. The credit is exempt from the Act's automatic sunset provision. The Act takes effect immediately upon becoming law.
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