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.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.