Illinois SB2093 makes the residential real property tax credit refundable for taxpayers.
Illinois SB2093 amends the Illinois Income Tax Act to make the tax credit for residential real property taxes refundable. This means that if the credit amount exceeds the taxpayer's income tax liability, the excess will be refunded to the taxpayer. The credit is equal to 5% of the real property taxes paid on the taxpayer's principal residence. The refund will not affect eligibility or benefit levels in means-tested benefit programs. The change takes effect immediately upon becoming law.
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