Increases the tax credit for residential real property taxes in Illinois from 5% to 10%.
SB3868 amends the Illinois Income Tax Act to increase the tax credit for residential real property taxes. Beginning with tax years ending on or after December 31, 2026, individual taxpayers will receive a credit equal to 10% of the real property taxes paid on their principal residence. This change applies to tax years ending after December 31, 2026, and is exempt from the Act's automatic sunset provision.
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