Illinois 2025-2026 Regular Session

Illinois House Bill HB1192 Compare Versions

Only one version of the bill is available at this time.

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1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1192 Introduced , by Rep. Steven Reick SYNOPSIS AS INTRODUCED: 35 ILCS 5/208 from Ch. 120, par. 2-208 Amends the Illinois Income Tax Act. Provides that, if the amount of the credit for residential real property taxes exceeds the taxpayer's liability, that amount shall be refunded if the taxpayer is 65 years or older and has a federal adjusted gross income of not more than $50,000. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately. LRB104 03366 HLH 13388 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1192 Introduced , by Rep. Steven Reick SYNOPSIS AS INTRODUCED: 35 ILCS 5/208 from Ch. 120, par. 2-208 35 ILCS 5/208 from Ch. 120, par. 2-208 Amends the Illinois Income Tax Act. Provides that, if the amount of the credit for residential real property taxes exceeds the taxpayer's liability, that amount shall be refunded if the taxpayer is 65 years or older and has a federal adjusted gross income of not more than $50,000. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately. LRB104 03366 HLH 13388 b LRB104 03366 HLH 13388 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1192 Introduced , by Rep. Steven Reick SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/208 from Ch. 120, par. 2-208 35 ILCS 5/208 from Ch. 120, par. 2-208
4	4	35 ILCS 5/208 from Ch. 120, par. 2-208
5	5	Amends the Illinois Income Tax Act. Provides that, if the amount of the credit for residential real property taxes exceeds the taxpayer's liability, that amount shall be refunded if the taxpayer is 65 years or older and has a federal adjusted gross income of not more than $50,000. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
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8	8	A BILL FOR
9	9	HB1192LRB104 03366 HLH 13388 b HB1192 LRB104 03366 HLH 13388 b
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11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 changing Section 208 as follows:
16	16	6 (35 ILCS 5/208) (from Ch. 120, par. 2-208)
17	17	7 Sec. 208. Tax credit for residential real property taxes.
18	18	8 Beginning with tax years ending on or after December 31, 1991,
19	19	9 every individual taxpayer shall be entitled to a tax credit
20	20	10 equal to 5% of real property taxes paid by such taxpayer during
21	21	11 the taxable year on the principal residence of the taxpayer.
22	22	12 In the case of multi-unit or multi-use structures and farm
23	23	13 dwellings, the taxes on the taxpayer's principal residence
24	24	14 shall be that portion of the total taxes which is attributable
25	25	15 to such principal residence. Notwithstanding any other
26	26	16 provision of law, for taxable years beginning on or after
27	27	17 January 1, 2017, no taxpayer may claim a credit under this
28	28	18 Section if the taxpayer's adjusted gross income for the
29	29	19 taxable year exceeds (i) $500,000, in the case of spouses
30	30	20 filing a joint federal tax return, or (ii) $250,000, in the
31	31	21 case of all other taxpayers.
32	32	22 For taxable years beginning on or after January 1, 2025,
33	33	23 if the amount of the credit exceeds the taxpayer's income tax
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1192 Introduced , by Rep. Steven Reick SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/208 from Ch. 120, par. 2-208 35 ILCS 5/208 from Ch. 120, par. 2-208
39	39	35 ILCS 5/208 from Ch. 120, par. 2-208
40	40	Amends the Illinois Income Tax Act. Provides that, if the amount of the credit for residential real property taxes exceeds the taxpayer's liability, that amount shall be refunded if the taxpayer is 65 years or older and has a federal adjusted gross income of not more than $50,000. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
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42	42	LRB104 03366 HLH 13388 b
43	43	A BILL FOR
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49	49	35 ILCS 5/208 from Ch. 120, par. 2-208
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68	68	1 liability for the applicable tax year, then the excess credit
69	69	2 shall be refunded to the taxpayer if the taxpayer is 65 years
70	70	3 old or older and has a federal adjusted gross income of not
71	71	4 more than $50,000. The amount of a refund shall not be included
72	72	5 in the taxpayer's income or resources for the purposes of
73	73	6 determining eligibility or benefit level in any means-tested
74	74	7 benefit program administered by a governmental entity unless
75	75	8 required by federal law.
76	76	9 This Section is exempt from the provisions of Section 250.
77	77	10 (Source: P.A. 101-8, see Section 99 for effective date;
78	78	11 102-558, eff. 8-20-21.)
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