Bill > HB1192

This bill amends the Illinois Income Tax Act to modify the existing residential real property tax credit program. Currently, taxpayers can claim a tax credit equal to 5% of real property taxes paid on their principal residence, with income limitations for tax years beginning on or after January 1, 2017. The new provision, effective for tax years starting January 1, 2025, allows taxpayers who are 65 years or older and have a federal adjusted gross income of $50,000 or less to receive a refund if the tax credit amount exceeds their income tax liability. Additionally, the bill specifies that this refund will not be counted as income or resources when determining eligibility for means-tested government benefit programs, unless federal law requires otherwise. The bill also exempts this tax credit provision from the Act's automatic sunset provision, ensuring its continued availability. This change aims to provide financial relief for low-income senior homeowners by allowing them to receive the full benefit of the property tax credit, even if they do not owe enough income tax to use the entire credit.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1192&GAID=18&DocTypeID=HB&SessionID=114&GA=104