Bill > SB2093

This bill amends the Illinois Income Tax Act to modify the existing residential real property tax credit by making it refundable starting in tax years beginning on or after January 1, 2025. Currently, the tax credit allows individual taxpayers to claim 5% of real property taxes paid on their principal residence, with income limitations ($500,000 for joint filers and $250,000 for other taxpayers). The key change is that if the credit amount exceeds a taxpayer's income tax liability, the excess will now be refunded directly to the taxpayer. Additionally, the bill specifies that this refund amount shall not be counted as income or resources when determining eligibility for means-tested government benefit programs, unless federal law requires otherwise. This change could provide additional financial relief for homeowners by allowing them to receive the full value of the property tax credit, even if it surpasses their tax liability, and ensures the refund does not negatively impact their qualification for other assistance programs.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2093&GAID=18&DocTypeID=SB&SessionID=114&GA=104