IL HB0088

Amends the Illinois Income Tax Act Section 208 to increase the residential real property tax credit for taxpayers who qualify for the disabled persons' homestead exemption under the Property Tax Code.

For tax years beginning on or after January 1, 2013, disabled homestead exemption recipients receive a 10% tax credit on real property taxes paid on their principal residence, increasing from the standard 5% credit for other taxpayers.

Credit applies to multi-unit, multi-use structures, and farm dwellings based on the portion of taxes attributable to the taxpayer's principal residence.

Credit cannot be carried forward or back to other tax years and cannot reduce tax liability below zero.

Section is exempt from the Act's automatic sunset provision under Section 250, and the Act takes effect immediately upon becoming law.