IL HB0157

Increases the residential real property tax credit from 5% to 10% for taxpayers who qualify for the disabled persons' homestead exemption under Illinois Property Tax Code Section 15-168, effective for tax years beginning January 1, 2015 or later.

The 10% credit applies to real property taxes paid on the taxpayer's principal residence, with adjustments for multi-unit, multi-use structures, and farm dwellings to reflect only the portion attributable to the residence.

The credit may not be carried forward or back to other tax years and may not reduce the taxpayer's total tax liability below zero.

Exempts this tax credit from the automatic sunset provision in Section 250 of the Illinois Income Tax Act, making it permanent.

Takes effect immediately upon becoming law.