HB4304 Summary

• Amends the Illinois Income Tax Act Section 208 to allow refundable residential real property tax credits for qualifying seniors starting with tax years beginning January 1, 2018.

• Excess residential real property tax credits that exceed a taxpayer's income tax liability are refunded if the taxpayer is age 65 or older and has federal adjusted gross income not exceeding $50,000.

• Refunds provided under this provision are excluded from income and resources for determining eligibility or benefit levels in means-tested benefit programs, unless required by federal law.

• Maintains existing income limits for claiming the credit: $500,000 for joint filers and $250,000 for other taxpayers (effective for tax years beginning January 1, 2017).

• Takes effect immediately upon becoming law.