IL SB3180

Amends Section 208 of the Illinois Income Tax Act to make a technical change regarding the tax credit for residential real property taxes.

Changes the tax credit rate from 5% to 6% of real property taxes paid on a taxpayer's principal residence for tax years ending on or after December 31, 2021.

Maintains the 5% tax credit rate for tax years ending before December 31, 2021.

Preserves income limits for claiming the credit: $500,000 for spouses filing jointly or $250,000 for all other taxpayers, effective for tax years beginning on or after January 1, 2017.

Exempts this section from the provisions of Section 250 of the Illinois Income Tax Act.