IL HB2637

Amends the Illinois Income Tax Act Section 208 to allow a refund of excess residential real property tax credits for taxpayers aged 65 or older with federal adjusted gross income not exceeding $50,000, for tax years beginning January 1, 2021 and later.

Maintains the existing 5% tax credit equal to real property taxes paid on a taxpayer's principal residence, applicable to tax years ending on or after December 31, 1991.

Exempts the residential real property tax credit from the automatic sunset provision in Section 250 of the Illinois Income Tax Act.

Specifies that any refund amount shall not be counted as income or resources when determining eligibility or benefit levels in means-tested government benefit programs, unless federal law requires otherwise.

Takes effect immediately upon becoming law.