IL HB4286

Allows refunds of unused residential real property tax credits for taxpayers age 65 or older with federal adjusted gross income not exceeding $50,000, for tax years beginning January 1, 2022 and later.

Refunds the excess amount when the property tax credit exceeds the taxpayer's income tax liability, if eligibility requirements are met.

Exempts refund amounts from being counted as income or resources in determining eligibility for means-tested benefit programs administered by government entities, unless required by federal law.

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

Takes effect immediately upon becoming law.