IL HB1073

Amends the Illinois Income Tax Act to allow taxpayers 65 years or older with federal adjusted gross income not exceeding $50,000 to receive a refund if their residential real property tax credit exceeds their income tax liability for taxable years beginning January 1, 2023.

Maintains the existing 5% tax credit on real property taxes paid on a principal residence for all eligible taxpayers.

Excludes refunds from being counted as income or resources when determining eligibility or benefit levels in means-tested government benefit programs, unless required by federal law.

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

Takes effect immediately upon becoming law.