IL HB4405

Amends the Illinois Income Tax Act to increase the residential real property tax credit from 5% to either 75% (for taxpayers under 51 years old) or 50% (for taxpayers 51 years or older) for tax years ending on or after December 31, 2024.

For married couples filing jointly, the creditable percentage is based on the age of the oldest spouse.

Removes the income cap restrictions ($500,000 for joint filers and $250,000 for other taxpayers) that currently apply to tax years beginning January 1, 2017 through December 30, 2024.

Starting January 1, 2025, limits the credit to one residence per taxpayer (or one residence per married couple filing jointly).

The credit is made permanent and takes effect immediately.