IL HB1192

Allows taxpayers aged 65 or older with federal adjusted gross income of $50,000 or less to receive a refund if their residential real property tax credit exceeds their state income tax liability, effective for tax years beginning January 1, 2025

The existing property tax credit equals 5% of real property taxes paid on a taxpayer's principal residence

Refunds received under this provision will not count as income or resources for determining eligibility in means-tested government benefit programs, unless required by federal law

Exempts the residential real property tax credit from the Illinois Income Tax Act's automatic sunset provision (Section 250)

Current law limits the property tax credit to taxpayers with adjusted gross income of $500,000 or less (joint filers) or $250,000 or less (all other filers)