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IL HB5123
Bill
Status
Introduced
2/5/2026
Primary Sponsor
Steven Reick
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AI Summary
- Amends the Illinois Income Tax Act to make the residential real property tax credit refundable for qualifying seniors beginning January 1, 2026
- Eligible taxpayers must be 65 years or older with federal adjusted gross income of $50,000 or less to receive a refund of excess credit amounts
- Refunds received under this provision will not count as income or resources for determining eligibility in means-tested government benefit programs
- Exempts the residential property tax credit from the Act's automatic sunset provision, making it permanent
- Introduced by Rep. Steven Reick in the 104th General Assembly with immediate effective date
Legislative Description
INC TX-PROP TX CREDIT
Last Action
Referred to Rules Committee
2/10/2026
Committee Referrals
Rules2/10/2026
Full Bill Text
No bill text available