INC TX-PROPERTY TAX CREDIT

Amends the Illinois Income Tax Act. Provides that, for tax years ending on or after December 31, 2024, the credit for residential real property taxes is (i) 75% of the real property taxes paid by the taxpayer if the taxpayer is younger than 51 years of age on the last day of the tax year and (ii) 50% of the real property taxes paid by the taxpayer if the taxpayer is 51 years of age or older on the last day of the tax year. Provides that the credit is permanent. Effective immediately.