INCOME TAX-ACTIVE RETIREE CRED

Amends the Illinois Income Tax Act. Provides that, beginning with taxable years ending on or after December 31, 2003, every individual taxpayer who owns property in an active adult planned unit development community is entitled to a tax credit equal to 50% of the real property taxes extended on behalf of the school district and paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Provides that if the credit exceeds the tax liability of the taxpayer, the taxpayer shall receive a refund for the amount of the excess. Provides that the Department of Revenue shall adopt rules defining "active adult planned unit development community". Exempts the credit from the sunset provisions of the Act. Effective immediately.