INC TX-RESIDENTIAL PROP CR

Amends the Illinois Income Tax Act. Provides that, for tax years ending after December 31, 2005, the amount of the income tax credit for residential real property taxes is: (1) 5% of real property taxes paid by the taxpayer to a taxing body other than a school district during the tax year; plus (2) for taxable year 2006, 5% of the real property taxes paid by the taxpayer to a school district during the tax year and to be increased by 5% increments each year thereafter until the credit equals 100% of the real property taxes paid by the taxpayer to a school district during the tax year. Exempts the credit from the Act's sunset provisions. Effective immediately.