IllinoisIllinois homeowners could claim a larger property tax credit
If enacted, Illinois taxpayers could claim a 10% income tax credit for property taxes on their main home for tax years ending on or after December 31, 2026.
What it does
For tax years ending on or after December 31, 2026, individual taxpayers could claim a credit equal to 10% of property taxes paid on their principal home, subject to income limits.
Argument forEligible homeowners could owe less Illinois income tax because the credit would cover a larger share of their home property taxes.
Argument againstTaxpayers above the income limits could not claim this credit, even if they pay property taxes on their home.
More detail
The law describes a 10% income tax credit for property taxes paid on a taxpayer’s principal home. The credit applies to individual taxpayers and property taxes paid on their principal residence. The taxpayer’s adjusted gross income must not exceed $500,000 for spouses filing jointly or $250,000 for other taxpayers. For a multi-unit or mixed-use property, only the taxes attributed to the taxpayer’s principal home count. The 10% credit applies to tax years ending on or after December 31, 2026. The text also says the credit is exempt from the Act’s automatic sunset provision.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 28Added as Co-Sponsor Sen. Chris BalkemaLatest
- Sep 21Added as Co-Sponsor Sen. Seth Lewis
- Sep 21Added as Co-Sponsor Sen. Donald P. DeWitte
- Jul 9Added as Co-Sponsor Sen. Dave Syverson
- Jul 6Added as Co-Sponsor Sen. Darby A. Hills
- Jul 6Added as Co-Sponsor Sen. Sue Rezin
- Jun 25Added as Co-Sponsor Sen. Craig Wilcox
- May 22Rule 3-9(a) / Re-referred to Assignments
- May 15Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026
- Apr 24Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026
- Mar 13Rule 2-10 Committee Deadline Established As April 24, 2026
- Feb 24Assigned to RevenueMinor
- Feb 6Referred to Assignments
- Feb 6First ReadingMinor
- Feb 6Filed with Secretary by Sen. John F. CurranIntroduced
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