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HB5123 • 2026
INC TX-PROP TX CREDIT
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.
INC TX-PROP TX CREDIT
Added Co-Sponsor Rep. Jackie Haas
Rule 19(a) / Re-referred to Rules Committee
Assigned to Revenue & Finance Committee
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Steven Reick
INC TX-PROP TX CREDIT
Illinois General Assembly - Full Text of HB5123 Select Language × The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein. Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet. The English language version is always the official and authoritative version of this website. NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window. 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Full Text of HB5123 Home Legislation Full Text HB5123 - 104th General Assembly Bill Status Full Text Votes Witness Slips Select Menu Bill Status Full Text Votes Witness Slips Printer Friendly Version Introduced Printer Friendly Version Introduced Open PDF 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB5123 Introduced 2/10/2026, by Rep. Steven Reick SYNOPSIS AS INTRODUCED: 35 ILCS 5/208 from Ch. 120, par. 2-208 Amends the Illinois Income Tax Act. Provides that, if the amount of the credit for residential real property taxes exceeds the taxpayer's liability, that amount shall be refunded if the taxpayer is 65 years or older and has a federal adjusted gross income of not more than $50,000. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately. LRB104 16529 HLH 29925 b A BILL FOR HB5123 LRB104 16529 HLH 29925 b 1 AN ACT concerning revenue. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Income Tax Act is amended by 5 changing Section 208 as follows: 6 (35 ILCS 5/208) (from Ch. 120, par. 2-208) 7 Sec. 208. Tax credit for residential real property taxes. 8 Beginning with tax years ending on or after December 31, 1991, 9 every individual taxpayer shall be entitled to a tax credit 10 equal to 5% of real property taxes paid by such taxpayer during 11 the taxable year on the principal residence of the taxpayer. 12 In the case of multi-unit or multi-use structures and farm 13 dwellings, the taxes on the taxpayer's principal residence 14 shall be that portion of the total taxes which is attributable 15 to such principal residence. Notwithstanding any other 16 provision of law, for taxable years beginning on or after 17 January 1, 2017, no taxpayer may claim a credit under this 18 Section if the taxpayer's adjusted gross income for the 19 taxable year exceeds (i) $500,000, in the case of spouses 20 filing a joint federal tax return, or (ii) $250,000, in the 21 case of all other taxpayers. 22 For taxable years beginning on or after January 1, 2026, 23 if the amount of the credit exceeds the taxpayer's income tax HB5123 - 2 - LRB104 16529 HLH 29925 b 1 liability for the applicable tax year, then the excess credit 2 shall be refunded to the taxpayer if the taxpayer is 65 years 3 old or older and has a federal adjusted gross income of not 4 more than $50,000. The amount of a refund shall not be included 5 in the taxpayer's income or resources for the purposes of 6 determining eligibility or benefit level in any means-tested 7 benefit program administered by a governmental entity unless 8 required by federal law. 9 This Section is exempt from the provisions of Section 250. 10 (Source: P.A. 101-8, see Section 99 for effective date; 11 102-558, eff. 8-20-21.) 12 Section 99. Effective date. This Act takes effect upon 13 becoming law. Footer Disclaimer This site is maintained for the Illinois General Assembly by the Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706. Contact ILGA Webmaster ILGA.gov uses cookies to ensure you get the best experience on our website. By continuing to browse ILGA.gov you consent to our use of cookies. 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