Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who (1) paid rent on a personal residence in Illinois for at least 6 months during the taxable year; (2) are not claimed as a dependent on someone else's federal income taxes for the taxable year; and (3) have a federal adjusted gross income of less than $83,250, if the taxpayer is married filing a joint return, or $40,770, if the taxpayer is not married filing a joint return. Provides that, if the taxpayer is married filing a joint return, then the amount of the credit is $1,000 for both taxpayers as a single unit. Provides that, if the taxpayer is not married filing a joint return, then the amount of the credit is $500. Effective immediately.

Statutes affected:
Introduced: 35 ILCS 5/235