New legislation filed by State Representative Steve Reick (R-Woodstock) would amend Illinois tax law and put a few more dollars into the pockets of seniors on fixed incomes.
HB 3013, filed on February 9, would provide seniors on fixed incomes with the ability to enjoy a tax credit equal to 5% of the taxes paid on their principal residence. “Today, Illinois taxpayers get a bit of property tax relief through this credit, but the credit is ‘non-refundable,’ which means that if it exceeds one’s income tax liability, the balance isn’t refunded to the taxpayer,” said Reick. “This affects seniors particularly, since a great number of them live on pension and social security income, which is not taxable in Illinois. My bill would remedy that.”
Specifically, HB 3013 would extend the property tax credit to include people over the age of 65 whose federal adjusted gross income is under $50,000. “Until we find a way to reduce property taxes for everyone, I’m making an effort to reduce taxes for seniors living on fixed incomes,” Reick said. “In Illinois, where property taxes continue to creep upward, those on fixed incomes are desperate for relief. This credit usually won’t be much, but it may help a senior citizen with an electric bill, some groceries or a prescription. It’s a good small step that can be taken right away while we figure out how to provide substantive relief to everyone in the state.”
HB 3013 is pending assignment to a substantive committee for review.