2011 schedule icr form-2025

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The Illinois Property Tax Credit is a credit on your individual income tax return equal to 5 percent of Illinois Property Tax (real estate tax) you paid on your principal residence. You must own and reside in your residence in order to take this credit.
The Recovery and Mental Health Tax Credit is calculated at the rate of $1.00 per hour with a maximum amount of $2,000 per eligible individual. The program in its entirety is limited to a maximum of $2 million per year.
The Circuit Breaker Property Tax Relief program provides rebates to qualified seniors for rent, property taxes or nursing home charges. The amount of tax relief is relatively minor. Seniors with income of less than $45,000 a year can expect rebate amounts ranging from $1 to $350.
Who pays these taxes? Corporations, partnerships, trusts, S corporations and public utilities pay these taxes.
The Income Contingent Repayment (ICR) plan is designed to make repaying education loans easier for students who intend to pursue jobs with lower salaries, such as careers in public service. It does this by pegging the monthly payments to the borrowers income, family size, and total amount borrowed.
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People also ask

What is the purpose of Schedule ICR? Schedule ICR, Illinois Credits, allows you to figure the total amount of property tax, K-12 education expense, and Volunteer Emergency Worker credits you may claim on Form IL-1040, Individual Income Tax Return. What must I attach to Form IL-1040?

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