Bill Title: Amends the Property Tax Code. In provisions concerning the low-income senior citizens assessment freeze homestead exemption, provides that the applicant's income does not include up to $10,000 per household in required minimum distributions under the Internal Revenue Code from a retirement plan, retirement account, or retirement annuity. Provides that, for taxable year 2025 and thereafter, the maximum income limitation is $75,000 for all qualified property. Amends the Senior Citizens Real Estate Tax Deferral Act. Provides that an eligible taxpayer has a household income of not more than $75,000 for tax year 2025 and thereafter (currently, $65,000 for tax years 2022 through 2025 and $55,000 for tax year 2026 and thereafter). Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2025-02-06 - Referred to Assignments
[SB1821 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | 2025-02-06 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
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| No bill amendments currently on file for Illinois SB1821 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois SB1821 currently on file. |
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