Bill > SB1821

This bill amends the Property Tax Code and the Senior Citizens Real Estate Tax Deferral Act to provide enhanced tax benefits for senior citizens. Specifically, for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption, the bill increases the maximum income limitation from $65,000 to $75,000 for taxable years 2025 and thereafter. Additionally, the bill introduces a new provision that allows seniors to exclude up to $10,000 per household in required minimum distributions from retirement plans, retirement accounts, or retirement annuities when calculating their income for the exemption. The bill also updates the Senior Citizens Real Estate Tax Deferral Act to align with these changes, raising the maximum household income threshold from $65,000 to $75,000 for tax year 2025 and beyond. These modifications aim to provide greater financial relief to senior citizens by expanding their eligibility for property tax exemptions and considering a broader range of income sources when determining qualification. The bill takes effect immediately, potentially offering timely assistance to seniors managing property tax expenses.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1821&GAID=18&DocTypeID=SB&SessionID=114&GA=104