Budget & Taxes

Amends the Property Tax Code. Provides that property that is used as a qualified residence by a police officer or firefighter with a duty-related disability is exempt from taxation under the Code. Effective immediately.

HB 1990 is a legislative bill that appropriates funds for the General Assembly. Specifically, it allocates two dollars from the state's General Revenue Fund to cover the General Assembly's ordinary and contingent expenses. This funding is designated for the fiscal year beginning July 1, 2025, and the bill becomes effective on that date.

Creates the Property Tax Relief Act. Provides that any individual whose household is liable for payment of property taxes accrued or has paid rent constituting property taxes accrued and is domiciled in this State at the time he or she files his or her claim is entitled to claim a grant under the Act to be administered by the Department of Revenue. Provides that for 2025 claim year applications submitted during calendar year 2026, a household must have an annual household income of less than the State median adjusted gross income. Provides that for taxable years 2025 and thereafter, an eligible residence must have an assessed market value of less than $350,000. Provides that except as otherwise provided under the Act, the maximum grant amount which a claimant is entitled to claim not to exceed $5,000. Sets forth the grant amount for eligible households that receive cash assistance from the Department of Healthcare and Family Services or the Department of Human Services. Contains provisions concerning the effect joint ownership of a single residence or ownership of multiple residences has on the calculation of the grant amount. Sets forth the procedure to file a grant claim. Contains provisions concerning supporting documents the Department of Revenue may require claimants to submit to verify eligibility for a grant; the payment and denial of claims; claimants' records; rules of confidentiality; penalties for filing a fraudulent claim; and Department rules.

Amends the Property Tax Code. Provides that, for taxable year 2026, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption is $75,000 (currently, $65,000). Provides that, beginning in taxable year 2027, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption shall be increased each year by the percentage increase, if any, in the Consumer Price Index. Effective immediately.

Amends the Grant Accountability and Transparency Act. Provides that the Governor's Office of Management and Budget shall compile an annual budget implementation report. Provides that the report shall include the following information concerning each grant agreement entered into by a State awarding agency during the previous calendar year: (1) the total cost of each project; (2) detailed line items specified under guidelines issued by the Governor's Office of Management and Budget; and (3) a description specified purpose for the project. Requires the report to be submitted to the General Assembly and posted on the website of the Governor's Office of Management and Budget. Effective immediately.

SB 2606 is a funding bill that allocates specific amounts from various state funds to cover the salaries and operating expenses of the Office of the State Comptroller and numerous state executive branch officials for Fiscal Year 2026. It provides $32.4 million from the General Revenue Fund for the Comptroller's office (including $250,000 for the Inspector General), $1.5 million from the Comptroller's Administrative Fund, and smaller sums from other funds for lottery operations, court reporter payments, and state agency costs. The bill directly affects all elected and appointed state executive officials (such as the Governor, agency directors, and department heads) by funding their salaries and operational needs. It takes effect July 1, 2025, and contains no policy changes - only financial allocations for existing state operations.

SB 261 reenacts and makes permanent Illinois' Invest in Kids Act, which provides tax credits to Illinois taxpayers who contribute to scholarship granting organizations (SGOs). The bill directly affects Illinois taxpayers who make qualified contributions to SGOs, allowing them to claim a tax credit equal to their contribution. These contributions fund scholarships for eligible students from households with incomes up to 300% of the federal poverty level (rising to 400% after receiving a scholarship), who attend qualified non-public schools in Illinois. The legislation amends the Illinois Income Tax Act to make these tax credit provisions permanent, replacing a temporary program set to expire in 2025.

Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that the Department of Revenue, in consultation with the Governor's Office of Management and Budget, shall conduct a study to determine the feasibility of eliminating, by no later than January 1, 2030, the property tax system in the State and replacing that revenue with income tax receipts.

Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Creates an exemption for equipment and materials placed in service on or after January 1, 2026 that are incorporated into or used in the business of providing broadband services. Effective immediately.

HB 3954 allocates $7.05 billion from state funds to cover Illinois public school teachers' retirement contributions for the fiscal year beginning July 1, 2025. It specifies funding from the General Fund, Common School Fund, and Education Assistance Fund to pay the state's required contributions to teacher retirement systems, including health insurance support and minimum retirement allowances. The bill directly affects all Illinois public school teachers by ensuring state funding for their retirement benefits. This is a routine budgetary measure, not a policy change, with no new requirements for teachers or schools.