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bills
All budget & taxes bills
Amends the Property Tax Code. Creates the free and clear senior homestead exemption. Provides that certain homestead property that is owned and used a primary residence by a person who is 75 years of age or older and whose income does not exceed a specified income limitation is exempt from taxation under the Code.
Amends the Senior Citizens and Persons with Disabilities Property Tax Relief Act. Requires the income eligibility levels used to determine eligibility for reduced vehicle registration fees for seniors and persons with disabilities to be adjusted every 3 years by an amount equal to the percentage increase, if any, in the consumer price index-u during the preceding 12-month calendar year. Provides that the new amount resulting from each 3-year adjustment shall be determined by the Comptroller and provided by the Comptroller to the Department on Aging. Requires the Department on Aging to determine the dates upon which the new adjusted amounts take effect and to publish the adjusted amounts.
Amends the Property Tax Code. Provides that property that qualifies for the senior citizens homestead exemption is exempt from taxation under the Code. Effective immediately.
Makes appropriations for the ordinary and contingent expenses of the Department on Aging for the fiscal year beginning July 1, 2025, as follows: General Funds $1,796,285,529; Other State Funds $13,373,800; Federal Funds $212,788,800; Total $2,022,448,129.
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Seniors
Amends the Illinois Income Tax Act. Provides that a taxpayer is entitled to an income tax credit for each person who is (i) 62 years of age or older during the taxable year and (ii) employed by the taxpayer at a location in this State for not less than 185 days during the taxable year. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
Amends the Senior Citizens and Persons with Disabilities Property Tax Relief Act. Changes the income eligibility levels used to determine eligibility for reduced vehicle registration fees for seniors and persons with disabilities.
