IL HB5813

Increases household income limits for eligibility in the Senior Citizens Real Estate Tax Deferral program: $40,000 through 2005, $50,000 for 2006-2010, and $55,000 for 2011 and thereafter.

Allows qualifying property to be held in an Illinois land trust with the taxpayer as sole beneficiary, effective for first-time applicants as of the January 1, 2010 assessment year or tax year 2011 and thereafter.

Caps annual tax deferrals at $5,000 per taxpayer per tax year for the January 1, 2010 assessment year and tax year 2011 and thereafter, while maintaining the existing 80% equity interest limit.

Adds enforcement mechanism allowing the Department of Revenue to withhold future deferral payments from counties that illegally allow property transfers in violation of the lien requirements.

Effective upon becoming law.