Loading chat...
IL SB2951
Bill
Status
Failed
1/13/2015
Primary Sponsor
Michael Connelly
Click for details
AI Summary
- Amends the Senior Citizens Real Estate Tax Deferral Act by modifying the definition of "qualifying property" to remove restrictions on property held in trust
- Eliminates the requirement that property cannot be held in trust (other than Illinois land trusts with the taxpayer as sole beneficiary) for those filing for the first time effective January 1, 2011 assessment year or tax year 2012 and thereafter
- Maintains existing household income limits for program eligibility: $40,000 through tax year 2005, $50,000 for tax years 2006-2011, and $55,000 for tax year 2012 and thereafter
- Preserves other qualifying property requirements including fee simple ownership, non-income-producing status, and absence of tax liens when claim is filed
- Takes effect upon becoming law
Legislative Description
PROP TX-ASSESSMENTS
Last Action
Session Sine Die
1/13/2015
Committee Referrals
Assignments3/28/2014
Revenue2/19/2014
Assignments2/4/2014
Full Bill Text
No bill text available