IL HB2950

Allows surviving spouses of veterans to claim homestead exemptions if the veteran applied for service-connected disability certification from the U.S. Department of Veterans Affairs or Department of Defense on or after January 1, 2007, and would have qualified for the exemption in the current tax year had they survived (effective for taxable year 2019 and thereafter).

Requires homestead exemptions for veterans with disabilities to be prorated on a monthly basis if the property is first used as a qualified residence after January 1 of a taxable year, with the prorated exemption beginning in the first complete month of occupancy.

Maintains existing exemption amounts: $2,500 for veterans with 30% to less than 50% service-connected disability, $5,000 for veterans with 50% to less than 70% disability, and full property tax exemption for veterans with 70% or more disability (for taxable years 2015 and thereafter).

Takes effect immediately upon becoming law.