IL SB1346

Allows senior citizens to deduct Medicare premium payments from household income when determining eligibility for the Senior Citizens Assessment Freeze Homestead Exemption, effective for taxable year 2020 and thereafter.

Requires Medicare premium deductions to be supported by proof of payment, including dates and amounts, which may be submitted as bill payment stubs such as CMS-500 forms.

Applies to seniors age 65 and older whose household income does not exceed the maximum income limitation ($65,000 for taxable year 2020 and later in all counties).

Maintains existing exemption structure that freezes assessed values at base year amounts, with exemption amount calculated as the difference between current equalized assessed value and base amount.