Loading chat...
IL SB1745
Bill
Status
Introduced
2/26/2021
Primary Sponsor
Don Harmon
Click for details
AI Summary
- Creates a middle class property tax credit for homestead property owners beginning in taxable year 2022
- Provides an annual homestead exemption reducing equalized assessed value by 5%, with a maximum exemption of $5,000
- Defines "middle class" as households with income up to 200% of the median household income for Illinois based on U.S. Census Bureau data
- Requires cooperative and life care facilities to credit tax savings only to the qualified owner or resident, with willful refusal constituting a Class B misdemeanor
- Takes effect immediately upon becoming law with no state reimbursement requirement under the State Mandates Act
Legislative Description
PROP TX-MIDDLE CLASS CREDIT
Last Action
Chief Sponsor Changed to Sen. Don Harmon
6/15/2022
Committee Referrals
Assignments4/16/2021
Revenue3/9/2021
Assignments2/26/2021
Full Bill Text
No bill text available