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IL SB1774

Bill

Official Source

Status

Introduced

2/26/2021

Primary Sponsor

Laura Murphy

Click for details

Origin

Senate

102nd General Assembly

AI Summary

  • Excludes required minimum distributions (RMDs) from individual retirement annuities from "income" calculations for the senior citizens assessment freeze homestead exemption beginning in assessment year 2022.

  • RMDs are defined according to Section 408(b) of the Internal Revenue Code of 1986.

  • Maintains existing exemption eligibility requirements for seniors age 65 and older with household income below specified limits.

  • Takes effect immediately upon becoming law.

Legislative Description

PROP TAX-SENIOR FREEZE-INCOME

Last Action

Added as Chief Co-Sponsor Sen. Julie A. Morrison

12/16/2021

Committee Referrals

Assignments4/16/2021
Revenue3/9/2021
Assignments2/26/2021

Full Bill Text

No bill text available