IL HB2918

Establishes a Veterans Property Tax Relief Reimbursement Pilot Program for state fiscal years beginning July 1, 2023 through June 30, 2028, subject to appropriation.

Requires the Department of Revenue to reimburse eligible taxing districts for revenue loss from homestead exemptions for veterans with disabilities under Property Tax Code Sections 15-165 and 15-169.

Taxing districts qualify for reimbursement if veteran homestead exemptions reduce total equalized assessed value by more than 2.5% and the district is located wholly or partially in a county containing a U.S. military base.

Reimbursement amounts equal 50% of revenue loss for fiscal year 2023-2024, then 100% of revenue loss for fiscal years 2024-2028, with a $30,000,000 annual cap across all taxing districts.

County clerks apply for reimbursements on behalf of qualifying taxing districts, with the Department of Revenue authorized to audit applications and adopt implementing rules.