IL HB2991

Creates a new homestead exemption tier for veterans with service-connected disabilities of 10% or more but less than 30%, providing an annual exemption of $1,500 starting in taxable year 2024.

Modifies existing exemption brackets for taxable years 2024 and thereafter: veterans with 30-50% disability receive $2,500, those with 50-70% receive $5,000, and those with 70% or more receive full property tax exemption.

Extends the surviving spouse exemption for veterans whose death was determined to be service-connected and who received dependency and indemnity compensation from the U.S. Department of Veterans Affairs.

Limits the enhanced exemption provisions in subsection (b-3) to taxable years 2015 through 2023, with new tiered structure taking effect in taxable year 2024 under subsection (b-4).

Takes effect immediately upon becoming law.