IL HB4308

Creates a new income-based homestead exemption for persons with disabilities beginning with taxable year 2024 who receive federal Social Security disability benefits and have household income not exceeding 200% of the federal poverty level, making the property fully exempt from taxation under the Property Tax Code.

Defines key terms including "household," "household income," "income," and "person with a disability" for purposes of the exemption, with "person with a disability" meaning someone unable to engage in substantial gainful activity due to a medically determinable impairment expected to last at least 12 months.

Maintains existing $2,000 annual homestead exemption for persons with disabilities effective since taxable year 2007, with special provisions for cooperative apartments and life care facilities.

Specifies that federal poverty level guidelines are determined using the most recent guidelines published in the Federal Register by the Department of Health and Human Services as of the first day of the taxable year.

Prohibits taxpayers from claiming both this disability exemption and exemptions under Sections 15-165 or 15-169 of the Property Tax Code.