IL HB5274

Amends Section 15-86 of the Property Tax Code to establish quantifiable standards for charitable property tax exemptions for not-for-profit hospitals and hospital affiliates.

Requires hospitals to satisfy a charity care threshold where the value of qualifying services and activities must equal or exceed the hospital's estimated property tax liability for the exemption year.

Mandates that financial assistance policies provide: 100% coverage for patients at or below 300% of federal poverty level; at least 75% coverage for patients between 300-350% of poverty level; and at least 50% coverage for patients between 350-400% of poverty level.

Establishes specific eligibility categories for services and activities that count toward exemption qualification, including charity care, health services to underserved individuals, government subsidies, Medicaid support, and relief of government burden related to healthcare.

Applies only to not-for-profit entities and excludes any property owned, leased, licensed, or operated by for-profit entities, with limited exceptions for parking lots and common areas.