IL HB5350

Adjusts the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption beginning in taxable year 2025 by annually increasing the prior year's limit by the Social Security and Supplemental Security Income cost of living adjustment, with the Department of Revenue publishing the new amount by February 1 each year.

Maintains the $65,000 maximum income limitation for the homestead exemption through taxable year 2024 before the annual adjustment mechanism begins.

Modifies the Energy Assistance Act to establish new eligibility limits for calendar years beginning January 1, 2025, allowing limits to be either 150% of federal nonfarm poverty level or 60% of state median income (whichever is higher) OR the prior year's limit increased by the Social Security cost of living adjustment (whichever is greater).

Preserves existing eligibility caps at 150% of federal nonfarm poverty level or 60% of state median income for calendar years before January 1, 2025, with a temporary exception allowing up to 200% of poverty level through June 30, 2021.

Takes effect immediately upon enactment.