IL SB0185

Excludes required minimum distributions from individual retirement annuities from "income" calculations for the senior citizens assessment freeze homestead exemption beginning in assessment year 2024.

Defines individual retirement annuity according to Section 408(b) of the Internal Revenue Code of 1986.

Allows senior citizens age 65 and older with qualifying household income to maintain frozen property assessments at base year values.

Takes effect immediately upon becoming law.