IL HB5297

Allows seniors to deduct withdrawals from tax-deferred accounts (retirement accounts, health savings accounts) from household income when calculating eligibility for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption, if those withdrawals were used to pay qualified medical expenses

Takes effect beginning in taxable year 2027, requiring applicants to apply to the chief county assessment officer for the income deduction

Defines "qualified medical expense" using the Internal Revenue Code Section 223 definition

Amends Section 15-172 of the Illinois Property Tax Code (35 ILCS 200/15-172)

Introduced by Rep. Nabeela Syed in the 104th General Assembly (2025-2026)