IL SB1725 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 9 2023 - 25% progression
Action: 2023-03-10 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 9 2023 - 25% progression
Action: 2023-03-10 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Property Tax Code. Creates a middle-class tax credit limited to a reduction in the equalized assessed value of homestead property owned by a middle-class taxpayer of 5% of the equalized assessed value of the property for the current assessment year. Provides that the maximum exemption is limited to $5,000. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Title
PROP TX-MIDDLE CLASS CREDIT
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2023-03-10 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2023-02-21 | Senate | Assigned to Revenue |
| 2023-02-15 | Senate | Added as Co-Sponsor Sen. Michael E. Hastings |
| 2023-02-09 | Senate | Referred to Assignments |
| 2023-02-09 | Senate | First Reading |
| 2023-02-09 | Senate | Filed with Secretary by Sen. Patrick J. Joyce |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 30 | 805 | 8.47 | New Code | See Bill Text |
| 35 | 200 | 15-179 | New Code | See Bill Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1725&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/SB/10300SB1725.htm |
