Illinois SB1821 adjusts income limits for senior citizens' property tax exemptions and modifies eligibility criteria.
Illinois SB1821 amends the Property Tax Code and the Senior Citizens Real Estate Tax Deferral Act to adjust income limits for senior citizens' property tax exemptions. For taxable years 2025 and beyond, the maximum income limitation increases to $75,000. The bill also modifies eligibility criteria, including allowing certain required minimum distributions from retirement plans to be excluded from income for up to $10,000 per household. The changes aim to provide continued tax relief to low-income senior citizens in Illinois.
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