SB3082 94TH GENERAL ASSEMBLY

LRB094 19070 BDD 54572 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB3082

Introduced 1/20/2006, by Sen. Deanna Demuzio

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-167 new

Amends the Property Tax Code. Creates a homestead exemption for disabled veterans. Sets forth the amount of the exemption based on the percentage of service-connected disability of the veteran. Provides that the exemption carries over to the benefit of the veteran's surviving spouse. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 15-167 as follows:

(35 ILCS 200/15-167 new)

Sec. 15-167. Disabled veterans standard homestead exemption.

(a) An annual homestead exemption, limited to the amounts set forth in subsection (b), is granted for property that is used as a qualified residence by a disabled veteran.

(b) The amount of the exemption under this Section is as follows:

(1) for veterans with a service-connected disability of 100%, as certified by the United States Department of Veterans Affairs, the annual exemption is $15,000;

(2) for veterans with a service-connected disability of at least 50%, but less than 100%, as certified by the United States Department of Veterans Affairs, the annual exemption is $5,000; and

(3) for veterans with a service-connected disability of at least 20%, but less than 50%, as certified by the United States Department of Veterans Affairs, the annual exemption is $2,000.

(c) The tax exemption under this Section carries over to the benefit of the veteran's surviving spouse as long as the spouse holds the legal or beneficial title to the homestead, permanently resides thereon, and does not remarry. If the surviving spouse sells the property, an exemption not to exceed the amount granted from the most recent ad valorem tax roll may be transferred to his or her new residence as long as it is used as his or her primary residence and he or she does not remarry.

(d) The exemption under this Section applies for taxable year 2006 and thereafter and is in addition to any other exemption under this Act.

(e) For the purposes of this Section:

"Qualified residence" means real property, but less any portion of that property that is used for commercial purposes, with an equalized assessed value of less than $250,000. Property rented for more than 6 months is presumed to be used for commercial purposes.

"Veteran" means an Illinois resident who has served as a member of the United States Armed Forces on active duty or State active duty, a member of the Illinois National Guard, or a member of the United States Reserve Forces and who has received an honorable discharge.

Section 99. Effective date. This Act takes effect upon becoming law.