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Synopsis As Introduced Amends the Senior Citizens Real Estate Tax Deferral Act. Beginning in tax year 2011, increases the taxpayer's income limit from $50,000 to $55,000. Provides that "qualified property" must not be held in trust, other than an Illinois land trust with the taxpayer identified as the sole beneficiary, if the taxpayer is filing for the program for the first time effective as of the January 1, 2010 assessment year or tax year 2011 and thereafter. Effective as of the January 1, 2010 assessment year or tax year 2011 and thereafter, provides that the total amount of any deferral shall not exceed $5,000 per taxpayer in each tax year. Provides that if the county collector and recorder allow a transfer of property to occur without collecting deferred taxes and interest, then the Department of Revenue shall withhold, from future deferral payments to the county, the amount necessary to pay off the deferral account. Provides that interest on the account shall continue to accrue until such time that the Department is able to withhold the amount or until such time that the county pays the total amount due. Effective immediately.
Governor Amendatory Veto Message Recommends deleting language requiring the Department of Revenue to withhold senior citizens tax deferral payments to a county if the collector and recorder allow a transfer of a property to occur without collecting the deferred taxes on that property.
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