HB4260 94TH GENERAL ASSEMBLY

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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4260

Introduced 12/16/2005, by Rep. Brent Hassert

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-7 new

Amends the Property Tax Code. Provides that, beginning with the 2006 assessment year, if, in order to qualify for a property-tax exemption, the taxpayer must have an income that is at or below a certain amount, then, for the purposes of that exemption, the term "income" does not include any Social Security benefit unless expressly stated otherwise. 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 15-7 as follows:

(35 ILCS 200/15-7 new)

Sec. 15-7. Income limits; Social Security. Beginning with the 2006 assessment year, if, in order to qualify for an exemption under this Article 15, the taxpayer must have an income that is at or below a certain amount, then, for the purposes of that exemption, the term "income" does not include any Social Security benefit unless expressly stated otherwise.

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