It Ain't All Big Hair and Cadillacs

HOUSE passes version of the 7% bill Late Wednesday night (Thursday morning) the Illinois House passed House Amendment #1 to SB13.

The votes:
101 Aye
9 No
6 Present
Click HERE to see the Votes

The bill now goes to the Senate, with expectations that it may be called for a vote today (Thursday).

The language of this bill became available to us Wednesday morning, and has MANY components. TRAC will need time to review and fully understand the bill.

In essence, House Amendment #1 increases the Alternative general homestead exemption (the 7% cap) to $30,000 in the first year (previously $20,000); $24,000 in the second year; and $18,000 in the third year.

The bill aslo includes:
- Disabled veterans exemption
- Returning Veteran's homestead exemption (one-time benefit)
- Disabled persons' homestead exemption
- Disabled veterans standard homestead exemption
- An increase to the senior citizens homestead exemption
- An increase in the senior citizens assessment freeze homestead exemption
- An increase in the general homestead exemption
- The long-time occupant homestead exemption
- An abatement for the residence of a surviving spouse of a fallen police officer or rescue worker

The bill also establishes a Property Tax Reform and Relief Task Force selected from the House and the Senate.

There is a lot to review in this bill - and we look to have more information as it passes the Senate and makes its way to the Governor for his signature.

P.S. the House also passed a budget bill last night.