Plain English Breakdown
The official source material is truncated at Section (b) regarding income verification procedures, leaving some implementation details unknown.
HB0047: Medicare Premium Deduction from Senior Property Tax Exemption Income
This bill changes how Illinois calculates household income for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption by allowing seniors to subtract their Medicare premiums starting in taxable year 2026.
What This Bill Does
- Amends Section 15-172 of the Property Tax Code regarding the Low-Income Senior Citizens Assessment Freeze Homestead Exemption.
- Requires that household income used for eligibility be reduced by Medicare premiums paid during the calendar year, beginning in taxable year 2026.
Who It Names or Affects
- Illinois seniors who apply for or currently hold the Low-Income Senior Citizens Assessment Freeze Homestead Exemption.
- Chief County Assessment Officers in counties where eligible properties are located.
Terms To Know
- Low-Income Senior Citizens Assessment Freeze Homestead Exemption
- A property tax relief program that freezes the assessed value of a senior's home to limit their property taxes if they meet income requirements.
- Household Income
- The combined income of all people living in the residence for the calendar year before the taxable year, now reduced by Medicare premiums starting in 2026.
- Taxable Year
- The specific year for which property taxes are calculated and paid; this change applies to years beginning with 2026.
Limits and Unknowns
- The bill text does not specify the exact dollar amount of Medicare premiums that can be deducted, only that they must be amounts actually paid by the taxpayer.
- The source material is truncated and does not show the full verification process or forms required to claim this deduction.