SB0804sam001 95TH GENERAL ASSEMBLY

Sen. Susan Garrett

Filed: 4/30/2008

09500SB0804sam001 LRB095 05478 HLH 49482 a

AMENDMENT TO SENATE BILL 804

AMENDMENT NO. ______. Amend Senate Bill 804 by replacing everything after the enacting clause with the following:

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

(35 ILCS 200/15-167)

Sec. 15-167. Returning Veterans' Homestead Exemption.

(a) Beginning with taxable year 2007, a homestead exemption, limited to a reduction set forth under subsection (b), from the property's value, as equalized or assessed by the Department, is granted for property that is owned and occupied as the principal residence of a veteran returning from an armed conflict involving the armed forces of the United States who is liable for paying real estate taxes on the property and is an owner of record of the property or has a legal or equitable interest therein as evidenced by a written instrument, except for a leasehold interest, other than a leasehold interest of land on which a single family residence is located, which is occupied as the principal residence of a veteran returning from an armed conflict involving the armed forces of the United States who has an ownership interest therein, legal, equitable or as a lessee, and on which he or she is liable for the payment of property taxes. For purposes of the exemption under this Section, "veteran" means an Illinois resident who has served as a member of the United States Armed Forces, a member of the Illinois National Guard, or a member of the United States Reserve Forces.

(b) In all counties, the reduction is $5,000 and only for the taxable year in which the veteran returns from active duty in an armed conflict involving the armed forces of the United States, or the next taxable year if subsection (c-5) applies. For land improved with an apartment building owned and operated as a cooperative, the maximum reduction from the value of the property, as equalized by the Department, must be multiplied by the number of apartments or units occupied by a veteran returning from an armed conflict involving the armed forces of the United States who is liable, by contract with the owner or owners of record, for paying property taxes on the property and is an owner of record of a legal or equitable interest in the cooperative apartment building, other than a leasehold interest. In a cooperative where a homestead exemption has been granted, the cooperative association or the management firm of the cooperative or facility shall credit the savings resulting from that exemption only to the apportioned tax liability of the owner or resident who qualified for the exemption. Any person who willfully refuses to so credit the savings is guilty of a Class B misdemeanor.

(c) Application must be made during the application period in effect for the county of his or her residence. The assessor or chief county assessment officer may determine the eligibility of residential property to receive the homestead exemption provided by this Section by application, visual inspection, questionnaire, or other reasonable methods. The determination must be made in accordance with guidelines established by the Department.

(c-5) A veteran who changes or first acquires his or her principal residence during the taxable year in which he or she returns from an armed conflict involving the armed forces of the United States may elect to receive the exemption granted under this Section either for that taxable year (in which case it shall apply to the new residence only) or for the next taxable year, but not both. Such a veteran who was otherwise eligible for but did not receive an exemption under this Section for taxable year 2007 or taxable year 2008 may elect to receive the exemption under this Section for taxable year 2009.

(d) The exemption under this Section is in addition to any other homestead exemption provided in this Article 15. Notwithstanding Sections 6 and 8 of the State Mandates Act, no reimbursement by the State is required for the implementation of any mandate created by this Section.

(Source: P.A. 95-644, eff. 10-12-07.)

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