Two bills designed to financially help Illinois veterans signed into law
From Illinois Business Journal news services
SPRINGFIELD – Disabled veterans will see property tax relief and active military personnel gain added ID and credit security under two newly signed laws sponsored by state Sen. Terry Link, D-Waukegan.
“Our service men and women put their lives on the line to protect us. I’m honored to be able play a part in providing them some financial relief and security,” Link said. The proposals he sponsored – SB 107 and HB 3425 – were signed Sunday by the governor.
This new law take effect immediately and provides property tax relief for veterans who have accessibility improvements, such as wheelchair ramps, made to their homes. Accessibility projects can cost thousands of dollars and increase the value of homes, meaning disabled veterans are hit with higher property tax bills just for making their homes more livable.
Link sponsored the proposal after a disabled veteran living in his district partially remodeled her kitchen to make room for her walker, only to have her assessed evaluation increase. After numerous appeals, she won her case to have the evaluation lowered. She then pursued a change to state law to make sure accessibility projects don’t affect property taxes.
Under Link’s legislation, such improvements will not increase the assessed valuation of the property for a period of seven years after the improvements are completed.
In addition, many disabled veterans will qualify for additional property tax relief. For instance, a veteran with a service-related disability of 30 percent to 50 percent qualifies for a $2,500 property tax exemption. Previously this veteran would not qualify for any exemption.
A veteran with a service-connected disability of 50-70 percent qualifies for a $5,000 exemption, up from the previous $2,500.
And a veteran with a service-connected disability of 70 percent or more is exempt from taxation. Previously this veteran would qualify for a $5,000 exemption.
SB 107 takes effect immediately.
Military personnel are often the target of identity thieves and credit scams, which prompted HB 3425, which Link was chief sponsor of in the Senate.
The measure offers free credit freezes for active military personnel and veterans.
Previously, consumer reporting agencies could charge consumers up to $10 each time they request a credit freeze. Credit security freezes prevent new creditors from accessing a person’s credit report. This prevents identity thieves from opening a new account in a veteran’s name.
The new law, which takes effect Jan. 1, eliminates the charge for military personnel and veterans.