Illinois SB 1501: HOMESTEAD EXEMPTION INCREASE

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB1501

Introduced 2/4/2025, by Sen. Michael W. Halpin 

SYNOPSIS AS INTRODUCED:

735 ILCS 5/2-1402 from Ch. 110, par. 2-1402

735 ILCS 5/12-704 from Ch. 110, par. 12-704

735 ILCS 5/12-901 from Ch. 110, par. 12-901

735 ILCS 5/12-904 from Ch. 110, par. 12-904

735 ILCS 5/12-906 from Ch. 110, par. 12-906

735 ILCS 5/12-909 from Ch. 110, par. 12-909

735 ILCS 5/12-910 from Ch. 110, par. 12-910

735 ILCS 5/12-911 from Ch. 110, par. 12-911

735 ILCS 5/12-912 from Ch. 110, par. 12-912

735 ILCS 5/12-1001 from Ch. 110, par. 12-1001

 Amends the Code of Civil Procedure. Exempts from garnishment for a period of 30 calendar days wages electronically deposited directly into a judgment debtor's checking or savings account in a financial institution. Increases the amount that every individual is entitled to for the individual's estate of homestead from $15,000 to $100,000 if the property is owned by a single individual, and from $30,000 to $200,000 if the property is owned by 2 or more individuals. Makes conforming changes in provisions regarding: the validity of a release, waiver, or conveyance of a property; the proceeds of a sale; bids for less than the exempted amount; proceedings to enforce a judgment; notice to judgment debtors; and the sale of premises and distribution of proceeds. Increases the exemptions for: other personal property from $4,000 to $27,000; a motor vehicle from $2,400 to $16,000; tools of the trade of the debtor from $1,500 to 10,000; and personal injury from $15,000 to $100,000. Makes conforming changes.

LRB104 07375 JRC 17415 b

A BILL FOR

SB1501LRB104 07375 JRC 17415 b

1 AN ACT concerning civil law.

2 Be it enacted by the People of the State of Illinois,