IllinoisSB1501104th General Assembly (2025–2026)Senate

HOMESTEAD EXEMPTION INCREASE

Sponsored By: Michael W. Halpin (Democratic)

In Committee

Summary

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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Michael W. Halpin

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Rule 3-9(a) / Re-referred to Assignments

    3/21/2025Senate
  2. Assigned to Judiciary

    2/11/2025Senate
  3. Referred to Assignments

    2/4/2025Senate
  4. First Reading

    2/4/2025Senate
  5. Filed with Secretary by Sen. Michael W. Halpin

    2/4/2025Senate

Bill Text

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