Amends the Illinois Income Tax Act. Provides that, for taxable years ending before December 31, 2028 (currently, December 31, 2023), when calculating the standard exemption, the basic amount shall be $2,050 plus a specified cost-of-living adjustment. Effective immediately. House Floor Amendment No. 1 Deletes reference to: 35 ILCS 5/204 from Ch. 120, par. 2-204 Adds reference to: 35 ILCS 200/15-169 35 ILCS 200/15-171 new 35 ILCS 200/11-145 35 ILCS 200/Art. 11 Div. 5 heading new 35 ILCS 200/11-175 new 35 ILCS 200/11-180 new 35 ILCS 200/11-185 new 35 ILCS 200/11-190 new 35 ILCS 200/11-195 new 35 ILCS 200/11-200 new 35 ILCS 200/11-205 new 35 ILCS 200/11-210 new 35 ILCS 200/18-185 70 ILCS 1205/8-3 from Ch. 105, par. 8-3 70 ILCS 1290/0.01 from Ch. 105, par. 325h 70 ILCS 1290/1 from Ch. 105, par. 326 70 ILCS 1290/2 from Ch. 105, par. 327 70 ILCS 1505/19 from Ch. 105, par. 333.19 230 ILCS 5/26 from Ch. 8, par. 37-26 735 ILCS 30/15-5-15 35 ILCS 200/10-40 35 ILCS 200/10-50 35 ILCS 200/2-5 35 ILCS 200/2-10 35 ILCS 200/9-45 35 ILCS 200/11-15 35 ILCS 200/18-185 35 ILCS 200/18-190.3 new 35 ILCS 200/15-174.5 new Replaces everything after the enacting clause. Amends the Property Tax Code. In a Section granting a homestead exemption to veterans with disabilities, provides that property that is used as a qualified residence by a veteran who was a member of the United States Armed Forces during World War II is exempt from taxation regardless of the veteran's level of disability. Provides that a veteran who qualifies as a result of his or her service in World War II need not reapply for the exemption. Makes changes concerning service-connected disabilities. Makes changes concerning surviving spouses. Creates a homestead exemption for surviving spouses of fallen police officers, fallen firefighters, and fallen rescue workers in an amount equal to 50% of the equalized assessed value of the property. Makes changes concerning the valuation of wastewater facilities. In provisions concerning the Historic Residence Assessment Freeze Law, provides that the fair cash value of the property shall be based on the final determination by the assessment officer, board of review, Property Tax Appeal Board, or court. Provides that, after the expiration of the 8-year valuation period, if the current fair cash value is less than the adjusted base year valuation, then the assessment shall be based on the current fair cash value. Makes changes concerning multi-township assessors. Provides that property that is used for a petroleum refinery may be the subject of a real property tax assessment settlement agreement among the taxpayer and taxing districts in which the property is situated. Amends the Park District Aquarium and Museum Act. Changes the Act's short title to the Park District and Municipal Aquarium and Museum Act. Replaces the Act's existing references to "city" and "cities" with "municipality" and "municipalities". Provides that the board of park commissioners or corporate authorities of a municipality (currently, only boards of park commissioners) may levy a tax if the park district or municipality has control of a public park or parks within the park district or municipality in which an aquarium or museum is maintained. Amends the Property Tax Extension Limitation Law of the Property Tax Code. Provides that extensions for levies made under the Park District and Municipal Aquarium and Museum Act are special purpose extensions and are not included in the park district's or municipality's aggregate extension. Creates an exemption for municipality-built homes. Effective immediately.