Bill Title: Amends the Illinois Income Tax Act. In the case of individuals, trusts, and estates, provides that a deduction for certain retirement income is limited to (i) $75,000 if the taxpayer or beneficiary is younger than 65 years of age during the taxable year or (ii) $100,000 if the taxpayer or beneficiary is 65 years of age or older during the taxable year (including the taxable year in which the beneficiary turns 65 years of age). Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB3055 Detail]

Text: Latest bill text (Introduced) [HTML]

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