Senate Sponsors: SEVERNS-JACOBS. Short description: INC TX-EXEMPT SEVERANCE PAY Synopsis of Bill as introduced: Amends the Illinois Income Tax. Provides that an individual taxpayer who received severance pay due to the taxpayer's employer's plant closing shall receive an additional exemption up to $35,000 for amounts received as severance pay. Sunsets the exemption after 5 years. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status