Bill Status of HB3748 94th General Assembly
Short Description: INC TX-RETIREMENT BENEFITS
Rep. James H. Meyer - Sidney H. Mathias - Randall M. Hultgren - Timothy L. Schmitz
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that for taxable years beginning on or after January 1, 2005, the taxpayer may deduct from base income all amounts distributed from a qualified cash or deferred arrangement under Section 401(k) of the Internal Revenue Code if those amounts were distributed on or after the date that the taxpayer attained the age of 59.5. Effective immediately.