Full Text of SB2669 100th General Assembly
SB2669sam001 100TH GENERAL ASSEMBLY | Sen. Tom Rooney Filed: 4/19/2018
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| 1 | | AMENDMENT TO SENATE BILL 2669
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2669 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Income Tax Act is amended by | 5 | | changing Section 204 as follows:
| 6 | | (35 ILCS 5/204) (from Ch. 120, par. 2-204)
| 7 | | Sec. 204. Standard exemption.
| 8 | | (a) Allowance of exemption. In computing net income under | 9 | | this Act, there
shall be allowed as an exemption the sum of the | 10 | | amounts determined under
subsections (b), (c) and (d), | 11 | | multiplied by a fraction the numerator of which
is the amount | 12 | | of the taxpayer's base income allocable to this State for the
| 13 | | taxable year and the denominator of which is the taxpayer's | 14 | | total base income
for the taxable year.
| 15 | | (b) Basic amount. For the purpose of subsection (a) of this | 16 | | Section,
except as provided by subsection (a) of Section 205 |
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| 1 | | and in this
subsection, each taxpayer shall be allowed a basic | 2 | | amount of $1000, except
that for corporations the basic amount | 3 | | shall be zero for tax years ending on
or
after December 31, | 4 | | 2003, and for individuals the basic amount shall be:
| 5 | | (1) for taxable years ending on or after December 31, | 6 | | 1998 and prior to
December 31, 1999, $1,300;
| 7 | | (2) for taxable years ending on or after December 31, | 8 | | 1999 and prior to
December 31, 2000, $1,650;
| 9 | | (3) for taxable years ending on or after December 31, | 10 | | 2000 and prior to December 31, 2012, $2,000;
| 11 | | (4) for taxable years ending on or after December 31, | 12 | | 2012 and prior to December 31, 2013, $2,050; | 13 | | (5) for taxable years ending on or after December 31, | 14 | | 2013 and prior to December 31 of the calendar year in which | 15 | | Senate Bill 16 of the 100th General Assembly takes effect , | 16 | | $2,050 plus the cost-of-living adjustment under subsection | 17 | | (d-5) ; . | 18 | | (6) for taxable years ending on or after December 31 of | 19 | | the calendar year in which Senate Bill 16 of the 100th | 20 | | General Assembly takes effect and ending prior to December | 21 | | 31 of the next calendar year, $3,600; and | 22 | | (7) for taxable years ending on or after December 31 of | 23 | | the calendar year immediately succeeding the calendar year | 24 | | in which Senate Bill 16 of the 100th General Assembly takes | 25 | | effect, $3,600 plus the cost-of-living adjustment under | 26 | | subsection (d-5). |
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| 1 | | For taxable years ending on or after December 31, 1992, a | 2 | | taxpayer whose
Illinois base income exceeds the basic amount | 3 | | and who is claimed as a dependent
on another person's tax | 4 | | return under the Internal Revenue Code shall
not be allowed any | 5 | | basic amount under this subsection.
| 6 | | (c) Additional amount for individuals. In the case of an | 7 | | individual
taxpayer, there shall be allowed for the purpose of | 8 | | subsection (a), in
addition to the basic amount provided by | 9 | | subsection (b), an additional
exemption equal to the basic | 10 | | amount for each
exemption in excess of one
allowable to such | 11 | | individual taxpayer for the taxable year under Section
151 of | 12 | | the Internal Revenue Code.
| 13 | | (d) Additional exemptions for an individual taxpayer and | 14 | | his or her
spouse. In the case of an individual taxpayer and | 15 | | his or her spouse, he or
she shall each be allowed additional | 16 | | exemptions as follows:
| 17 | | (1) Additional exemption for taxpayer or spouse 65 | 18 | | years of age or older.
| 19 | | (A) For taxpayer. An additional exemption of | 20 | | $1,000 for the taxpayer if
he or she has attained the | 21 | | age of 65 before the end of the taxable year.
| 22 | | (B) For spouse when a joint return is not filed. An | 23 | | additional
exemption of $1,000 for the spouse of the | 24 | | taxpayer if a joint return is not
made by the taxpayer | 25 | | and his spouse, and if the spouse has attained the age
| 26 | | of 65 before the end of such taxable year, and, for the |
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| 1 | | calendar year in
which the taxable year of the taxpayer | 2 | | begins, has no gross income and is
not the dependent of | 3 | | another taxpayer.
| 4 | | (2) Additional exemption for blindness of taxpayer or | 5 | | spouse.
| 6 | | (A) For taxpayer. An additional exemption of | 7 | | $1,000 for the taxpayer if
he or she is blind at the | 8 | | end of the taxable year.
| 9 | | (B) For spouse when a joint return is not filed. An | 10 | | additional
exemption of $1,000 for the spouse of the | 11 | | taxpayer if a separate return is made
by the taxpayer, | 12 | | and if the spouse is blind and, for the calendar year | 13 | | in which
the taxable year of the taxpayer begins, has | 14 | | no gross income and is not the
dependent of another | 15 | | taxpayer. For purposes of this paragraph, the
| 16 | | determination of whether the spouse is blind shall be | 17 | | made as of the end of the
taxable year of the taxpayer; | 18 | | except that if the spouse dies during such
taxable year | 19 | | such determination shall be made as of the time of such | 20 | | death.
| 21 | | (C) Blindness defined. For purposes of this | 22 | | subsection, an individual
is blind only if his or her | 23 | | central visual acuity does not exceed 20/200 in
the | 24 | | better eye with correcting lenses, or if his or her | 25 | | visual acuity is
greater than 20/200 but is accompanied | 26 | | by a limitation in the fields of
vision such that the |
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| 1 | | widest diameter of the visual fields subtends an angle
| 2 | | no greater than 20 degrees.
| 3 | | (d-5) Cost-of-living adjustment. For purposes of item (5) | 4 | | of subsection (b), the cost-of-living adjustment for any | 5 | | calendar year and for taxable years ending prior to the end of | 6 | | the subsequent calendar year is equal to $2,050 times the | 7 | | percentage (if any) by which: | 8 | | (1) the Consumer Price Index for the preceding calendar | 9 | | year, exceeds | 10 | | (2) the Consumer Price Index for the calendar year | 11 | | 2011. | 12 | | For purposes of item (7) of subsection (b), the | 13 | | cost-of-living adjustment for any calendar year and for taxable | 14 | | years ending prior to the end of the subsequent calendar year | 15 | | is equal to $3,600 times the percentage (if any) by which: | 16 | | (1) the Consumer Price Index for the preceding calendar | 17 | | year, exceeds | 18 | | (2) the Consumer Price Index for the calendar year | 19 | | prior to the calendar year in which Senate Bill 16 of the | 20 | | 100th General Assembly takes effect. | 21 | | The Consumer Price Index for any calendar year is the | 22 | | average of the Consumer Price Index as of the close of the | 23 | | 12-month period ending on August 31 of that calendar year. | 24 | | The term "Consumer Price Index" means the last Consumer | 25 | | Price Index for All Urban Consumers published by the United | 26 | | States Department of Labor or any successor agency. |
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| 1 | | If any cost-of-living adjustment is not a multiple of $25, | 2 | | that adjustment shall be rounded to the next lowest multiple of | 3 | | $25. | 4 | | (e) Cross reference. See Article 3 for the manner of | 5 | | determining
base income allocable to this State.
| 6 | | (f) Application of Section 250. Section 250 does not apply | 7 | | to the
amendments to this Section made by Public Act 90-613.
| 8 | | (g) Notwithstanding any other provision of law, for taxable | 9 | | years beginning on or after January 1, 2017, no taxpayer may | 10 | | claim an exemption under this Section if the taxpayer's | 11 | | adjusted gross income for the taxable year exceeds (i) | 12 | | $500,000, in the case of spouses filing a joint federal tax | 13 | | return or (ii) $250,000, in the case of all other taxpayers. | 14 | | (Source: P.A. 100-22, eff. 7-6-17.)
| 15 | | Section 99. Effective date. This Act takes effect upon | 16 | | becoming law, but this Act does not take effect at all unless | 17 | | Senate Bill 16 of the 100th General Assembly becomes law.".
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