Full Text of SB2315 103rd General Assembly
SB2315eng 103RD GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 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 | 16 | | this Section,
except as provided by subsection (a) of Section | 17 | | 205 and in this
subsection, each taxpayer shall be allowed a | 18 | | basic amount of $1000, except
that for corporations the basic | 19 | | amount shall be zero for tax years ending on
or
after December | 20 | | 31, 2003, and for individuals the basic amount shall be:
| 21 | | (1) for taxable years ending on or after December 31, | 22 | | 1998 and prior to
December 31, 1999, $1,300;
| 23 | | (2) for taxable years ending on or after December 31, |
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| 1 | | 1999 and prior to
December 31, 2000, $1,650;
| 2 | | (3) for taxable years ending on or after December 31, | 3 | | 2000 and prior to December 31, 2012, $2,000;
| 4 | | (4) for taxable years ending on or after December 31, | 5 | | 2012 and prior to December 31, 2013, $2,050; | 6 | | (5) for taxable years ending on or after December 31, | 7 | | 2013 and on or before December 31, 2028 December 31, 2023 , | 8 | | $2,050 plus the cost-of-living adjustment under subsection | 9 | | (d-5). | 10 | | For taxable years ending on or after December 31, 1992, a | 11 | | taxpayer whose
Illinois base income exceeds the basic amount | 12 | | and who is claimed as a dependent
on another person's tax | 13 | | return under the Internal Revenue Code shall
not be allowed | 14 | | any basic amount under this subsection.
| 15 | | (c) Additional amount for individuals. In the case of an | 16 | | individual
taxpayer, there shall be allowed for the purpose of | 17 | | subsection (a), in
addition to the basic amount provided by | 18 | | subsection (b), an additional
exemption equal to the basic | 19 | | amount for each
exemption in excess of one
allowable to such | 20 | | individual taxpayer for the taxable year under Section
151 of | 21 | | the Internal Revenue Code.
| 22 | | (d) Additional exemptions for an individual taxpayer and | 23 | | his or her
spouse. In the case of an individual taxpayer and | 24 | | his or her spouse, he or
she shall each be allowed additional | 25 | | exemptions as follows:
| 26 | | (1) Additional exemption for taxpayer or spouse 65 |
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| 1 | | years of age or older.
| 2 | | (A) For taxpayer. An additional exemption of | 3 | | $1,000 for the taxpayer if
he or she has attained the | 4 | | age of 65 before the end of the taxable year.
| 5 | | (B) For spouse when a joint return is not filed. An | 6 | | additional
exemption of $1,000 for the spouse of the | 7 | | taxpayer if a joint return is not
made by the taxpayer | 8 | | and his spouse, and if the spouse has attained the age
| 9 | | of 65 before the end of such taxable year, and, for the | 10 | | calendar year in
which the taxable year of the | 11 | | taxpayer begins, has no gross income and is
not the | 12 | | dependent of another taxpayer.
| 13 | | (2) Additional exemption for blindness of taxpayer or | 14 | | spouse.
| 15 | | (A) For taxpayer. An additional exemption of | 16 | | $1,000 for the taxpayer if
he or she is blind at the | 17 | | end of the taxable year.
| 18 | | (B) For spouse when a joint return is not filed. An | 19 | | additional
exemption of $1,000 for the spouse of the | 20 | | taxpayer if a separate return is made
by the taxpayer, | 21 | | and if the spouse is blind and, for the calendar year | 22 | | in which
the taxable year of the taxpayer begins, has | 23 | | no gross income and is not the
dependent of another | 24 | | taxpayer. For purposes of this paragraph, the
| 25 | | determination of whether the spouse is blind shall be | 26 | | made as of the end of the
taxable year of the taxpayer; |
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| 1 | | except that if the spouse dies during such
taxable | 2 | | year such determination shall be made as of the time of | 3 | | such death.
| 4 | | (C) Blindness defined. For purposes of this | 5 | | subsection, an individual
is blind only if his or her | 6 | | central visual acuity does not exceed 20/200 in
the | 7 | | better eye with correcting lenses, or if his or her | 8 | | visual acuity is
greater than 20/200 but is | 9 | | accompanied by a limitation in the fields of
vision | 10 | | such that the widest diameter of the visual fields | 11 | | subtends an angle
no greater than 20 degrees.
| 12 | | (d-5) Cost-of-living adjustment. For purposes of item (5) | 13 | | of subsection (b), the cost-of-living adjustment for any | 14 | | calendar year and for taxable years ending prior to the end of | 15 | | the subsequent calendar year is equal to $2,050 times the | 16 | | percentage (if any) by which: | 17 | | (1) the Consumer Price Index for the preceding | 18 | | calendar year, exceeds | 19 | | (2) the Consumer Price Index for the calendar year | 20 | | 2011. | 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 | 3 | | of $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 | 9 | | taxable years beginning on or after January 1, 2017, no | 10 | | taxpayer may claim an exemption under this Section if the | 11 | | taxpayer's adjusted gross income for the taxable year exceeds | 12 | | (i) $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; 100-865, eff. 8-14-18.)
| 15 | | Section 99. Effective date. This Act takes effect upon | 16 | | becoming law.
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