OBAMA. 35 ILCS 5/204 from Ch. 120, par. 2-204 Amends the Illinois Income Tax Act. Grants taxpayers, beginning with taxable years beginning on or after January 1, 1998, an additional basic amount standard exemption, and an additional amount for dependents of (i) $1,500 if their adjusted gross income is less than $25,000, (ii) $1,000 if their adjusted gross income is at least $25,000 but less than $50,000, and (iii) $500 if their adjusted gross income is at least $50,000 but less than $75,000. Provides that beginning January 1, 2000, the standard exemption basic amount and additional basic amount for individuals, and the basic amount and additional amount for additonal exemptions, shall be subject to annual adjustments equal to the percentage of increase in the previous calendar year in the Consumer Price Index for All Urban Consumers for all items published by the Untied States Department of Labor or a successor index adopted by the Department of Revenue by rule. Exempts these changes from the sunset provisions of the Act. Effective immediately. 98-02-19 S FIRST READING 98-02-19 S REFERRED TO SENATE RULES COMMITTEE RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary