90th General Assembly
Summary of SB1649
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Senate Sponsors:

Short description: 
INC TX-INCREASE EXEMPTIONS                                                 

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.   Grants  taxpayers  with  an      
   adjusted  gross    income  of  $75,000 or less, beginning with taxable      
   years beginning on or after  January  1,  1998,  an  additional  basic      
   amount   standard   exemption   of  $500,  an  additional  amount  for      
   individuals of $500, and additional exemptions of $500  for  taxpayers      
   65  years  of  age or older or taxpayers who are blind.  Provides that      
   beginning January 1, 2000, the amounts of these  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 United States Department of      
   Labor or a successor index adopted by the  Department  of  Revenue  by      
   rule.   Exempts  these  changes from the sunset provisions.  Effective      
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status