Senate Sponsors: WELCH-BERMAN-FARLEY-HALVORSON-CLAYBORNE. 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 immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status