Illinois 2023-2024 Regular Session

Illinois House Bill HB2774 Compare Versions

Only one version of the bill is available at this time.

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2774 Introduced , by Rep. Kelly M. Burke SYNOPSIS AS INTRODUCED: 35 ILCS 5/204 from Ch. 120, par. 2-204 Amends the Illinois Income Tax Act. Provides that, for taxable years ending before December 31, 2028 (currently, December 31, 2023), when calculating the standard exemption, the basic amount shall be $2,050 plus a specified cost-of-living adjustment. Effective immediately. LRB103 30877 HLH 57400 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2774 Introduced , by Rep. Kelly M. Burke SYNOPSIS AS INTRODUCED: 35 ILCS 5/204 from Ch. 120, par. 2-204 35 ILCS 5/204 from Ch. 120, par. 2-204 Amends the Illinois Income Tax Act. Provides that, for taxable years ending before December 31, 2028 (currently, December 31, 2023), when calculating the standard exemption, the basic amount shall be $2,050 plus a specified cost-of-living adjustment. Effective immediately. LRB103 30877 HLH 57400 b LRB103 30877 HLH 57400 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2774 Introduced , by Rep. Kelly M. Burke SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/204 from Ch. 120, par. 2-204 35 ILCS 5/204 from Ch. 120, par. 2-204
4	4	35 ILCS 5/204 from Ch. 120, par. 2-204
5	5	Amends the Illinois Income Tax Act. Provides that, for taxable years ending before December 31, 2028 (currently, December 31, 2023), when calculating the standard exemption, the basic amount shall be $2,050 plus a specified cost-of-living adjustment. Effective immediately.
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8	8	A BILL FOR
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11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 changing Section 204 as follows:
16	16	6 (35 ILCS 5/204) (from Ch. 120, par. 2-204)
17	17	7 Sec. 204. Standard exemption.
18	18	8 (a) Allowance of exemption. In computing net income under
19	19	9 this Act, there shall be allowed as an exemption the sum of the
20	20	10 amounts determined under subsections (b), (c) and (d),
21	21	11 multiplied by a fraction the numerator of which is the amount
22	22	12 of the taxpayer's base income allocable to this State for the
23	23	13 taxable year and the denominator of which is the taxpayer's
24	24	14 total base income for the taxable year.
25	25	15 (b) Basic amount. For the purpose of subsection (a) of
26	26	16 this Section, except as provided by subsection (a) of Section
27	27	17 205 and in this subsection, each taxpayer shall be allowed a
28	28	18 basic amount of $1000, except that for corporations the basic
29	29	19 amount shall be zero for tax years ending on or after December
30	30	20 31, 2003, and for individuals the basic amount shall be:
31	31	21 (1) for taxable years ending on or after December 31,
32	32	22 1998 and prior to December 31, 1999, $1,300;
33	33	23 (2) for taxable years ending on or after December 31,
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2774 Introduced , by Rep. Kelly M. Burke SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/204 from Ch. 120, par. 2-204 35 ILCS 5/204 from Ch. 120, par. 2-204
39	39	35 ILCS 5/204 from Ch. 120, par. 2-204
40	40	Amends the Illinois Income Tax Act. Provides that, for taxable years ending before December 31, 2028 (currently, December 31, 2023), when calculating the standard exemption, the basic amount shall be $2,050 plus a specified cost-of-living adjustment. Effective immediately.
41	41	LRB103 30877 HLH 57400 b LRB103 30877 HLH 57400 b
42	42	LRB103 30877 HLH 57400 b
43	43	A BILL FOR
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49	49	35 ILCS 5/204 from Ch. 120, par. 2-204
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68	68	1 1999 and prior to December 31, 2000, $1,650;
69	69	2 (3) for taxable years ending on or after December 31,
70	70	3 2000 and prior to December 31, 2012, $2,000;
71	71	4 (4) for taxable years ending on or after December 31,
72	72	5 2012 and prior to December 31, 2013, $2,050;
73	73	6 (5) for taxable years ending on or after December 31,
74	74	7 2013 and on or before December 31, 2028 December 31, 2023,
75	75	8 $2,050 plus the cost-of-living adjustment under subsection
76	76	9 (d-5).
77	77	10 For taxable years ending on or after December 31, 1992, a
78	78	11 taxpayer whose Illinois base income exceeds the basic amount
79	79	12 and who is claimed as a dependent on another person's tax
80	80	13 return under the Internal Revenue Code shall not be allowed
81	81	14 any basic amount under this subsection.
82	82	15 (c) Additional amount for individuals. In the case of an
83	83	16 individual taxpayer, there shall be allowed for the purpose of
84	84	17 subsection (a), in addition to the basic amount provided by
85	85	18 subsection (b), an additional exemption equal to the basic
86	86	19 amount for each exemption in excess of one allowable to such
87	87	20 individual taxpayer for the taxable year under Section 151 of
88	88	21 the Internal Revenue Code.
89	89	22 (d) Additional exemptions for an individual taxpayer and
90	90	23 his or her spouse. In the case of an individual taxpayer and
91	91	24 his or her spouse, he or she shall each be allowed additional
92	92	25 exemptions as follows:
93	93	26 (1) Additional exemption for taxpayer or spouse 65
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104	104	1 years of age or older.
105	105	2 (A) For taxpayer. An additional exemption of
106	106	3 $1,000 for the taxpayer if he or she has attained the
107	107	4 age of 65 before the end of the taxable year.
108	108	5 (B) For spouse when a joint return is not filed. An
109	109	6 additional exemption of $1,000 for the spouse of the
110	110	7 taxpayer if a joint return is not made by the taxpayer
111	111	8 and his spouse, and if the spouse has attained the age
112	112	9 of 65 before the end of such taxable year, and, for the
113	113	10 calendar year in which the taxable year of the
114	114	11 taxpayer begins, has no gross income and is not the
115	115	12 dependent of another taxpayer.
116	116	13 (2) Additional exemption for blindness of taxpayer or
117	117	14 spouse.
118	118	15 (A) For taxpayer. An additional exemption of
119	119	16 $1,000 for the taxpayer if he or she is blind at the
120	120	17 end of the taxable year.
121	121	18 (B) For spouse when a joint return is not filed. An
122	122	19 additional exemption of $1,000 for the spouse of the
123	123	20 taxpayer if a separate return is made by the taxpayer,
124	124	21 and if the spouse is blind and, for the calendar year
125	125	22 in which the taxable year of the taxpayer begins, has
126	126	23 no gross income and is not the dependent of another
127	127	24 taxpayer. For purposes of this paragraph, the
128	128	25 determination of whether the spouse is blind shall be
129	129	26 made as of the end of the taxable year of the taxpayer;
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140	140	1 except that if the spouse dies during such taxable
141	141	2 year such determination shall be made as of the time of
142	142	3 such death.
143	143	4 (C) Blindness defined. For purposes of this
144	144	5 subsection, an individual is blind only if his or her
145	145	6 central visual acuity does not exceed 20/200 in the
146	146	7 better eye with correcting lenses, or if his or her
147	147	8 visual acuity is greater than 20/200 but is
148	148	9 accompanied by a limitation in the fields of vision
149	149	10 such that the widest diameter of the visual fields
150	150	11 subtends an angle no greater than 20 degrees.
151	151	12 (d-5) Cost-of-living adjustment. For purposes of item (5)
152	152	13 of subsection (b), the cost-of-living adjustment for any
153	153	14 calendar year and for taxable years ending prior to the end of
154	154	15 the subsequent calendar year is equal to $2,050 times the
155	155	16 percentage (if any) by which:
156	156	17 (1) the Consumer Price Index for the preceding
157	157	18 calendar year, exceeds
158	158	19 (2) the Consumer Price Index for the calendar year
159	159	20 2011.
160	160	21 The Consumer Price Index for any calendar year is the
161	161	22 average of the Consumer Price Index as of the close of the
162	162	23 12-month period ending on August 31 of that calendar year.
163	163	24 The term "Consumer Price Index" means the last Consumer
164	164	25 Price Index for All Urban Consumers published by the United
165	165	26 States Department of Labor or any successor agency.
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176	176	1 If any cost-of-living adjustment is not a multiple of $25,
177	177	2 that adjustment shall be rounded to the next lowest multiple
178	178	3 of $25.
179	179	4 (e) Cross reference. See Article 3 for the manner of
180	180	5 determining base income allocable to this State.
181	181	6 (f) Application of Section 250. Section 250 does not apply
182	182	7 to the amendments to this Section made by Public Act 90-613.
183	183	8 (g) Notwithstanding any other provision of law, for
184	184	9 taxable years beginning on or after January 1, 2017, no
185	185	10 taxpayer may claim an exemption under this Section if the
186	186	11 taxpayer's adjusted gross income for the taxable year exceeds
187	187	12 (i) $500,000, in the case of spouses filing a joint federal tax
188	188	13 return or (ii) $250,000, in the case of all other taxpayers.
189	189	14 (Source: P.A. 100-22, eff. 7-6-17; 100-865, eff. 8-14-18.)
190	190	15 Section 99. Effective date. This Act takes effect upon
191	191	16 becoming law.
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