Illinois 2023-2024 Regular Session

Illinois House Bill HB2979 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 HB2979 Introduced , by Rep. Adam M. Niemerg SYNOPSIS AS INTRODUCED: 35 ILCS 5/204 from Ch. 120, par. 2-204 Amends the Illinois Income Tax Act. Increases the standard exemption to $150,000. Effective immediately. LRB103 29476 HLH 55871 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2979 Introduced , by Rep. Adam M. Niemerg 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. Increases the standard exemption to $150,000. Effective immediately. LRB103 29476 HLH 55871 b LRB103 29476 HLH 55871 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2979 Introduced , by Rep. Adam M. Niemerg 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. Increases the standard exemption to $150,000. Effective immediately.
6	6	LRB103 29476 HLH 55871 b LRB103 29476 HLH 55871 b
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8	8	A BILL FOR
9	9	HB2979LRB103 29476 HLH 55871 b HB2979 LRB103 29476 HLH 55871 b
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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 HB2979 Introduced , by Rep. Adam M. Niemerg 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. Increases the standard exemption to $150,000. Effective immediately.
41	41	LRB103 29476 HLH 55871 b LRB103 29476 HLH 55871 b
42	42	LRB103 29476 HLH 55871 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, 2023, $2,050 plus the
75	75	8 cost-of-living adjustment under subsection (d-5); and .
76	76	9 (6) for taxable years ending after December 31, 2023,
77	77	10 $150,000.
78	78	11 For taxable years ending on or after December 31, 1992, a
79	79	12 taxpayer whose Illinois base income exceeds the basic amount
80	80	13 and who is claimed as a dependent on another person's tax
81	81	14 return under the Internal Revenue Code shall not be allowed
82	82	15 any basic amount under this subsection.
83	83	16 (c) Additional amount for individuals. In the case of an
84	84	17 individual taxpayer, there shall be allowed for the purpose of
85	85	18 subsection (a), in addition to the basic amount provided by
86	86	19 subsection (b), an additional exemption equal to the basic
87	87	20 amount for each exemption in excess of one allowable to such
88	88	21 individual taxpayer for the taxable year under Section 151 of
89	89	22 the Internal Revenue Code.
90	90	23 (d) Additional exemptions for an individual taxpayer and
91	91	24 his or her spouse. In the case of an individual taxpayer and
92	92	25 his or her spouse, he or she shall each be allowed additional
93	93	26 exemptions as follows:
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104	104	1 (1) Additional exemption for taxpayer or spouse 65
105	105	2 years of age or older.
106	106	3 (A) For taxpayer. An additional exemption of
107	107	4 $1,000 for the taxpayer if he or she has attained the
108	108	5 age of 65 before the end of the taxable year.
109	109	6 (B) For spouse when a joint return is not filed. An
110	110	7 additional exemption of $1,000 for the spouse of the
111	111	8 taxpayer if a joint return is not made by the taxpayer
112	112	9 and his spouse, and if the spouse has attained the age
113	113	10 of 65 before the end of such taxable year, and, for the
114	114	11 calendar year in which the taxable year of the
115	115	12 taxpayer begins, has no gross income and is not the
116	116	13 dependent of another taxpayer.
117	117	14 (2) Additional exemption for blindness of taxpayer or
118	118	15 spouse.
119	119	16 (A) For taxpayer. An additional exemption of
120	120	17 $1,000 for the taxpayer if he or she is blind at the
121	121	18 end of the taxable year.
122	122	19 (B) For spouse when a joint return is not filed. An
123	123	20 additional exemption of $1,000 for the spouse of the
124	124	21 taxpayer if a separate return is made by the taxpayer,
125	125	22 and if the spouse is blind and, for the calendar year
126	126	23 in which the taxable year of the taxpayer begins, has
127	127	24 no gross income and is not the dependent of another
128	128	25 taxpayer. For purposes of this paragraph, the
129	129	26 determination of whether the spouse is blind shall be
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140	140	1 made as of the end of the taxable year of the taxpayer;
141	141	2 except that if the spouse dies during such taxable
142	142	3 year such determination shall be made as of the time of
143	143	4 such death.
144	144	5 (C) Blindness defined. For purposes of this
145	145	6 subsection, an individual is blind only if his or her
146	146	7 central visual acuity does not exceed 20/200 in the
147	147	8 better eye with correcting lenses, or if his or her
148	148	9 visual acuity is greater than 20/200 but is
149	149	10 accompanied by a limitation in the fields of vision
150	150	11 such that the widest diameter of the visual fields
151	151	12 subtends an angle no greater than 20 degrees.
152	152	13 (d-5) Cost-of-living adjustment. For purposes of item (5)
153	153	14 of subsection (b), the cost-of-living adjustment for any
154	154	15 calendar year and for taxable years ending prior to the end of
155	155	16 the subsequent calendar year is equal to $2,050 times the
156	156	17 percentage (if any) by which:
157	157	18 (1) the Consumer Price Index for the preceding
158	158	19 calendar year, exceeds
159	159	20 (2) the Consumer Price Index for the calendar year
160	160	21 2011.
161	161	22 The Consumer Price Index for any calendar year is the
162	162	23 average of the Consumer Price Index as of the close of the
163	163	24 12-month period ending on August 31 of that calendar year.
164	164	25 The term "Consumer Price Index" means the last Consumer
165	165	26 Price Index for All Urban Consumers published by the United
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176	176	1 States Department of Labor or any successor agency.
177	177	2 If any cost-of-living adjustment is not a multiple of $25,
178	178	3 that adjustment shall be rounded to the next lowest multiple
179	179	4 of $25.
180	180	5 (e) Cross reference. See Article 3 for the manner of
181	181	6 determining base income allocable to this State.
182	182	7 (f) Application of Section 250. Section 250 does not apply
183	183	8 to the amendments to this Section made by Public Act 90-613.
184	184	9 (g) Notwithstanding any other provision of law, for
185	185	10 taxable years beginning on or after January 1, 2017, no
186	186	11 taxpayer may claim an exemption under this Section if the
187	187	12 taxpayer's adjusted gross income for the taxable year exceeds
188	188	13 (i) $500,000, in the case of spouses filing a joint federal tax
189	189	14 return or (ii) $250,000, in the case of all other taxpayers.
190	190	15 (Source: P.A. 100-22, eff. 7-6-17; 100-865, eff. 8-14-18.)
191	191	16 Section 99. Effective date. This Act takes effect upon
192	192	17 becoming law.
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