Bill Status of HB3055 100th General Assembly
Short Description: INC TX-RETIREMENT
Rep. David Harris
| 3/31/2017||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. In the case of individuals, trusts, and estates, provides that a deduction for certain retirement income is limited to (i) $75,000 if the taxpayer or beneficiary is younger than 65 years of age during the taxable year or (ii) $100,000 if the taxpayer or beneficiary is 65 years of age or older during the taxable year (including the taxable year in which the beneficiary turns 65 years of age). Effective immediately.