SR1325 99TH GENERAL ASSEMBLY

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SENATE RESOLUTION

WHEREAS, The State of Illinois exempts State taxation of retirement income; and

WHEREAS, Retirees living on a fixed income have limited ability to rejoin the workforce, face high health care costs, and have little ability to save money; and

WHEREAS, Retirees could not have anticipated in their lifetime of planning that their retirement income would suddenly be taxed by the State, forcing them to cut already strained household budgets; and

WHEREAS, Retirees do pay many other taxes, such as federal income taxes, property taxes, and sales taxes; and

WHEREAS, The exclusion of taxing retirement income encourages residents to remain living throughout their retirement in Illinois and encourages newly retired Americans to relocate to the State; therefore, be it

RESOLVED, BY THE SENATE OF THE NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we state our belief that the Illinois Income Tax Act should not be amended to permit taxing retirement income; and be it further

RESOLVED, That suitable copies of this resolution be delivered to all Illinois constitutional officers, the Speaker and Minority Leader of the Illinois House of Representatives, and the President and Minority Leader of the Illinois Senate.