INC TAX-END PENSION EXEMPTIONS House SponsorsRep. Jack McGuire 2/19/2004HouseTabled By Sponsor Rep. Jack McGuire 35 ILCS 5/203from Ch. 120, par. 2-20335 ILCS 5/204from Ch. 120, par. 2-204 Amends the Illinois Income Tax Act. Provides that, for taxable years ending on or after December 31, 2004, the deduction allowed for public employee pension income applies only to the first $40,000 of a public employee pension received during the taxable year. For taxable years ending on or after December 31, 2004 changes the additional exemption for a taxpayer or spouse 65 years or age or older from $1,000 per year to $10,000 per year. Effective immediately. 2/4/2004HouseFiled with the Clerk by Rep. Jack McGuire 2/4/2004HouseFirst Reading 2/4/2004HouseReferred to Rules Committee 2/19/2004HouseTabled By Sponsor Rep. Jack McGuire