HB1750 amends the Illinois Income Tax Act to create deductions for gratuities and overtime compensation.
HB1750 amends the Illinois Income Tax Act by introducing new deductions for taxpayers. Specifically, it creates an income tax deduction for gratuities included in the taxpayer's federal adjusted gross income. Additionally, it allows for a deduction for the amount of overtime compensation paid to the taxpayer during the taxable year, which is also included in the taxpayer's federal adjusted gross income. These changes apply to various types of taxpayers, including individuals, partnerships, corporations, and estates.
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