Illinois HB1899 creates an income tax deduction for overtime compensation.
Illinois HB1899 amends the Illinois Income Tax Act to create an income tax deduction for the amount of overtime compensation paid to the taxpayer during the taxable year and included in the taxpayer's federal adjusted gross income. This deduction applies to individuals, corporations, trusts, estates, and partnerships. The bill specifies that the deduction is exempt from certain provisions of the Act and takes effect immediately upon becoming law.
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