Illinois HB2603 introduces a tax deduction for gratuities received by taxpayers during the taxable year.

HB2603 amends the Illinois Income Tax Act to create a deduction for gratuities received by taxpayers. This deduction is exempt from the Act's automatic sunset provision and applies to gratuities received during the taxable year. The bill specifies that the deduction is effective immediately upon enactment. The definition of "gratuities" aligns with the term's meaning in the Minimum Wage Law. This change aims to adjust the taxable income of individuals, corporations, partnerships, and other entities by including this new deduction.

Illinois HB2603 introduces a tax deduction for gratuities received by taxpayers during the taxable year.

HB2603 amends the Illinois Income Tax Act to create a deduction for gratuities received by taxpayers. This deduction is exempt from the Act's automatic sunset provision and applies to gratuities received during the taxable year. The bill specifies that the deduction is effective immediately upon enactment. The definition of "gratuities" aligns with the term's meaning in the Minimum Wage Law. This change aims to adjust the taxable income of individuals, corporations, partnerships, and other entities by including this new deduction.