Increases the standard exemption for Illinois income tax to $150,000.

Illinois HB2605 amends the Illinois Income Tax Act to increase the standard exemption for income tax purposes. The bill sets the standard exemption at $150,000 for 15 taxable years starting from January 1, 2017. It also specifies that taxpayers with an adjusted gross income exceeding $500,000 for joint filers or $250,000 for other taxpayers cannot claim the exemption. The bill includes provisions for additional exemptions based on age and blindness, and it adjusts the exemption amount annually based on the Consumer Price Index. The changes take effect immediately upon becoming law.

Increases the standard exemption for Illinois income tax to $150,000.

Illinois HB2605 amends the Illinois Income Tax Act to increase the standard exemption for income tax purposes. The bill sets the standard exemption at $150,000 for 15 taxable years starting from January 1, 2017. It also specifies that taxpayers with an adjusted gross income exceeding $500,000 for joint filers or $250,000 for other taxpayers cannot claim the exemption. The bill includes provisions for additional exemptions based on age and blindness, and it adjusts the exemption amount annually based on the Consumer Price Index. The changes take effect immediately upon becoming law.