Illinois HR0112 resolves that the state should not tax retirement income.
Illinois HR0112 expresses the belief that the state should not amend the Illinois Income Tax Act to tax retirement income. The resolution notes that retirees already face federal income taxes, property taxes, and sales taxes. It argues that exempting retirement income from state taxation encourages retirees to stay in Illinois and attracts new retirees to the state. The resolution also highlights the financial challenges retirees face, including limited ability to rejoin the workforce, high healthcare costs, and difficulty saving money.
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