SB1645 amends the Illinois Income Tax Act to adjust the standard exemption for taxpayers and their spouses.
SB1645 amends the Illinois Income Tax Act to adjust the standard exemption for taxpayers and their spouses. For taxable years beginning on or after January 1, 2025, the additional standard exemption for taxpayers who have attained the age of 65 before the end of the taxable year and their spouses is increased to $2,000. The bill also provides an additional exemption of $1,000 for taxpayers or their spouses who are blind. The exemption amount is subject to a cost-of-living adjustment based on the Consumer Price Index. The bill takes effect immediately upon becoming law.
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- Legal Framework
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