SB1734 amends the Illinois Income Tax Act to adjust the standard exemption permanently.

SB1734 amends the Illinois Income Tax Act to make the cost-of-living adjustment to the standard exemption permanent. This adjustment, which is based on the Consumer Price Index, will apply to taxable years ending on or after December 31, 2028. The bill also specifies the standard exemption amounts for various periods, including an additional exemption for taxpayers and their spouses who are 65 years or older or blind. The changes are effective immediately upon becoming law.

SB1734 amends the Illinois Income Tax Act to adjust the standard exemption permanently.

SB1734 amends the Illinois Income Tax Act to make the cost-of-living adjustment to the standard exemption permanent. This adjustment, which is based on the Consumer Price Index, will apply to taxable years ending on or after December 31, 2028. The bill also specifies the standard exemption amounts for various periods, including an additional exemption for taxpayers and their spouses who are 65 years or older or blind. The changes are effective immediately upon becoming law.