SB3425 increases the standard exemption for Illinois taxpayers aged 65 and older.
SB3425 amends the Illinois Income Tax Act to increase the standard exemption for taxpayers aged 65 and older and their spouses. Beginning on or after January 1, 2026, the additional standard exemption for these taxpayers will be $2,000, up from the current $1,000. The bill also includes provisions for cost-of-living adjustments and limits on exemptions based on income levels.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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