91st General Assembly Summary of SB0046    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
PARKER-RADOGNO-NOLAND-O'MALLEY-SULLIVAN, LAUZEN AND OBAMA.

House Sponsors:
COULSON-MITCHELL,BILL-MYERS,RICHARD-BOST-JONES,JOHN

Short description: 
INC TX-BASIC EXEMPTION AMOUNT                                              

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Increases the  basic  amount      
   of  the  standard  exemption  to $2,000 for taxable years ending on or      
   after December 31, 1999 (now, $1,650 for taxable year 1999 and  $2,000      
   for taxable year 2000 and thereafter). Effective immediately.               
          FISCAL NOTE (Department of Revenue)                                  
          Increasing the exemption by $350 will reduce income tax liabil-      
          ities by $112 million per year. SB46 accelerates the $112            
          million fiscal impact for tax year 2000 by one year (1999).          
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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