HB 6208 Summary

• Creates a deduction under the Illinois Income Tax Act for any honorarium received by a taxpayer during the taxable year for competing in the Olympic or Paralympic Games, effective for taxable years ending on or after December 31, 2012.

• Adds new subsection (HH) to Section 203(a)(2) of the Illinois Income Tax Act to allow individual taxpayers to subtract Olympic and Paralympic competition honorariums from their base income.

• Similar provisions are added for corporations, trusts, estates, and partnerships to allow the same deduction for honorariums received by those entity types.

• The deduction applies to any amount received as an honorarium "associated with competing" in the Olympic or Paralympic Games, providing tax relief for Illinois residents and entities receiving such compensation.

• Takes effect immediately upon becoming law.