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IL SR1325

Resolution

Official Source

Status

Introduced

1/13/2016

Primary Sponsor

Thomas Cullerton

Click for details

Origin

Senate

99th General Assembly

AI Summary

  • Illinois currently exempts retirement income from state taxation
  • Retirees live on fixed incomes with limited ability to rejoin the workforce, face high health care costs, and have minimal savings capacity
  • Retirees already pay federal income taxes, property taxes, and sales taxes
  • Exempting retirement income from state taxation encourages retirees to remain in Illinois and attracts newly retired Americans to relocate to the state
  • Senate resolution expresses the belief that the Illinois Income Tax Act should not be amended to permit taxation of retirement income

Legislative Description

NO TAXES ON RETIREMENT INCOME

Last Action

Pursuant to Senate Rule 3-9(b) / Referred to Assignments

7/31/2016

Committee Referrals

Assignments7/31/2016
Revenue1/27/2016
Assignments1/13/2016

Full Bill Text

No bill text available