HB3140 Summary

• Amends the Illinois Income Tax Act to restrict retirement income deductions based on adjusted gross income (AGI) thresholds.

• For taxpayers under 65 years old, disallows deductions for retirement income (including pensions, IRAs, 401(k)s, and Social Security benefits) if AGI is $80,000 or more.

• For taxpayers 65 years or older, disallows deductions for retirement income if AGI is $100,000 or more.

• Applies to individuals, trusts, and estates claiming deductions under Section 203(a)(2)(F) and (L) of the Illinois Income Tax Act.

• Takes effect immediately upon becoming law.