SB3695 Summary

• Amends the Illinois Income Tax Act to create a new deduction for individuals equal to any overtime wages paid to the taxpayer during the taxable year, effective for tax years beginning on or after January 1, 2020.

• Adds new subparagraph (II) to Section 203(a)(2) of the Illinois Income Tax Act defining the deduction as overtime wages paid at regular or overtime rates in excess of the taxpayer's regular and normal monthly or weekly salary.

• Makes the overtime wage deduction exempt from Section 250 provisions of the Illinois Income Tax Act.

• Takes effect immediately upon becoming law.