SB2162 Summary

• Creates a new deduction under the Illinois Income Tax Act (Section 203) for overtime wages paid to individual taxpayers during the taxable year.

• The deduction applies to overtime wages paid at regular or overtime rates that exceed the taxpayer's regular and normal monthly or weekly salary.

• Applies to taxable years beginning on or after January 1, 2021, and is exempt from the provisions of Section 250.

• Takes effect immediately upon becoming law.