IL HB2774

Extends the standard exemption cost-of-living adjustment provision in the Illinois Income Tax Act from December 31, 2023 to December 31, 2028 for individual taxpayers.

Maintains the basic exemption amount of $2,050 plus an annual cost-of-living adjustment calculated based on the Consumer Price Index relative to 2011 levels.

Cost-of-living adjustments are rounded down to the nearest $25 increment if the calculated amount is not already a multiple of $25.

Takes effect immediately upon becoming law.