HB3088 Summary

• Creates an income tax deduction for individual health insurance premiums paid by taxpayers during the taxable year, effective for taxable years beginning January 1, 2024.

• Applies to premiums paid under individual health insurance plans covering the taxpayer or the taxpayer's dependents.

• Adds new subparagraph (JJ) to Section 203(a)(2) of the Illinois Income Tax Act, making this deduction exempt from provisions of Section 250.

• Modifies the definition of base income for individuals by allowing a reduction for qualifying health insurance premium expenses beginning in tax year 2024.