IL HB4998

Removes the $2,425 standard exemption for individuals for tax years ending December 31, 2023 through December 31, 2024.

Restores the cost-of-living adjustment for the basic standard exemption amount of $2,050, extending it through December 31, 2028 instead of December 31, 2022.

Cost-of-living adjustment calculated based on Consumer Price Index changes compared to 2011, rounded to the nearest $25 increment.

Authorizes the Department of Revenue to adopt emergency rules for implementation, with this emergency rulemaking authority repealing one year after the bill's effective date.

Effective immediately upon passage.