IL SB2315

Extends the cost-of-living adjustment period for individual income tax standard exemptions from December 31, 2023 to December 31, 2028.

Maintains the $2,050 base exemption amount plus annual cost-of-living adjustments calculated using the Consumer Price Index for taxable years ending on or after December 31, 2013.

Cost-of-living adjustments are calculated as the percentage increase in the Consumer Price Index from 2011 to the preceding calendar year, rounded down to the nearest $25 multiple.

Preserves existing income phase-out provisions that eliminate exemptions for taxpayers with adjusted gross income exceeding $500,000 (joint filers) or $250,000 (all other taxpayers).