IL SB2708

Increases the additional standard exemption for Illinois taxpayers age 65 and older from $1,000 to $2,000 for taxable years beginning on or after January 1, 2024.

Applies the $2,000 exemption to both individual taxpayers who have attained age 65 and their spouses (when filing separately and meeting income requirements).

Maintains the $1,000 additional exemption for taxpayers age 65 and older for taxable years beginning prior to January 1, 2024.

Takes effect immediately upon passage.