IL SB3489

Adds new deduction (JJ) to Illinois Income Tax Act for taxable years beginning on or after January 1, 2024, allowing individuals to deduct state and local taxes (SALT) disallowed under federal law due to the $10,000 federal limitation

Permits deduction of amounts paid in taxes described in Internal Revenue Code Section 164(a)(1), (2), (3) and Section 164(b)(5) that were disallowed on the federal return as a result of the federal SALT cap

Makes this deduction exempt from Section 250 provisions, establishing it as a permanent modification to Illinois tax law

Becomes effective immediately upon enactment with application to tax years beginning January 1, 2024 and thereafter