IL SB3575

Removes the $2,425 standard exemption amount for individual taxpayers for tax years ending December 31, 2023 through December 31, 2024, and restores the cost-of-living adjustment mechanism that was in effect before Public Act 103-9.

Extends the cost-of-living adjustment for the basic exemption amount through December 31, 2028, with adjustments calculated based on changes in the Consumer Price Index compared to 2011 levels, rounded down to the nearest $25.

Applies the changes retroactively to taxable years ending on or after December 31, 2023 and prior to December 31, 2024.

Authorizes the Department of Revenue to adopt emergency rules to implement the changes under the Illinois Administrative Procedure Act, with this emergency rulemaking authority set to expire one year after the bill's effective date.

Takes effect immediately upon enactment.