IL HB3324

Creates a new Illinois income tax deduction for individual taxpayers equal to their losses from wagering transactions, as allowable under Section 165(d) of the Federal Internal Revenue Code

Applies to taxable years beginning on or after January 1, 2026

Amends Section 203 of the Illinois Income Tax Act by adding a new subtraction modification (subparagraph NN) to the calculation of base income for individuals

The deduction is exempt from the sunset provisions of Section 250 of the Illinois Income Tax Act

Takes effect immediately upon becoming law