IL SB1645

Doubles the additional standard exemption for Illinois taxpayers age 65 or older from $1,000 to $2,000, effective for taxable years beginning on or after January 1, 2025

The increased $2,000 exemption also applies to the spouse of a taxpayer if the spouse is 65 or older and meets certain conditions (no gross income and not claimed as a dependent by another taxpayer)

Amends Section 204 of the Illinois Income Tax Act, which governs standard exemptions used in calculating net income

The exemption increase is separate from the basic exemption amount (currently $2,425 for 2023 tax year, with cost-of-living adjustments)

Takes effect immediately upon becoming law