Illinois SB 1734: INC TX-STANDARD EXEMPTION

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB1734

Introduced 2/5/2025, by Sen. Li Arellano, Jr. 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/204 from Ch. 120, par. 2-204

 Amends the Illinois Income Tax Act. Provides that the cost-of-living adjustment to the standard exemption applies on a permanent basis (currently, for taxable years that end on or before December 31, 2028). Effective immediately.

LRB104 06481 HLH 16517 b

A BILL FOR

SB1734LRB104 06481 HLH 16517 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by 

5changing Section 204 as follows:

6 (35 ILCS 5/204) (from Ch. 120, par. 2-204)

7 Sec. 204. Standard exemption. 

8 (a) Allowance of exemption. In computing net income under 

9this Act, there shall be allowed as an exemption the sum of the 

10amounts determined under subsections (b), (c) and (d), 

11multiplied by a fraction the numerator of which is the amount 

12of the taxpayer's base income allocable to this State for the 

13taxable year and the denominator of which is the taxpayer's 

14total base income for the taxable year.

15 (b) Basic amount. For the purpose of subsection (a) of 

16this Section, except as provided by subsection (a) of Section 

17205 and in this subsection, each taxpayer shall be allowed a 

18basic amount of $1000, except that for corporations the basic 

19amount shall be zero for tax years ending on or after December 

2031, 2003, and for individuals the basic amount shall be:

21 (1) for taxable years ending on or after December 31, 

22 1998 and prior to December 31, 1999, $1,300;

23 (2) for taxable years ending on or after December 31, 

SB173