92nd General Assembly
Summary of SB0052
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Senate Sponsors:

House Sponsors:

Short description: 
INC TAX-MILITARY DEDUCTION                                                 

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Allows a deduction from           
   adjusted gross income, for taxable years ending on or after December        
   31, 2001, of any compensation paid to a resident in 2001 or thereafter      
   by reason of being a member of the Illinois National Guard (now, a          
   deduction is allowed for any compensation paid to a resident for            
   annual training performed pursuant to Sections 502 and 503, Title 32,       
   United States Code as a member of the Illinois National Guard).             
   Exempts the deduction from the Act's sunset requirements. Effective         
          FISCAL NOTE (Department of Revenue)                                  
          Based on the most recent statistics from the Department of           
          Military Affairs, the total additional amount of income that         
          may be deducted pursuant to SB 52 is estimated at $81.8              
          million, resulting in an estimated reduction in income tax           
          revenues of $2.5 million.                                            
Last action on Bill: PUBLIC ACT.............................. 92-0244

   Last action date: AUG-03-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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