Please upgrade your Flash Player

Home > Illinois > HB4760
Chief Sponsor:

Ronald A. Wait

Tagged in: Military, National Guard, Tax, Veterans

Latest Update: Wednesday, November, 19th 2008

Search Site

INC TX-VETERANS' DEDUCTION

Amends the Illinois Income Tax Act. Allows qualified veterans to deduct, from their base income, any compensation, up to $50,000 per year, during the 5-year period directly following that qualified veteran's discharge from military service. Defines a "qualified veteran" as a veteran who was an Illinois resident at the time that he or she entered military service, who was honorably discharged from the Armed Forces of the United States, the Illinois National Guard, or any reserve component of the Armed Forces of the United States, and who served for at least 6 months in an active-duty capacity in a combat zone. Exempts the deduction from the Act's sunset provisions. Effective immediately.
Comment on Bill - Be the first to leave a comment!
Latest Actions
  • 03/14/2008 - Rule 19(a) / Re-referred to Rules Committee
  • 03/05/2008 - Added Co-Sponsor Rep. Patrick J Verschoore
  • 02/28/2008 - Added Chief Co-Sponsor Rep. Mike Boland
  • 02/26/2008 - Assigned to Revenue Committee
  • 02/06/2008 - First Reading

show all actions

Bill Text
File name Last Updated
HB4760 Bill Text Introduced PDF02/04/2008