INC TAX-END PENSION EXEMPTIONS

Amends the Illinois Income Tax Act. Provides that, for taxable years ending on or after December 31, 2004, the deduction allowed for public employee pension income applies only to the first $40,000 of a public employee pension received during the taxable year. For taxable years ending on or after December 31, 2004 changes the additional exemption for a taxpayer or spouse 65 years or age or older from $1,000 per year to $10,000 per year. Effective immediately.