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.