INC TX-BASE INC PENSION

Amends the Illinois Income Tax Act. In a Section concerning base income, provides that deductions from the adjusted gross income shall include, for those individuals who report an adjusted income of less than $100,000, an amount equal to all amounts included in such total pursuant to the provisions of Sections 402(a), 402(c), 403(a), 403(b), 406(a), 407(a), and 408 of the Internal Revenue Code, or included in such total as distributions under the provisions of any retirement or disability plan for employees of any governmental agency or unit. Provides that for individuals who report an adjusted gross income of $100,000 or more, a percentage of the income otherwise excluded shall be subject to income taxation. Effective immediately.