The Illinois Department of Revenue (IDOR) July 1 published information on exemption allowance, detailing the state’s exemption allowance for tax years beginning Jan. 1, 2023, and Jan. 1, 2024. The publication outlines the exemption allowance amounts and conditions, including an additional $1000 for those 65 or older and restrictions for taxpayers with federal adjusted gross income exceeding certain thresholds. [Ill. Dep’t of Revenue, What is the Illinois exemption allowance?, 07/01/24]
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