A preemptive step has been taken in Springfield to protect Illinoisans’ retirement income from taxation: State Rep. Allen Skillicorn, R-East Dundee, filed House Joint Resolution Constitutional Amendment 44, April 17, 2018:
Synopsis As Introduced
Proposes to amend the Revenue Article of the Illinois Constitution. Provides that there shall be no tax imposed by the State upon retirement income. Defines “retirement income”. Effective upon being declared adopted.
Here are the actions so far:
|4/17/2018||House||Filed with the Clerk by Rep. Allen Skillicorn|
|4/17/2018||House||Read in Full a First Time|
|4/17/2018||House||Referred to Rules Committee|
Even though the State of Illinois does not currently collect taxes on retirement income, this could be a very timely amendment. In my opinion, the State of Illinois is in complete financial death spiral. Underfunded pensions, municipal bond ratings just a notch above junk, House Minority Leader Jim Durkin having filed House Resolution 975 to counter State Rep. Robert Martwick’s (D-Chicago) House Bill 3522 (progressive income tax). There is a constant battle in Springfield over what and how much will be taxed.