2014 Legislation

Public Act No. 14-47, AN ACT MAKING ADJUSTMENTS TO STATE EXPENDITURES AND REVENUES FOR THE FISCAL YEAR ENDING JUNE 30, 2015. 

  Among other things, this Act exempts a portion of state teachers’ retirement system [“TRS”] income from the state income tax, specifically by allowing taxpayers to exclude from gross income 10% of TRS income for the 2015 tax year, 25% for the 2016 tax year, and 50% for 2017 and subsequent tax years. Effective July 1, 2015 and applicable to tax years beginning on or after January 1, 2015.