This bill amends the City Income Tax Act of 1964 to update provisions concerning city income tax ordinances for areas designated as renaissance zones and HOPE zones. It requires cities that impose a city income tax to revise their ordinances to include definitions for "renaissance zone" and "HOPE zone," along with the qualifications for taxpayers in these areas. Qualified taxpayers will be allowed to deduct certain amounts from their gross income, including income earned while residing in these zones, with specified conditions for these deductions. The bill also clarifies the definitions of qualified taxpayers and the requirements for filing tax returns and withholding forms, while explicitly stating that income from illegal activities is not eligible for deductions.

Furthermore, the bill addresses the filing of residency status forms by employees in relation to renaissance zones, mandating that employees submit a revised form to their employer within 10 days of meeting residency requirements or changing their status. Employers are required to forward a copy of this revised form to the city. The bill also introduces gender-neutral language by replacing "his or her" with "the employee's" and aligns the definitions of "renaissance zone" and "HOPE zone" with those in section 35. Importantly, the enactment of this amendatory act is contingent upon the passage of related Senate Bill No. ____ or House Bill No. 5852.