|
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1498 Introduced 2/17/2021, by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED:
| | 35 ILCS 5/404 | from Ch. 120, par. 4-404 |
|
Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning adjustments to base income by the Director of Revenue.
|
| |
| | A BILL FOR |
|
|
| | HB1498 | | LRB102 03514 HLH 13527 b |
|
|
| 1 | | AN ACT concerning revenue.
|
| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | changing Section 404 as follows:
|
| 6 | | (35 ILCS 5/404) (from Ch. 120, par. 4-404)
|
| 7 | | Sec. 404. Reallocation of Items.
|
| 8 | | (a) If it appears to the
the Director that any agreement, |
| 9 | | understanding or
arrangement exists between any persons which |
| 10 | | causes any person's base
income allocable to this State to be |
| 11 | | improperly or inaccurately reflected,
the Director may adjust |
| 12 | | such items of income and deduction, and any factor
taken into |
| 13 | | account in allocating income to this State, to such extent as
|
| 14 | | may reasonably be required to determine the base income of |
| 15 | | such person
properly allocable to this State. |
| 16 | | (b) The Director may not make an adjustment to base income |
| 17 | | under this Section that has the same effect as retroactively |
| 18 | | applying any amendments to this Act made by Public Act |
| 19 | | 93-0840, Public Act 95-0233, or Public Act 95-0707. |
| 20 | | (Source: P.A. 95-948, eff. 8-29-08.)
|