093_HB0865eng

 
HB0865 Engrossed                     LRB093 05713 SJM 05806 b

 1        AN ACT in relation to taxes.

 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. If it appears to the
 8    Director that any  agreement,  understanding  or  arrangement
 9    exists  between  any  persons  that which causes any person's
10    base income allocable to  this  State  to  be  improperly  or
11    inaccurately reflected, the Director may adjust such items of
12    income  and  deduction,  and any factor taken into account in
13    allocating income to  this  State,  to  such  extent  as  may
14    reasonably  be  required to determine the base income of such
15    person properly allocable to this State.
16    (Source: P.A. 76-261.)