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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5811
Introduced , by Rep. Tom Cross SYNOPSIS AS INTRODUCED:
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35 ILCS 5/404 |
from Ch. 120, par. 4-404 |
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning adjustments to base income by the Director of Revenue.
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A BILL FOR
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HB5811 |
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LRB095 17622 BDD 43696 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by |
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| changing Section 404 as follows:
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| (35 ILCS 5/404) (from Ch. 120, par. 4-404)
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| Sec. 404. Reallocation of Items.
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| If it appears to the
the Director that any agreement, |
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| understanding or
arrangement exists between any persons which |
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| causes any person's base
income allocable to this State to be |
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| improperly or inaccurately reflected,
the Director may adjust |
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| such items of income and deduction, and any factor
taken into |
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| account in allocating income to this State, to such extent as
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| may reasonably be required to determine the base income of such |
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| person
properly allocable to this State. |
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| (Source: P.A. 76-261.)
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