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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB0400 Introduced 1/25/2013, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | 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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| | HB0400 | | LRB098 03219 HLH 33234 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | changing Section 404 as follows:
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| 6 | | (35 ILCS 5/404) (from Ch. 120, par. 4-404)
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| 7 | | Sec. 404. Reallocation of Items.
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| 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
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| 14 | | may reasonably be required to determine the base income of such |
| 15 | | 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 93-0840, |
| 19 | | Public Act 95-0233, or Public Act 95-0707. |
| 20 | | (Source: P.A. 95-948, eff. 8-29-08.)
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