96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1523

 

Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley

 

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.


LRB096 05058 RCE 15124 b

 

 

A BILL FOR

 

HB1523 LRB096 05058 RCE 15124 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 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.)