Illinois General Assembly - Bill Status for HB4157

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, when calculating the taxpayer's base income, the taxpayer's federal adjusted gross income shall be modified to exclude the portion of the income or loss received from a trade or business conducted within and without Illinois or from a pass-through entity conducting business within and without Illinois that is not derived from or connected with Illinois sources. In provisions concerning the pass-through entity tax, provides that, if a Schedule K-1-P is issued to a partner or shareholder by the partnership or corporation indicating that the tax has been paid by the partnership or corporation, the Department of Revenue shall collect any past due amounts that are represented on the K-1-P from the partnership or corporation and not from the partner or shareholder. Effective immediately.

Actions

Date	Chamber	Action
10/4/2023	House	Filed with the Clerk by Rep. Michael T. Marron
10/18/2023	House	First Reading
10/18/2023	House	Referred to Rules Committee

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