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90_HB2194
35 ILCS 5/506 from Ch. 120, par. 5-506
Amends the Illinois Income Tax Act. Makes technical
changes in the Section concerning federal returns.
LRB9000114KRkb
LRB9000114KRkb
1 AN ACT to amend the Illinois Income Tax Act by changing
2 Section 506.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 changing Section 506 as follows:
7 (35 ILCS 5/506) (from Ch. 120, par. 5-506)
8 Sec. 506. Federal Returns. (a) In general. Any person
9 required to make a return for a taxable year under this Act
10 may, at any time that a deficiency could be assessed or a
11 refund claimed under this Act in respect of any item reported
12 or properly reportable on the such return or any amendment
13 thereof, be required to furnish to the Department a true and
14 correct copy of any return that which may pertain to the such
15 item and that which was filed by such person under the
16 provisions of the Internal Revenue Code.
17 (b) Changes affecting federal income tax. In the event
18 the taxable income, any item of income or deduction, or the
19 income tax liability reported in a federal income tax return
20 of any person for any year is altered by amendment of the
21 such return or as a result of any other recomputation or
22 redetermination of federal taxable income or loss, and the
23 such alteration reflects a change or settlement with respect
24 to any item or items, affecting the computation of the such
25 person's base income for any year under this Act, or in the
26 number of personal exemptions allowable to the such person
27 under Section 151 of the Internal Revenue Code, such person
28 shall notify the Department of such alteration. Such
29 notification shall be in the form of an amended return or
30 such other form as the Department may by regulations
31 prescribe, shall contain the person's name and address and
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1 such other information as the Department may by regulations
2 prescribe, shall be signed by such person or his duly
3 authorized representative, and shall be filed not later than
4 120 days after such alteration has been agreed to or finally
5 determined for federal income tax purposes or any federal
6 income tax deficiency or refund, tentative carryback
7 adjustment, abatement or credit resulting therefrom has been
8 assessed or paid, whichever shall first occur.
9 (Source: P.A. 86-905.)