|Public Act 095-0948
||LRB095 15255 BDD 41240 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Income Tax Act is amended by
changing Section 404 as follows:
(35 ILCS 5/404)
(from Ch. 120, par. 4-404)
Reallocation of Items.
If it appears to the Director that any agreement,
arrangement exists between any persons which
causes any person's base
income allocable to this State to be
improperly or inaccurately reflected,
the Director may adjust
such items of income and deduction, and any factor
account in allocating income to this State, to such extent as
may reasonably be required to determine the base income of such
properly allocable to this State.
(b) The Director may not make an adjustment to base income
under this Section that has the same effect as retroactively
applying any amendments to this Act made by Public Act 93-0840,
Public Act 95-0233, or Public Act 95-0707.
(Source: P.A. 76-261.)
The Property Tax Code is amended by changing
Section 20-210 as follows: