|
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB3079
Introduced 2/22/2005, by Rep. Tom Cross 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 reallocation.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB3079 |
|
LRB094 08004 BDD 38186 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 |
| 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 |
| (Source: P.A. 76-261.)
|