Sen. Kwame Raoul
Filed: 5/23/2008
 
 

 




 

 		












09500HB5069sam001

LRB095 15255 HLH 51239 a






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AMENDMENT TO HOUSE BILL 5069 




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    AMENDMENT NO. ______. Amend House Bill 5069 immediately 
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below the enacting clause, by inserting the following:

 
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    "Section 3. The Illinois Income Tax Act is amended  by 
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changing Section 404 as follows:
 



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    (35 ILCS 5/404)  (from Ch. 120, par. 4-404)



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    Sec. 404. Reallocation of Items. 

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    (a) If it appears to the Director that any agreement, 
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understanding or
arrangement exists between any persons which 
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causes any person's base
income allocable to this State to be 
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improperly or inaccurately reflected,
the Director may adjust 
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such items of income and deduction, and any factor
taken into 
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account in allocating income to this State, to such extent as

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may reasonably be required to determine the base income of such 
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person
properly allocable to this State.

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    (b) The Director may not make an adjustment to base income 
 


 






09500HB5069sam001
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LRB095 15255 HLH 51239 a




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under this Section that has the same effect as retroactively 
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applying any amendments to this Act made by Public Act 93-0840, 
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Public Act 95-0233, or Public Act 95-0707. 
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(Source: P.A. 76-261.)"; and


 
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by replacing line 22 on page 1 through line 1 on page 2 with the 
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following:
 
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    "Section 99. Effective date. This Act takes effect upon 
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becoming law, except that the changes in Section 5 of the Act 
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take effect on January 1, 2009.".