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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1523
Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley SYNOPSIS AS INTRODUCED:
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35 ILCS 5/404 |
from Ch. 120, par. 4-404 |
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning adjustments to base income by the Director of Revenue.
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A BILL FOR
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HB1523 |
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LRB096 05058 RCE 15124 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. 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
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 |
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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. 95-948, eff. 8-29-08.)
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