State of Illinois
2015 and 2016


Introduced , by Rep. Michael J. Madigan


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

    Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning adjustments to base income by the Director of Revenue.

LRB099 04487 HLH 24515 b





HB0696LRB099 04487 HLH 24515 b

1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Income Tax Act is amended by
5changing Section 404 as follows:
6    (35 ILCS 5/404)  (from Ch. 120, par. 4-404)
7    Sec. 404. Reallocation of Items.
8    (a) If it appears to the the Director that any agreement,
9understanding or arrangement exists between any persons which
10causes any person's base income allocable to this State to be
11improperly or inaccurately reflected, the Director may adjust
12such items of income and deduction, and any factor taken into
13account in allocating income to this State, to such extent as
14may reasonably be required to determine the base income of such
15person properly allocable to this State.
16    (b) The Director may not make an adjustment to base income
17under this Section that has the same effect as retroactively
18applying any amendments to this Act made by Public Act 93-0840,
19Public Act 95-0233, or Public Act 95-0707.
20(Source: P.A. 95-948, eff. 8-29-08.)