99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
Introduced , by Rep. Michael J. Madigan
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
concerning adjustments to base income by the Director of Revenue.
A BILL FOR
|HB0696||LRB099 04487 HLH 24515 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.
(a) If it appears to
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. 95-948, eff. 8-29-08.)