Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 5/1405.6

(35 ILCS 5/1405.6)

Sec. 1405.6. Investor lists.

(a) Federal abusive tax shelter.  Any person required to maintain a list under Section 6112 of the Internal Revenue Code shall furnish a duplicate of such list to the Department not later than the earlier of the time such list is required to be furnished to the Internal Revenue Service for inspection under Section 6112 of the Internal Revenue Code or the date of written request by the Department.

(b) (Blank).

(c) Transactions subject to this Section. The provisions of this Section apply to any reportable transaction having a nexus with this State. For lists that must be filed with the Department on or after January 1, 2008, a reportable transaction has nexus with this State if, at the time the transaction is entered into, the transaction has one or more investors that is an Illinois taxpayer. For lists that must be filed with the Department prior to January 1, 2008, a reportable transaction has nexus with this State if, at the time the transaction is:

        (1) Organized in this State;
        (2) Doing Business in this State; or
        (3) Deriving income from sources in this State.

(Source: P.A. 95-707, eff. 1-11-08.)