INC TX-BASE INC-ADJUSTMENT
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Provides that, for purposes
of determining the base income of a corporation, the amount of a
taxpayer's adjustment under Section 832(b)(5)(B)(i) of the Internal
Revenue Code shall not be treated as an amount of interest excluded
from gross income in the computation of taxable income. Exempt from
the sunset provisions of Section 250. Effective January 1, 1998.
STATE MANDATES FISCAL NOTE
In the opinion of DCCA, HB1455 fails to create a State mandate
under the State Mandates Act.
FISCAL NOTE (Dept. of Revenue)
The Dept. of Revenue cannot estimate the fiscal impact.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status