Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Makes a technical change in
a Section concerning income allocation.
SENATE AMENDMENT NO. 1.
Adds reference to:
35 ILCS 5/405
Amends the Illinois Income Tax Act. Provides that if, on the
termination of an estate or trust, the estate or trust has a net loss
carryforward, that carryforward shall be allowed to the beneficiaries
succeeding to the property of the estate or trust in the same manner
as allowed for federal income tax purposes. Effective immediately.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status