Bill > SB1715

This bill amends the Illinois Income Tax Act to create a deduction for any amount included in gross income as a result of a basis adjustment to investment credit property under the Internal Revenue Code. Specifically, the bill makes a technical modification to the section of the law that defines base income for tax purposes, adding language that allows taxpayers to subtract from their taxable income any amount that is included in gross income due to a basis adjustment related to investment credit property. The modification applies to various types of taxpayers, including individuals, corporations, trusts, estates, and partnerships, and is designed to provide tax relief by preventing taxpayers from being taxed on certain adjustments to the basis of their investment property. The bill is effective immediately, meaning it can be applied to the current tax year.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1715&GAID=18&DocTypeID=SB&SessionID=114&GA=104