summary
Introduced
02/06/2025
02/06/2025
In Committee
03/21/2025
03/21/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Illinois Income Tax Act. Provides that the amendatory Act may be referred to as the Reshore Our Supply Chains Tax Reform Act. In specified provisions concerning base income, provides that a taxpayer may claim a depreciation deduction for federal income tax purposes.
AI Summary
This bill amends the Illinois Income Tax Act to modify how depreciation deductions are handled for tax purposes. Specifically, the bill introduces language that changes the way taxpayers can claim depreciation deductions for federal income tax purposes. The modifications appear to be technical adjustments related to how bonus depreciation and other depreciation-related tax calculations are processed, particularly for assets placed in service in different tax years. The bill seems designed to align state tax treatment more closely with federal tax rules regarding depreciation, which can impact how businesses calculate their tax liability. By making these changes, the bill aims to provide clarity and potentially offer some tax benefits to businesses investing in depreciable assets. The bill is part of a broader effort to make the state's tax code more responsive to federal tax changes and potentially more business-friendly.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 03/21/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3124&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/HB/10400HB3124.htm |
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