summary
Introduced
02/06/2026
02/06/2026
In Committee
02/24/2026
02/24/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Illinois Income Tax Act. In provisions concerning the entity-level tax, provides that a partnership making an entity-level tax election may elect to determine its tax base using a full distributive share method or an Illinois-sourced income method. Effective immediately.
AI Summary
This bill amends the Illinois Income Tax Act to provide partnerships that elect to pay an entity-level tax with two options for determining their tax base: either the full distributive share method, where the partnership pays tax on the entire net income allocated to each resident partner, or the Illinois-sourced income method, where the partnership pays tax only on the portion of each partner's net income that originates from Illinois. This change, effective immediately, allows partnerships to choose the method that best suits their tax situation for taxable years beginning on or after January 1, 2026.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Assigned to Revenue (on 02/24/2026)
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