Illinois House Bill 4157

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on October 4 2023 - 25% progression
Action: 2023-10-18 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Provides that, when calculating the taxpayer's base income, the taxpayer's federal adjusted gross income shall be modified to exclude the portion of the income or loss received from a trade or business conducted within and without Illinois or from a pass-through entity conducting business within and without Illinois that is not derived from or connected with Illinois sources. In provisions concerning the pass-through entity tax, provides that, if a Schedule K-1-P is issued to a partner or shareholder by the partnership or corporation indicating that the tax has been paid by the partnership or corporation, the Department of Revenue shall collect any past due amounts that are represented on the K-1-P from the partnership or corporation and not from the partner or shareholder. Effective immediately.

INC TX-PASS THROUGH ENTITIES

Rep. Michael Marron [R]

Date	Chamber	Action
2023-10-18	House	Referred to Rules Committee
2023-10-18	House	First Reading
2023-10-04	House	Filed with the Clerk by Rep. Michael T. Marron

Chapter	Article	Section	Citation Type	Statute Text
35	5	201	Amended Code	Citation Text
35	5	203	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4157&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB4157.htm