Bill Title: 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. Repeals provisions concerning a credit for foreign taxes. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-04-30 - Chief Sponsor Changed to Sen. Don Harmon [SB2358 Detail]

Text: Latest bill text (Introduced) [HTML]

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