Bill Text: IL HB0400 | 2013-2014 | 98th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning adjustments to base income by the Director of Revenue.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB0400 Detail]

Download: Illinois-2013-HB0400-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 HB0400 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
35 ILCS 5/404 from Ch. 120, par. 4-404
Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning adjustments to base income by the Director of Revenue.
LRB098 03219 HLH 33234 b
A BILL FOR
HB0400 LRB098 03219 HLH 33234 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by
changing Section 404 as follows:
(35 ILCS 5/404) (from Ch. 120, par. 4-404)
Sec. 404. Reallocation of Items.
(a) If it appears to the the Director that any agreement,
understanding or arrangement exists between any persons which
causes any person's base income allocable to this State to be
improperly or inaccurately reflected, the Director may adjust
such items of income and deduction, and any factor taken into
account in allocating income to this State, to such extent as
may reasonably be required to determine the base income of such
person properly allocable to this State.
(b) The Director may not make an adjustment to base income
under this Section that has the same effect as retroactively
applying any amendments to this Act made by Public Act 93-0840,
Public Act 95-0233, or Public Act 95-0707.
(Source: P.A. 95-948, eff. 8-29-08.)