Bill Text: IL SB1147 | 2023-2024 | 103rd General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Illinois Income Tax Act. Provides that, in the case of an entity that elects entity-level tax treatment under the Act, the term "net income" does not include certain distributions to retired partners or shareholders under a retirement or disability plan, to the extent that those distributions are exempt from tax under specified provisions of the Act. Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed) 2023-04-28 - Rule 19(a) / Re-referred to Rules Committee [SB1147 Detail]

Download: Illinois-2023-SB1147-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1147 Introduced 2/2/2023, by Sen. John F. Curran SYNOPSIS AS INTRODUCED:
35 ILCS 5/101 from Ch. 120, par. 1-101
Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the short title.
LRB103 05591 HLH 50610 b
A BILL FOR
SB1147 LRB103 05591 HLH 50610 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 101 as follows:
(35 ILCS 5/101) (from Ch. 120, par. 1-101)
Sec. 101. Short Title. This Act shall be known and and may
be cited as the "Illinois Income Tax Act."
(Source: P.A. 76-261.)