|
|
|
|
93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4041
Introduced 1/14/2004, by Lou Lang 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 reallocation.
|
|
|
|
|
|
|
|
A BILL FOR
|
|
|
|
|
HB4041 |
|
LRB093 14669 SJM 40211 b |
|
|
| 1 |
| AN ACT in relation to taxes.
|
| 2 |
| Be it enacted by the People of the State of Illinois, |
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Illinois Income Tax Act is amended by |
| 5 |
| changing
Section 404 as follows:
|
| 6 |
| (35 ILCS 5/404) (from Ch. 120, par. 4-404)
|
| 7 |
| Sec. 404.
Reallocation of items.
If it appears to the |
| 8 |
| Director that any agreement, understanding or
arrangement |
| 9 |
| exists between any persons that
which causes any person's
base
|
| 10 |
| income allocable to this State to be improperly or inaccurately |
| 11 |
| reflected,
the Director may adjust such items of income and |
| 12 |
| deduction, and any factor
taken into account in allocating |
| 13 |
| income to this State, to such extent as
may reasonably be |
| 14 |
| required to determine the base income of such person
properly |
| 15 |
| allocable to this State.
|
| 16 |
| (Source: P.A. 76-261.)
|