95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5811

 

Introduced , by Rep. Tom Cross

 

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.


LRB095 17622 BDD 43696 b

 

 

A BILL FOR

 

HB5811 LRB095 17622 BDD 43696 b

1     AN ACT concerning revenue.
 
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.
8     If it appears to the the Director that any agreement,
9 understanding or arrangement exists between any persons which
10 causes any person's base income allocable to this State to be
11 improperly or inaccurately reflected, the Director may adjust
12 such items of income and deduction, and any factor taken into
13 account in allocating income to this State, to such extent as
14 may reasonably be required to determine the base income of such
15 person properly allocable to this State.
16 (Source: P.A. 76-261.)