HB4041 93RD GENERAL ASSEMBLY

LRB093 14669 SJM 40211 b

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

AN ACT in relation to taxes.

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. If it appears to the Director that any agreement, understanding or arrangement exists between any persons that 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.

(Source: P.A. 76-261.)