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91_SB0803
LRB9103291PTpk
1 AN ACT to amend the Illinois Income Tax Act by changing
2 Section 404.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 changing Section 404 as follows:
7 (35 ILCS 5/404) (from Ch. 120, par. 4-404)
8 Sec. 404. Reallocation of items. If it appears to the
9 Director that any agreement, understanding or arrangement
10 exists between any persons that which causes any person's
11 base income allocable to this State to be improperly or
12 inaccurately reflected, the Director may adjust such items of
13 income and deduction, and any factor taken into account in
14 allocating income to this State, to such extent as may
15 reasonably be required to determine the base income of such
16 person properly allocable to this State.
17 (Source: P.A. 76-261.)