Bill Status of SB2126 102nd General Assembly
Short Description: INC TX-COMBINED REPORTING
Sen. Robert Peters, Mike Simmons, Ram Villivalam, Omar Aquino and Robert F. Martwick
| 2/26/2021||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that all the corporations, wherever incorporated or domiciled, that are members of a unitary business shall file a combined return as a combined group. Makes changes to the definition of "unitary business". Contains provisions concerning a water's edge election. Provides that, with respect to unitary business groups, "United States" means the 50 states of the United States, the District of Columbia, and United States' territories and possessions.