91st General Assembly
Summary of HB3158
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House Sponsors:
CURRIE.

Short description: 
INC TAX-CORP-DEDUCT RPLCMNT TX                                             

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  For taxable years  1997  and      
   thereafter, adds a deduction from corporate income taxes for an amount      
   equal  to  all amounts of income distributable to an entity subject to      
   the Personal Property Tax Replacement  Income  Tax  including  amounts      
   distributable  to  organizations  exempt from federal income tax under      
   certain provisions of the Internal Revenue  Code.    Provides  that  a      
   corporation  which  would have been eligible for a deduction from base      
   income under these provisions for taxable years 1997,  1998,  or  1999      
   may  file  a  claim for a refund for those taxable years.  Exempts the      
   deduction from the sunset provisions.  Effective immediately.               
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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