Illinois HB1396 amends the Illinois Income Tax Act to adjust provisions concerning credits for foreign taxes.
Illinois HB1396 amends the Illinois Income Tax Act to modify provisions concerning credits for foreign taxes. It ensures that credits for foreign taxes are applied without regard to provisions concerning distributions of investment partnership income to nonresident partners. The bill also specifies that certain amounts withheld, estimated tax payments, and foreign tax payments are deemed to have been paid on account of the tax imposed by the Act. The changes are effective immediately upon the bill becoming law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.