Amends the Illinois Income Tax Act to create a deduction for capital gains from eminent domain.
HB3117 amends the Illinois Income Tax Act to introduce a deduction for capital gains realized by taxpayers from the taking of property by eminent domain, to the extent those gains are included in the taxpayer's federal taxable income. This amendment applies immediately upon becoming law. The deduction is limited to capital gains included in federal taxable income, and certain conditions and exceptions apply, such as the nature of the transaction and the status of the foreign person involved.
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