HB3124

Amends the Illinois Income Tax Act to adjust base income and taxable income definitions.

HB3124 amends the Illinois Income Tax Act by modifying the definitions of base income and taxable income. It introduces specific provisions for different types of taxpayers, including individuals, corporations, partnerships, trusts, estates, and cooperatives. The bill details various adjustments and modifications to be made to income calculations, such as including or excluding certain types of income, interest, and deductions. It also addresses the treatment of certain expenses and costs, including those related to intangible property, insurance premiums, and remediation costs.