Illinois HB3324 creates an income tax deduction for losses from certain wagering transactions.
HB3324 amends the Illinois Income Tax Act to introduce a deduction for losses from wagering transactions. This deduction applies to individuals, corporations, partnerships, trusts, estates, and other entities as defined by the Internal Revenue Code. The bill specifies various conditions and limitations for this deduction, including adjustments for certain types of income and expenses. It also outlines exceptions and special rules for different types of taxpayers and transactions. The deduction is effective immediately upon the bill's enactment.
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