Amends the Illinois Income Tax Act to define base income for various entities, including individuals, corporations, partnerships, and trusts.
The bill amends the Illinois Income Tax Act to redefine base income for different types of taxpayers. For individuals, base income includes adjusted gross income plus specific modifications. Corporations, partnerships, and trusts have their taxable income modified by adding certain amounts and subtracting others, as detailed in the bill. The bill also outlines specific provisions for different scenarios, such as deductions for certain types of income, interest, and expenses.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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