Illinois HB5191 amends the Illinois Income Tax Act to allow partnerships to determine their tax base using a full distributive share method or an.
HB5191 amends the Illinois Income Tax Act to provide partnerships with the option to determine their tax base using either a full distributive share method or an Illinois-sourced income method. This change applies to partnerships making an entity-level tax election. The bill also includes provisions for credits related to research and development, environmental remediation, and education expenses, among other tax adjustments and credits.
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