Illinois SB0145 amends the Illinois Income Tax Act to apply foreign tax credits without regard to investment partnership income distributions.
Illinois SB0145 amends the Illinois Income Tax Act to modify how foreign tax credits are applied. Specifically, it ensures that these credits are applied without considering provisions related to distributions of investment partnership income to nonresident partners. This change is effective immediately upon the bill's enactment.
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- Core Provisions
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- Legal Framework
- Critical Issues
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