SB1715 amends the Illinois Income Tax Act to create a deduction for certain amounts included in gross income due to basis adjustments under the.

SB1715 amends the Illinois Income Tax Act to introduce a deduction for amounts included in gross income as a result of basis adjustments to investment credit property under the Internal Revenue Code. This bill specifies various conditions and limitations for the deduction, including adjustments for net operating losses, bonus depreciation, and certain types of income and expenses. The deduction applies to different entities such as individuals, partnerships, corporations, and trusts, with specific rules for each.

SB1715 amends the Illinois Income Tax Act to create a deduction for certain amounts included in gross income due to basis adjustments under the.

SB1715 amends the Illinois Income Tax Act to introduce a deduction for amounts included in gross income as a result of basis adjustments to investment credit property under the Internal Revenue Code. This bill specifies various conditions and limitations for the deduction, including adjustments for net operating losses, bonus depreciation, and certain types of income and expenses. The deduction applies to different entities such as individuals, partnerships, corporations, and trusts, with specific rules for each.