Illinois SB1829 amends the Illinois Income Tax Act to create a deduction for certain state and local tax expenses disallowed on federal returns.

Illinois SB1829 amends the Illinois Income Tax Act to create a deduction for amounts disallowed as deductions on federal income tax returns due to the $10,000 limitation on state and local tax deductions. This applies to individuals, corporations, partnerships, trusts, and estates. The bill specifies various modifications to taxable income, including adjustments for certain interest expenses, insurance premiums, and other expenses. It also includes provisions for special cases such as medical care savings accounts and certain contributions.

Illinois SB1829 amends the Illinois Income Tax Act to create a deduction for certain state and local tax expenses disallowed on federal returns.

Illinois SB1829 amends the Illinois Income Tax Act to create a deduction for amounts disallowed as deductions on federal income tax returns due to the $10,000 limitation on state and local tax deductions. This applies to individuals, corporations, partnerships, trusts, and estates. The bill specifies various modifications to taxable income, including adjustments for certain interest expenses, insurance premiums, and other expenses. It also includes provisions for special cases such as medical care savings accounts and certain contributions.