Illinois SB2716 amends the Illinois Income Tax Act to establish a permanent pass-through entity tax.
Illinois SB2716 amends the Illinois Income Tax Act to establish a permanent pass-through entity tax. The bill applies the tax on a permanent basis, effective immediately. It includes provisions for credits related to investment in qualified property, research and development, and environmental remediation. The bill also details tax rates for different entities and periods, and specifies conditions for credit carryforwards and limitations.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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