Illinois SB3121 includes foreign-source income in the Global Intangible Low-Taxed Income (GILTI) tax and modifies the safe harbor for certain.
Illinois SB3121 amends the tax code to include foreign-source income in the calculation of Global Intangible Low-Taxed Income (GILTI). This change ensures that income from foreign intangibles is subject to U.S. taxation, aligning with federal tax reforms. Additionally, the bill modifies the safe harbor for certain foreign-source income, affecting how taxpayers can qualify for reduced tax rates on foreign earnings. This bill impacts Illinois taxpayers with international business operations.
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