SB2328 Summary

• Amends the Illinois Income Tax Act Section 501 regarding notices and regulations for records, statements, and special reports.

• Makes a technical change to the language requiring persons liable for taxes to keep records, render statements, and make returns and notices as prescribed by the Department.

• Requires taxpayers to file copies of federal disclosure statements with the Illinois Department of Revenue for reportable transactions (including listed transactions) under Treasury Regulations Section 1.6011-4.

• Applies to taxpayers participating in reportable transactions entered after February 28, 2000, with specific disclosure deadlines for transactions ending before December 31, 2004 versus those ending on or after December 31, 2004.

• Exempts certain transactions from disclosure requirements if an amended Illinois income tax return reversing the tax benefits has been filed, or if the Internal Revenue Service determined the transaction's tax treatment and an amended Illinois return was filed to match.