SB3152 Summary

• Amends the Illinois Income Tax Act by modifying Section 203 to add a new addition modification (E-18) requiring corporations to add back the deduction allowed under Section 250(a)(1)(A) of the Internal Revenue Code for taxable years beginning after December 31, 2017.

• Adds a new subtraction modification (Z) for corporations allowing them to subtract the difference between nondeductible controlled foreign corporation dividends under Section 965(e)(3) of the Internal Revenue Code and taxable income, effective for taxable years beginning after December 31, 2017.

• Adds a new subtraction modification (Z) for trusts and estates allowing subtraction of excess business loss amounts disallowed under Section 461(l)(1)(B) of the Internal Revenue Code for taxable years beginning after December 31, 2017 and before January 1, 2026.

• Makes technical conforming changes to align Illinois tax treatment with changes to the federal Internal Revenue Code, particularly regarding foreign-derived intangible business income deductions and global intangible low-taxed income provisions.