HB2579 Summary

• Amends the Illinois Income Tax Act by creating a new deduction for amounts included in federal adjusted gross income resulting from the application of Section 512(a)(7) of the Internal Revenue Code, effective for tax years beginning January 1, 2019 and later.

• The deduction applies to individuals, corporations, trusts, estates, and partnerships, with the modification being exempt from Section 250 provisions of the tax code.

• Adds subparagraph (II) for individuals, subparagraph (AA) for corporations, subparagraph (Z) for trusts and estates, and subparagraph (U) for partnerships to specify the deduction for unrelated business income fringe benefits.

• Takes effect immediately upon becoming law.