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IL SB1257
Bill
Status
Passed
8/23/2019
Primary Sponsor
Toi Hutchinson
Click for details
AI Summary
- Amends Section 205 of the Illinois Income Tax Act regarding exempt organizations' tax treatment
- For tax years beginning January 1, 2019 or later, exempt organizations' base income is determined using unrelated business taxable income under Internal Revenue Code Section 512, but excludes Section 512(a)(7) of the Internal Revenue Code
- Standard exemptions under Section 204 of the Illinois Income Tax Act are not allowed for exempt organizations
- The exclusion for exempt organizations is exempt from provisions of Section 250 of the Illinois Income Tax Act
- Act takes effect upon becoming law
Legislative Description
PROP TX-SENIOR HOMESTEAD
Last Action
Public Act . . . . . . . . . 101-0545
8/23/2019
Committee Referrals
Revenue & Finance5/24/2019
Rules5/10/2019
Property Tax5/9/2019
Revenue & Finance4/9/2019
Rules3/28/2019
Revenue2/13/2019
Assignments2/6/2019
Full Bill Text
No bill text available