SB2680 Summary

• Amends Section 501 of the Illinois Income Tax Act to make a technical change regarding notices and regulations requiring records, statements, and special reports from taxpayers.

• Corrects grammatical language in subsection (a) by adjusting the phrasing of requirements for persons liable for taxes under the Act.

• Maintains existing requirements that taxpayers file disclosure statements for reportable transactions as defined under Treasury Regulations Section 1.6011-4 with the Department of Revenue.

• Preserves exemptions from disclosure requirements for transactions entered into between February 28, 2000 and January 1, 2005 if the taxpayer has filed an amended return reversing the tax benefits or if federal tax treatment has been determined by the IRS.