SB2457 Summary

• Amends the Illinois Income Tax Act to address taxation of Global Intangible Low-Taxed Income (GILTI) under Section 951A of the Internal Revenue Code and Subpart F income under Section 952.

• Adds definition of "GILTI" to mean income deemed received under Section 951A of the Internal Revenue Code, excluding the federal Section 250 deduction, calculated without applying the "high tax exclusion" election.

• Adds definition of "Subpart F" to mean income deemed received under Section 952 of the Internal Revenue Code for purposes of Section 201(b)(2)(O) of the Illinois Income Tax Act.

• Specifies that 50% of GILTI income and 40% of income under Section 965 (including Section 965(h)) shall not be subtracted from taxable income, subject to petitions under Section 304(f).