HB3278 Summary

• Amends the Illinois Income Tax Act to create a deduction for capital gains realized from the taking of property by eminent domain, effective for taxable years beginning January 1, 2024.

• The deduction equals the capital gains included in the taxpayer's federal taxable income from eminent domain takings.

• This deduction is exempt from the provisions of Section 250 of the Illinois Income Tax Act.

• Takes effect immediately upon becoming law.