HB3580 - Reshore Our Supply Chains Tax Reform Act

• Names the amendatory Act as the "Reshore Our Supply Chains Tax Reform Act."

• Amends the Illinois Income Tax Act by modifying Section 203 to clarify that taxpayers may claim depreciation deductions for federal income tax purposes under specified circumstances.

• Changes language regarding property ownership through the last day of the last tax year during which depreciation deductions can be claimed for federal income tax purposes, affecting how bonus depreciation add-backs and subtractions are treated.

• Applies the modifications to individuals, corporations, trusts, estates, and partnerships in calculating their Illinois base income.