SB1906 Summary

• Amends the Illinois Income Tax Act to exclude non-Illinois source income from base income calculations for taxable years beginning January 1, 2024.

• Excludes income or loss from trades or businesses conducted both within and outside Illinois that is not derived from or connected with Illinois sources.

• Excludes income or loss from pass-through entities conducting business both within and outside Illinois that is not derived from or connected with Illinois sources.

• References Article 3 apportionment provisions to determine what constitutes Illinois-source income for purposes of these exclusions.

• Takes effect immediately upon enactment.