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IL HB1396
Bill
Status
Introduced
1/15/2025
Primary Sponsor
Curtis Tarver
Click for details
AI Summary
- Amends the Illinois Income Tax Act to change how the credit for taxes paid to other states is calculated for Illinois residents
- Beginning with tax years ending on or after December 31, 2025, the foreign tax credit provisions will be applied without regard to Section 305(c-5), which governs distributions of investment partnership income to nonresident partners
- Allows Illinois residents who pay income taxes to other states on the same income to receive a credit against their Illinois tax liability, with the credit limited proportionally based on income allocated to other states
- Takes effect immediately upon becoming law
Legislative Description
INC TX-FOREIGN TAX
Last Action
Rule 19(a) / Re-referred to Rules Committee
4/11/2025
Committee Referrals
Rules4/11/2025
Revenue & Finance2/11/2025
Rules1/28/2025
Full Bill Text
No bill text available