IL HB3124

Amends the Illinois Income Tax Act to allow taxpayers to claim a depreciation deduction for federal income tax purposes when calculating Illinois base income

Changes the timing rules for when taxpayers must make addition modifications related to bonus depreciation by replacing the trigger of "last tax year for which a subtraction is allowed" with "last tax year for which a taxpayer may claim a depreciation deduction for federal income tax purposes"

Applies to individuals, corporations, trusts, estates, and partnerships under various subsections of Section 203 of the Illinois Income Tax Act

May be referred to as the "Reshore Our Supply Chains Tax Reform Act"