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IL HB5191
Bill
Status
Introduced
2/5/2026
Primary Sponsor
Margaret Croke
Click for details
AI Summary
- Amends the Illinois Income Tax Act to give partnerships electing the entity-level tax a choice between two methods for calculating their tax base
- Partnerships may elect to use either the full distributive share method or the Illinois-sourced income method to determine taxable income
- Provides flexibility for multi-state partnerships in how they calculate their Illinois entity-level tax obligations
- Takes effect immediately upon becoming law
Legislative Description
INC TX-ENTITY BASE
Last Action
To Income Tax Subcommittee
2/26/2026
Committee Referrals
Income Tax2/26/2026
Revenue & Finance2/24/2026
Rules2/10/2026
Full Bill Text
No bill text available