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IL SB0145
Bill
Status
Introduced
1/17/2025
Primary Sponsor
William Cunningham
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AI Summary
- Amends Section 601 of the Illinois Income Tax Act regarding the credit for taxes paid to other states
- Beginning with tax years ending on or after December 31, 2025, the foreign tax credit calculation will be applied without regard to Section 305(c-5), which concerns distributions of investment partnership income to nonresident partners
- Allows Illinois resident taxpayers to claim credits against their Illinois income tax for income taxes paid to other states on the same income
- The credit cannot exceed a proportional amount based on income allocated or apportioned to other states relative to total Illinois taxable income
- Takes effect immediately upon becoming law
Legislative Description
INC TX-FOREIGN TAX
Last Action
Rule 3-9(a) / Re-referred to Assignments
6/2/2025
Committee Referrals
Assignments6/2/2025
Revenue1/28/2025
Assignments1/17/2025
Full Bill Text
No bill text available