Bill Text: IL SB1147 | 2023-2024 | 103rd General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Illinois Income Tax Act. Provides that, in the case of an entity that elects entity-level tax treatment under the Act, the term "net income" does not include certain distributions to retired partners or shareholders under a retirement or disability plan, to the extent that those distributions are exempt from tax under specified provisions of the Act. Effective immediately.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Engrossed) 2023-04-28 - Rule 19(a) / Re-referred to Rules Committee [SB1147 Detail]
Download: Illinois-2023-SB1147-Introduced.html
Bill Title: Amends the Illinois Income Tax Act. Provides that, in the case of an entity that elects entity-level tax treatment under the Act, the term "net income" does not include certain distributions to retired partners or shareholders under a retirement or disability plan, to the extent that those distributions are exempt from tax under specified provisions of the Act. Effective immediately.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Engrossed) 2023-04-28 - Rule 19(a) / Re-referred to Rules Committee [SB1147 Detail]
Download: Illinois-2023-SB1147-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by | |||||||||||||||||||
5 | changing Section 101 as follows:
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6 | (35 ILCS 5/101) (from Ch. 120, par. 1-101)
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7 | Sec. 101. Short
Title. This Act shall be known and
and may | |||||||||||||||||||
8 | be cited as the " Illinois Income Tax Act. " | |||||||||||||||||||
9 | (Source: P.A. 76-261 .)
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