SB 1739
INC Tx-pass through entities
INC TX-Pass Through Entities
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
Amends the Illinois Income Tax Act. Provides that, for the purpose of allocating gains and losses from sales or exchanges of shares in a Subchapter S corporation or from interests in certain partnerships, those gains and losses shall be allocated in proportion to the average of the pass-through entity's Illinois apportionment factor in the year of the sale or exchange and the 2 tax years immediately preceding the year of the sale or exchange. Provides that, if the pass-through entity was not in existence during both of the preceding 2 years, then only the years in which the pass-through entity was in existence shall be considered when computing the average.
Sponsors
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Primary sponsor
Robert F. Martwick
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