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Amends the Illinois Income Tax Act. Creates a deduction in an amount equal to the capital gains realized by the taxpayer from the taking of property by eminent domain to the extent that those gains are included in the taxpayer's federal taxable income. Effective immediately.
Introduced
Feb 18, 2025
Last Action
Mar 21, 2025
Session
IL 104th
Sponsors
1 primary · 0 co
Rule 19(a) / Re-referred to Rules Committee
To Tax Policy: Other Taxes Subcommittee
Assigned to Revenue & Finance Committee
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Blaine Wilhour
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Rule 19(a) / Re-referred to Rules Committee