HB5318 - 104th General Assembly (2025-2026)

INC TAX-COMBINED REPORTING
Last Action
2/10/2026 - House: Referred to Rules Committee
Statutes Amended In Order of Appearance
35 ILCS 5/203  from Ch. 120, par. 2-203
35 ILCS 5/304  from Ch. 120, par. 3-304
35 ILCS 5/1009 new  
35 ILCS 5/1501  from Ch. 120, par. 15-1501
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that provisions of the Act that provide that a taxpayer's unitary business group does not include members whose business activity outside the United States is 80% or more of the member's total business activity apply only for taxable years ending before January 1, 2027. Makes corresponding changes to deductions and addition modifications concerning those members of the unitary business group. Provides that, with respect to the term "foreign person", "United States" means the 50 states of the United States, the District of Columbia, the territories and possessions of the United States, and any area over which the United States has asserted jurisdiction or claimed exclusive rights with respect to the exploration for or exploitation of natural resources. Adds provisions concerning joint and several liability of members of a combined reporting group. Effective immediately.
Actions
DateChamberAction
2/05/2026HouseFiled with the Clerk by Rep. Maurice A. West, II
2/10/2026HouseFirst Reading
2/10/2026HouseReferred to Rules Committee