The Illinois Legislature has passed several bills that the governor is expected to sign. Among the proposed changes are:
- providing addbacks for the 50% GILTI deduction, IRC Section 245A deduction and IRC Section 243(e) deduction, starting in tax years ending on or after June 30, 2021
- implementing a three-year, $100,000 per-year net loss deduction limitation, starting in tax years ending on or after December 31, 2021
- decoupling from 100% bonus depreciation for tax years ending on or after December 31, 2021.
The bills as passed by the legislature are summarized in this Tax Insight.