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What is the basis or starting point for calculating the tax on Illinois business income?

Answer #71 -- ( Published 08/04/2005 10:57 AM | Updated 07/12/2017 10:38 AM )

What is the basis or starting point for calculating the tax on Illinois business income?

Under the Illinois Income Tax Act, the computation of taxable "net income" begins with the taxpayer's federal taxable income for business taxpayers and then makes various additions and subtraction modifications. See Section 203 of the Illinois Income Tax Act.

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