Illinois legislation proposes an addition adjustment by taxpayers computing corporate and fiduciary income tax liability for the federal deduction allowed under IRC Sec. 250(a)(1). The federal deduction, enacted by the federal Tax Cuts and Jobs Act of 2017 (TCJA) (P.L. 115-97), is equal to the sum of: – 37.5% of a taxpayer’s foreign-derived intangible income […]
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