Ms Diann Smith

Diann Smith

Updates

Corporate Tax

Illinois confirms treatment of deemed repatriated foreign earnings provisions
USA | 30 March 2018

The Illinois Department of Revenue recently issued additional guidance concerning its treatment of the new deemed repatriated foreign earnings provisions found in Internal Revenue Code Section 965, enacted in the federal tax reform bill. The department confirmed key aspects of Illinois' treatment of the repatriation provisions, including that both the income inclusion and deduction provided for in the provisions will be taken into account in determining a taxpayer's tax base.