INC TX-ACCOUNTING

Amends the Illinois Income Tax Act. In a Section authorizing the Director of Revenue to make certain adjustments to base income if it appears to the Director that any agreement, understanding, or arrangement exists between any persons that causes any person's base income allocable to this State to be improperly or inaccurately reflected, provides that the Director may not make these adjustment before the Department of Revenue adopts rules concerning the adjustments. Provides that, unless the principle purpose of the agreement, understanding, or arrangement is for the avoidance of federal or Illinois income tax, any adjustment made by the Director and the rules required to be adopted must be in accordance with certain provisions of the Internal Revenue Code. Deletes a provision authorizing the Director to adjust factors taken into account in allocating income. Effective immediately.