The Illinois Department of Revenue (“IDOR”) plans to begin promulgating new corporate tax regulations on a one-a-week basis, beginning after Labor Day.  These regulations will implement ground-breaking legislation enacted last year that converts most of the Illinois Income Tax Act (“IITA”) single-sales factor sourcing to a market-based approach, effective for tax years ending on or after December 31, 2008.  Internal drafts of the regulations were recently provided to members of the Director of Revenue’s Advisory Group, a hand-picked group of individuals from industry and the tax practitioner community.

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