Illinois Administrative Code
Title 86 - REVENUE
Part 100 - INCOME TAX
Subpart Q - COMBINED RETURNS
Section 100.5240 - Claims for Credit of Overpayments
Current through Register Vol. 48, No. 38, September 20, 2024
a) In general. If a taxpayer becomes a member of a combined group during a common taxable year, any requested credit carryforward shown on its separate return for the taxable period ending with its entry into the combined group shall be credited against the combined liability, and the designated agent shall claim this credit on the combined return, for the taxable year in which the member joins the combined group. A taxpayer that leaves a combined group may not claim a credit shown on a combined return against its separate tax liability in a subsequent taxable year. When an election is revoked, any claim for credit shown on the last combined return shall be credited against the separate liabilities of the electing members in the manner designated by the designated agent that is satisfactory to the Department. The manner designated will be satisfactory to the Department if it does not jeopardize the collection of any liability.
b) Examples. The provisions of this Section may be illustrated by the following examples: