90th General Assembly
Summary of HB2950
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House Sponsors:
RYDER-PHELPS-NOLAND-GRANBERG-LAWFER, REITZ, 
   BOLAND, TURNER,JOHN AND BLACK.

Senate Sponsors:
LAUZEN-KEHOE-WALSH,L-FITZGERALD-REA

Short description: 
GASOHOL FUELS TX                                                           

Synopsis of Bill as introduced:
        Amends the Gasohol Fuels Tax Abatement Act.   Makes  a  technical      
   change in the definition Section.                                           
          FISCAL NOTE (Dpt. Revenue)                                           
          No fiscal impact on the Department.                                  
          FISCAL NOTE (EPA)                                                    
          HB2950 would have no fiscal impact on EPA.                           
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          35 ILCS 125/2                                                        
          Adds reference to:                                                   
          35 ILCS 105/3-10                from Ch. 120, par. 439.3-10          
          35 ILCS 110/3-10                from Ch. 120, par. 439.33-10         
          35 ILCS 115/3-10                from Ch. 120, par. 439.103-10        
          35 ILCS 120/2-10                from Ch. 120, par. 441-10            
          35 ILCS 125/Act rep.                                                 
        Deletes everything. Amends the Use Tax Act, the Service  Use  Tax      
   Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax      
   Act.   Provides  that  the  rate  of  the  taxes imposed by those Acts      
   applies to 70% of the proceeds of the sales  of  gasohol  made  before      
   July  1,  2003  (now  July 1, 1999) and to 100% of the proceeds of the      
   sales thereafter.  Deletes provisions limiting the rate  to  85%  from      
   July  1, 1997 to July 1, 1999 for gasohol sold in the State during the      
   12 months beginning July 1 following any calendar year for  which  the      
   Department of Revenue has determined that the percentages required for      
   the  tax  abatement under the Gasohol Fuels Tax Abatement Act have not      
   been met.  Repeals the Gasohol Fuels  Tax  Abatement  Act.   Effective      
   immediately.                                                                
        SENATE AMENDMENT NO. 1.                                                
          Adds reference to:                                                   
          35 ILCS 5/201                   from Ch. 120, par. 2-201             
        Amends the Illinois Income Tax Act.  Provides that the credit for      
   research and development  shall  not  include  costs  incurrred  after      
   December  31,  2004  (now,  1999),  except  for costs incurred under a      
   contract entered into on or before December 31, 2004 (now, 1999).           
        SENATE AMENDMENT NO. 2. (Senate recedes May 22, 1998)                  
        Further amends the Illinois Income Tax Act.   Provides  that  for      
   the  taxable years of 1998 and thereafter, a partnership or Subchapter      
   S corporation that is otherwise eligible for the Jobs Tax  Credit  may      
   pass  the  credit  through  to  the partners of the partnership or the      
   shareholders of the corporation in the same manner as  partnership  or      
   Subchapter  S  corporation  income  is  distributed  to  partners  and      
   shareholders  under  the Internal Revenue Code.  Provides that for the      
   taxable years of 1998 and thereafter, for  partners,  shareholders  of      
   subchapter  S corporations, and owners of limited liability companies,      
   if the liability company is treated as a partnership for  purposes  of      
   federal  and  State income taxation, there shall be allowed a research      
   and development credit according to the determination  of  income  and      
   distributive share of income under Sections 702 and 704 and subchapter      
   S of the Internal Revenue Code.                                             
        SENATE AMENDMENT NO. 3.                                                
          Adds reference to:                                                   
          35 ILCS 105/3-5                                                      
          35 ILCS 110/3-5                                                      
          35 ILCS 115/3-5                                                      
          35 ILCS 120/2-5                                                      
        Further amends the Use Tax Act, the Service Use Tax Act, the Ser-      
   vice Occupation Tax Act and the Retailers' Occupation Tax Act. Pro-         
   vides that "farm machinery and equipment" exempt from tax includes          
   implements of husbandry, precision farming equipment, computers and         
   related equipment and other specified items.                                
 
Last action on Bill: PUBLIC ACT.............................. 90-0605

   Last action date: 98-06-30

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   3


   END OF INQUIRY 
                                                                               



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