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91_SB0946enr
SB946 Enrolled LRB9106128REpk
1 AN ACT to amend the Gas Revenue Tax Act by changing
2 Section 2a.1.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Gas Revenue Tax Act is amended by
6 changing Section 2a.1 as follows:
7 (35 ILCS 615/2a.1) (from Ch. 120, par. 467.17a.1)
8 Sec. 2a.1. Imposition of tax on invested capital. In
9 addition to the taxes imposed by the Illinois Income Tax Act
10 and Section 2 of this Act, there is hereby imposed upon
11 persons engaged in the business of distributing, supplying,
12 furnishing or selling gas and subject to the tax imposed by
13 this Act (other than a school district or unit of local
14 government as defined in Section 1 of Article VII of the
15 Illinois Constitution of 1970), an additional tax in an
16 amount equal to .8% of such persons' invested capital for the
17 taxable period. If such persons are not liable for such
18 additional tax for the entire taxable period, such additional
19 tax shall be computed on the portion of the taxable period
20 during which such persons were liable for such additional
21 tax. The invested capital tax imposed by this Section shall
22 not be imposed upon persons who are not regulated by the
23 Illinois Commerce Commission. Provided, in the case of any
24 person which is subject to the invested capital tax imposed
25 by this Section and which is also subject to the tax on the
26 distribution of electricity imposed by Section 2a.1 of the
27 Public Utilities Revenue Act, for taxable periods beginning
28 on or after January 1, 1998, the invested capital tax imposed
29 by this Section shall be the lesser of (i) an amount equal to
30 0.8% of such person's invested capital for the taxable period
31 multiplied by a fraction the numerator of which is the
SB946 Enrolled -2- LRB9106128REpk
1 average of the beginning and ending balances of such person's
2 gross gas utility plant in service and the denominator of
3 which is the average of the beginning and ending balances of
4 such person's gross electric and gas utility plant in
5 service, as set forth in such person's annual report to the
6 Illinois Commerce Commission for the taxable period, or (ii)
7 an amount equal to 0.8% of the person's invested capital for
8 the taxable period ended December 31, 1996 multiplied by a
9 fraction the numerator of which is the average of the
10 beginning and ending balances of the person's gross gas
11 utility plant in service and the denominator of which is the
12 average of the beginning and ending balances of the person's
13 gross electric and gas utility plant in service as set forth
14 in the person's annual report to the Illinois Commerce
15 Commission for the taxable period ended December 31, 1996
16 modified by an adjustment factor. The adjustment factor is a
17 ratio the numerator of which is the average of the beginning
18 and ending balances of the person's gross gas plant in
19 service for the taxable period and the denominator of which
20 is the average of the beginning and ending balances of the
21 person's gross gas plant in service for the taxable period
22 ended December 31, 1996, as set forth in the person's annual
23 reports to the Illinois Commerce Commission for such taxable
24 periods.
25 (Source: P.A. 90-561, eff. 1-1-98.).
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