Sen. Matt Murphy
Filed: 10/27/2011
 
 

 

 

 
09700SB0405sam007LRB097 04252 HLH 59177 a



1
AMENDMENT TO SENATE BILL 405 




2    AMENDMENT NO. ______. Amend Senate Bill 405, AS AMENDED, 
3with reference to page and line numbers of Senate Amendment No. 
41, by replacing everything from line 24 on page 2 through line 
524 on page 3 with the following:


6        "(5) In the case of an individual, trust, or estate, 
7    for taxable years beginning on or after January 1, 2011, 
8    and ending prior to July 1, 2012 January 1, 2015, an amount 
9    equal to 5% of the taxpayer's net income for the taxable 
10    year.
11        (5.1) In the case of an individual, trust, or estate, 
12    for taxable years beginning prior to July 1, 2012 January 
13    1, 2015, and ending after June 30, 2012 December 31, 2014, 
14    an amount equal to the sum of (i) 5% of the taxpayer's net 
15    income for the period prior to July 1, 2012 January 1, 
16    2015, as calculated under Section 202.5, and (ii) 3% 3.75% 
17    of the taxpayer's net income for the period after June 30, 
18    2012 December 31, 2014, as calculated under Section 202.5. 
 
 
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1        (5.2) In the case of an individual, trust, or estate, 
2    for taxable years beginning on or after July 1, 2012 
3    January 1, 2015, and ending prior to January 1, 2025, an 
4    amount equal to 3% 3.75% of the taxpayer's net income for 
5    the taxable year. 
6        (5.3) (Blank). In the case of an individual, trust, or 
7    estate, for taxable years beginning prior to January 1, 
8    2025, and ending after December 31, 2024, an amount equal 
9    to the sum of (i) 3.75% of the taxpayer's net income for 
10    the period prior to January 1, 2025, as calculated under 
11    Section 202.5, and (ii) 3.25% of the taxpayer's net income 
12    for the period after December 31, 2024, as calculated under 
13    Section 202.5. 
14        (5.4) (Blank). In the case of an individual, trust, or 
15    estate, for taxable years beginning on or after January 1, 
16    2025, an amount equal to 3.25% of the taxpayer's net income 
17    for the taxable year."; and
 
18by replacing everything from line 20 on page 4 through line 18 
19on page 5 with the following:
20        "(10) In the case of a corporation, for taxable years 
21    beginning on or after January 1, 2011, and ending prior to 
22    July 1, 2012 January 1, 2015, an amount equal to 7% of the 
23    taxpayer's net income for the taxable year. 
24        (11) In the case of a corporation, for taxable years 
25    beginning prior to July 1, 2012 January 1, 2015, and ending 
 
 
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1    after June 30, 2012 December 31, 2014, an amount equal to 
2    the sum of (i) 7% of the taxpayer's net income for the 
3    period prior to July 1, 2012 January 1, 2015, as calculated 
4    under Section 202.5, and (ii) 4.8% 5.25% of the taxpayer's 
5    net income for the period after June 30, 2012 December 31, 
6    2014, as calculated under Section 202.5. 
7        (12) In the case of a corporation, for taxable years 
8    beginning on or after July 1, 2012 January 1, 2015, and 
9    ending prior to January 1, 2025, an amount equal to 4.8% 
10    5.25% of the taxpayer's net income for the taxable year. 
11        (13) (Blank). In the case of a corporation, for taxable 
12    years beginning prior to January 1, 2025, and ending after 
13    December 31, 2024, an amount equal to the sum of (i) 5.25% 
14    of the taxpayer's net income for the period prior to 
15    January 1, 2025, as calculated under Section 202.5, and 
16    (ii) 4.8% of the taxpayer's net income for the period after 
17    December 31, 2024, as calculated under Section 202.5. 
18        (14) (Blank). In the case of a corporation, for taxable 
19    years beginning on or after January 1, 2025, an amount 
20    equal to 4.8% of the taxpayer's net income for the taxable 
21    year.".