Bill Status of HB4920  100th General Assembly

Short Description:  PRINCIPAL & INCOME-OIL & GAS

House Sponsors
Rep. Barbara Wheeler

Senate Sponsors
(Sen. David Koehler and Paul Schimpf)

Last Action
DateChamber Action
  8/10/2018HousePublic Act . . . . . . . . . 100-0761

Statutes Amended In Order of Appearance
760 ILCS 15/10from Ch. 30, par. 510
760 ILCS 15/15from Ch. 30, par. 515

Synopsis As Introduced
Amends the Principal and Income Act. Provides that, only for oil or gas from non-coal formations held in nontrust estates and by legal tenants and remaindermen (instead of "with respect only to nontrust estates, for oil or gas from non-coal formations"), proceeds from the sale of such minerals produced and received as royalty, overriding royalty, limited royalty, working interest, net profit interest, time-limited interest or term interest, or lease bonus shall be deemed income. Deletes language providing that a Section concerning non-trust estates does not apply to life estates and remainder interests in oil or gas from non-coal formations, or royalties or overriding royalties created under leases of such minerals. Makes other changes.

DateChamber Action
  2/14/2018HouseFiled with the Clerk by Rep. Ann M. Williams
  2/14/2018HouseFirst Reading
  2/14/2018HouseReferred to Rules Committee
  3/7/2018HouseAssigned to Judiciary - Civil Committee
  3/23/2018HouseTo Civil Procedure Subcommittee
  4/10/2018HouseRecommends Do Pass Subcommittee/ Judiciary - Civil Committee; 003-000-000
  4/10/2018HouseReported Back To Judiciary - Civil Committee;
  4/10/2018HouseDo Pass / Short Debate Judiciary - Civil Committee; 011-000-000
  4/10/2018HousePlaced on Calendar 2nd Reading - Short Debate
  4/19/2018HouseChief Sponsor Changed to Rep. Barbara Wheeler
  4/20/2018HouseSecond Reading - Short Debate
  4/20/2018HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/24/2018HouseThird Reading - Short Debate - Passed 110-000-001
  4/24/2018SenateArrive in Senate
  4/24/2018SenatePlaced on Calendar Order of First Reading April 25, 2018
  4/25/2018SenateChief Senate Sponsor Sen. David Koehler
  4/25/2018SenateFirst Reading
  4/25/2018SenateReferred to Assignments
  4/26/2018SenateAdded as Alternate Co-Sponsor Sen. Paul Schimpf
  5/1/2018SenateAssigned to Revenue
  5/10/2018SenateDo Pass Revenue; 005-000-000
  5/10/2018SenatePlaced on Calendar Order of 2nd Reading May 15, 2018
  5/15/2018SenateSecond Reading
  5/15/2018SenatePlaced on Calendar Order of 3rd Reading May 16, 2018
  5/17/2018SenateThird Reading - Passed; 053-000-000
  5/17/2018HousePassed Both Houses
  6/15/2018HouseSent to the Governor
  8/10/2018HouseGovernor Approved
  8/10/2018HouseEffective Date January 1, 2019
  8/10/2018HousePublic Act . . . . . . . . . 100-0761