(35 ILCS 620/2a.1) (from Ch. 120, par. 469a.1)
Sec. 2a.1.
Imposition of tax on invested
capital and on distribution of electricity.
(a) In addition to the tax imposed by the Illinois Income Tax Act, there
is hereby imposed upon every taxpayer (other than an electric cooperative, a
school district or unit of local government as defined in Section 1 of Article
VII of the Illinois Constitution of 1970), an additional tax as follows:
(i) For the first 500,000,000 kilowatt-hours |
| distributed by the taxpayer in this State during the taxable period, 0.031 cents per kilowatt-hour;
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(ii) For the next 1,000,000,000 kilowatt-hours
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| distributed by the taxpayer in this State during the taxable period, 0.050 cents per kilowatt-hour;
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(iii) For the next 2,500,000,000 kilowatt-hours
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| distributed by the taxpayer in this State during the taxable period, 0.070 cents per kilowatt-hour;
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(iv) For the next 4,000,000,000 kilowatt-hours
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| distributed by the taxpayer in this State during the taxable period, 0.140 cents per kilowatt-hour;
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(v) For the next 7,000,000,000 kilowatt-hours
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| distributed by the taxpayer in this State during the taxable period, 0.180 cents per kilowatt-hour;
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(vi) For the next 3,000,000,000 kilowatt-hours
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| distributed by the taxpayer in this State during the taxable period, 0.142 cents per kilowatt-hour; and
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(vii) For all kilowatt-hours distributed by the
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| taxpayer in this State during the taxable period in excess of 18,000,000,000 kilowatt-hours, 0.131 cents per kilowatt-hour.
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(b) There is imposed on electric cooperatives that
are required to file reports with the Rural Utilities Service
a tax equal to 0.8% of such cooperative's invested capital for the taxable
period.
The invested capital tax imposed by this subsection shall not be imposed on
electric cooperatives not required to file reports with the Rural Utilities
Service.
(c) If, for any taxable period, the total amount received by
the Department from the tax imposed by subsection (a)
exceeds
$145,279,553 plus, for taxable periods subsequent to 1998, an amount
equal to the lesser of (i) 5%
or (ii) the percentage increase in the Consumer Price Index during the
immediately preceding taxable period,
of the total amount received by the Department
from the tax imposed by subsection (a) for the immediately preceding taxable
period, determined after allowance of the credit provided for in this
subsection,
the Department shall issue credit
memoranda in the aggregate amount of the excess to each of the
taxpayers who paid any amount of tax under subsection (a) for
that taxable period in the proportion which the amount paid by
the taxpayer bears to the total amount paid by all such taxpayers.
This calculation shall be made as of December 1 of the year following the
immediately
preceding taxable period and shall consist of only those returns with payment
then
on file with the Department. All future amendments to returns and monies
covering
this period received after December 1 of the year following the taxable period
will not be
included in the calculation of the affected taxable period or any other taxable
period.
The provisions of this subsection are not subject to the Uniform Penalty and
Interest
Act.
Any credit memorandum issued to a taxpayer under this
subsection may be used as a credit by the taxpayer against its
liability in future taxable periods for tax under
subsection (a). Any amount credited to a taxpayer shall not be
refunded to the taxpayer unless the taxpayer demonstrates to
the reasonable satisfaction of the Department that it will not
incur future liability for tax under subsection (a). The
Department shall adopt reasonable regulations for the
implementation of the provisions of this subsection.
(Source: P.A. 90-561, eff. 1-1-98; 90-624, eff. 7-10-98; 91-357, eff.
7-29-99.)
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