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90_HB2592
35 ILCS 620/2a.1 from Ch. 120, par. 469a.1
Amends the Public Utilities Revenue Act. Makes a
technical correction in the Section concerning the imposition
of tax on invested capital and on distribution of
electricity.
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LRB9009283KDpk
1 AN ACT to amend the Public Utilities Revenue Act by
2 changing 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 Public Utilities Revenue Act is amended
6 by changing Section 2a.1 as follows:
7 (35 ILCS 620/2a.1) (from Ch. 120, par. 469a.1)
8 Sec. 2a.1. Imposition of tax on invested capital and
9 on distribution of electricity.
10 (a) In addition to the tax imposed by the Illinois
11 Income Tax Act, there is hereby imposed upon every taxpayer
12 (other than an electric cooperative, a school district or
13 unit of local government as defined in Section 1 of Article
14 VII of the Illinois Constitution of 1970), an additional tax
15 as follows:
16 (i) For the first 500,000,000 kilowatt-hours
17 distributed by the taxpayer in this State during the
18 taxable period, 0.031 cents per kilowatt-hour;
19 (ii) For the next 1,000,000,000 kilowatt-hours
20 distributed by the taxpayer in this State during the
21 taxable period, 0.050 cents per kilowatt-hour;
22 (iii) For the next 2,500,000,000 kilowatt-hours
23 distributed by the taxpayer in this State during the
24 taxable period, 0.070 cents per kilowatt-hour;
25 (iv) For the next 4,000,000,000 killowatt-hours
26 distributed by the taxpayer in this State during the
27 taxable period, 0.140 cents per kilowatt-hour;
28 (v) For the next 7,000,000,000 kilowatt-hours
29 distributed by the taxpayer in this State during the
30 taxable period, 0.180 cents per kilowatt-hour;
31 (vi) For the next 3,000,000,000 killowatt-hours
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1 distributed by the taxpayer in this State during the
2 taxable period, 0.142 cents per kilowatt-hour; and
3 (vii) For all kilowatt-hours distributed by the
4 taxpayer in this State during the taxable period in
5 excess of 18,000,000,000 kilowatt-hours, 0.131 cents per
6 killowatt-hour.
7 (b) There is imposed on electric cooperatives that are
8 required to file reports with the Rural Utilities Service a
9 tax equal to 0.8% of that such cooperative's invested capital
10 for the taxable period. The invested capital tax imposed by
11 this subsection shall not be imposed on electric cooperatives
12 not required to file reports with the Rural Utilities
13 Service.
14 (c) If, for any taxable period, the total amount
15 received by the Department from the tax imposed by subsection
16 (a) exceeds $145,279,553 plus, for taxable periods subsequent
17 to 1998, an amount equal to the lesser of (i) 5% or (ii) the
18 percentage increase in the Consumer Price Index during the
19 immediately preceding taxable period, of the total amount
20 received by the Department from the tax imposed by subsection
21 (a) for the immediately preceding taxable period, determined
22 after allowance of the credit provided for in this
23 subsection, the Department shall issue credit memoranda in
24 the aggregate amount of the excess to each of the taxpayers
25 who paid any amount of tax under subsection (a) for that
26 taxable period in the proportion which the amount paid by the
27 taxpayer bears to the total amount paid by all such
28 taxpayers. Any credit memorandum issued to a taxpayer under
29 this subsection may be used as a credit by the taxpayer
30 against its liability in future taxable periods for tax under
31 subsection (a). Any amount credited to a taxpayer shall not
32 be refunded to the taxpayer unless the taxpayer demonstrates
33 to the reasonable satisfaction of the Department that it will
34 not incur future liability for tax under subsection (a). The
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1 Department shall adopt reasonable regulations for the
2 implementation of the provisions of this subsection.
3 (Source: P.A. 90-561, eff. 1-1-98.)