PETERSON-PARKER. 35 ILCS 5/304 from Ch. 120, par. 3-304 35 ILCS 5/804 from Ch. 120, par. 8-804 35 ILCS 5/1501 from Ch. 120, par. 15-1501 Amends the Illinois Income Tax Act. Provides that for tax years ending on or after December 31, 1998, persons other than residents who derive business income from this State and one or more other states shall apportion their business income using a single factor sales formula. Provides that this sales factor shall be a fraction, the numerator of which is the total sales of the person in this State during the taxable year, and the denominator of which is the total sales of the person everywhere during the taxable year. Provides that no penalty shall be imposed for failure to pay the estimated tax due before the effective date of this amendatory Act if the underpayments are solely attributable to the change in the apportionment of income. In the definition of "unitary business group", provides that if the members' accounting periods differ, the common parent's accounting period, or if there is no common parent, the accounting period of the member that is expected to have, on a recurring basis, the greatest Illinois income tax liability must be used to determine which apportionment method to use. Provides that the provisions of this amendatory Act apply to tax years ending on or after December 31, 1998. Effective immediately. 98-01-29 S FIRST READING 98-01-29 S REFERRED TO SENATE RULES COMMITTEE RULES 98-02-11 S ADDED AS A CHIEF CO-SPONSOR PARKER 98-02-19 S ASSIGNED TO COMMITTEE REVENUE 98-03-05 S HELD IN COMMITTEE 98-03-12 S AMENDMENT NO. 01-REVENUE S 98-03-12 S LOST 98-03-12 S DO PASS 006-003-000 SREV 98-03-12 S PLACED ON CALENDAR ORDER OF 2ND READING 98-03-24 98-03-24 S SECOND READING 98-03-24 S PLACED ON CALENDAR ORDER OF 3RD READING 98-03-25 98-03-25 S SPONSOR REMOVED SEVERNS 98-04-01 S FILED WITH SECRETARY 98-04-01 S AMENDMENT NO. 02-JONES 98-04-01 S AMENDMENT REFERRED TO SRUL 98-05-06 S RE-REFERRED TO COMMITTEE RULES 98-05-06 S TABLED PURSUANT TO RULE 5-4(A) SA 02 98-05-06 S COMMITTEE RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary