House Sponsors: LEITCH. Senate Sponsors: PETERSON-LAUZEN Short description: INC-TX-PSHIP INVEST CREDIT Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Allows a partnership to elect to pass through to its partners the investment credit allowed against the Personal Property Tax Replacement Income Tax. Provides that the election shall be made each taxable year on the Personal Property Tax Replacement Income Tax return. Provides that the credit shall be allocated among the partners in accordance with the Internal Revenue Code. Provides that the election to pass through the credits shall be irrevocable. SENATE AMENDMENT NO. 1. Adds reference to: 35 ILCS 735/3-7 Amends the Uniform Penalty and Interest Act. Provides that any person filing an action under the Administrative Review law to review a final assessment or revised final assessment (except those relating to any trust tax) issued by the Department of Revenue shall file a bond with good and sufficient surety or obtain an order from the court imposing a lien upon the plaintiff's property within 20 days of filing the complaint. Requires the Department to file a motion to dismiss if the plaintiff fails to comply with the bonding requirement and the court shall dismiss the action unless the plaintiff complies within 30 days after the Department filed the motion to dismiss. Gives the bill an immediate effective date. SENATE AMENDMENT NO. 2. (Senate recedes May 23, 1997) Adds reference to: 35 ILCS 105/3-8 new 35 ILCS 110/3-8 new 35 ILCS 115/3-8 new 35 ILCS 120/2-8 new Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act to exempt from the taxes imposed under those Acts the gross proceeds from sales of and the use of industrial gases that (1) become ingredients or components of tangible personal property destined for sale or (2) are consumed, destroyed, or lose their identity in the manufacture of tangible personal property destined for sale. Provides that the exemption does not apply to fuel and electricity or to industrial gases that are consumed in a nonmanufacturing activity. Provides that the exemptions apply to tax years ending on or after December 31, 1997. Sunsets the exemption after 5 years. Last action on Bill: PUBLIC ACT.............................. 90-0458 Last action date: 97-08-17 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2 END OF INQUIRY Full Text Bill Status