90th General Assembly
Summary of SB1305
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Senate Sponsors:

Short description: 
INC TX-BUSINESS INC-NON-RESDNT                                             

Synopsis of Bill as introduced:
        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.                                               
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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