State of Illinois
92nd General Assembly
Legislation

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92_HB0307

 
                                               LRB9202530SMdv

 1        AN ACT in relation to taxes.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois Income Tax  Act  is  amended  by
 5    changing Section 203 as follows:

 6        (35 ILCS 5/203) (from Ch. 120, par. 2-203)
 7        Sec. 203.  Base income defined.
 8        (a)  Individuals.
 9             (1)  In general.  In the case of an individual, base
10        income  means  an amount equal to the taxpayer's adjusted
11        gross  income  for  the  taxable  year  as  modified   by
12        paragraph (2).
13             (2)  Modifications.    The   adjusted  gross  income
14        referred to in paragraph (1) shall be modified by  adding
15        thereto the sum of the following amounts:
16                  (A)  An  amount  equal  to  all amounts paid or
17             accrued to the taxpayer  as  interest  or  dividends
18             during  the taxable year to the extent excluded from
19             gross income in the computation  of  adjusted  gross
20             income,  except  stock dividends of qualified public
21             utilities  described  in  Section  305(e)   of   the
22             Internal Revenue Code;
23                  (B)  An  amount  equal  to  the  amount  of tax
24             imposed by this Act  to  the  extent  deducted  from
25             gross  income  in  the computation of adjusted gross
26             income for the taxable year;
27                  (C)  An amount equal  to  the  amount  received
28             during  the  taxable year as a recovery or refund of
29             real  property  taxes  paid  with  respect  to   the
30             taxpayer's principal residence under the Revenue Act
31             of  1939  and  for  which a deduction was previously
 
                            -2-                LRB9202530SMdv
 1             taken under subparagraph (L) of this  paragraph  (2)
 2             prior to July 1, 1991, the retrospective application
 3             date  of Article 4 of Public Act 87-17.  In the case
 4             of  multi-unit  or  multi-use  structures  and  farm
 5             dwellings, the taxes  on  the  taxpayer's  principal
 6             residence  shall  be that portion of the total taxes
 7             for the entire property  which  is  attributable  to
 8             such principal residence;
 9                  (D)  An  amount  equal  to  the  amount  of the
10             capital gain deduction allowable under the  Internal
11             Revenue  Code,  to  the  extent  deducted from gross
12             income in the computation of adjusted gross income;
13                  (D-5)  An amount, to the extent not included in
14             adjusted gross income, equal to the amount of  money
15             withdrawn by the taxpayer in the taxable year from a
16             medical care savings account and the interest earned
17             on  the  account in the taxable year of a withdrawal
18             pursuant to subsection (b)  of  Section  20  of  the
19             Medical  Care  Savings Account Act or subsection (b)
20             of Section 20 of the Medical  Care  Savings  Account
21             Act of 2000; and
22                  (D-10)  For taxable years ending after December
23             31,   1997,   an   amount   equal  to  any  eligible
24             remediation costs that the  individual  deducted  in
25             computing  adjusted  gross  income and for which the
26             individual claims a credit under subsection  (l)  of
27             Section 201;
28        and  by  deducting  from the total so obtained the sum of
29        the following amounts:
30                  (E)  Any  amount  included  in  such  total  in
31             respect  of  any  compensation  (including  but  not
32             limited to any compensation paid  or  accrued  to  a
33             serviceman  while  a  prisoner  of war or missing in
34             action) paid to a resident by  reason  of  being  on
 
                            -3-                LRB9202530SMdv
 1             active duty in the Armed Forces of the United States
 2             and  in  respect of any compensation paid or accrued
 3             to a resident who as a governmental employee  was  a
 4             prisoner of war or missing in action, and in respect
 5             of  any  compensation  paid to a resident in 1971 or
 6             thereafter for annual training performed pursuant to
 7             Sections 502 and 503, Title 32, United  States  Code
 8             as a member of the Illinois National Guard;
 9                  (F)  An amount equal to all amounts included in
10             such  total  pursuant  to the provisions of Sections
11             402(a), 402(c), 403(a), 403(b), 406(a), 407(a),  and
12             408  of  the  Internal  Revenue Code, or included in
13             such total as distributions under the provisions  of
14             any  retirement  or disability plan for employees of
15             any  governmental  agency  or  unit,  or  retirement
16             payments to retired  partners,  which  payments  are
17             excluded   in   computing  net  earnings  from  self
18             employment by Section 1402 of the  Internal  Revenue
19             Code and regulations adopted pursuant thereto;
20                  (G)  The valuation limitation amount;
21                  (H)  An  amount  equal to the amount of any tax
22             imposed by  this  Act  which  was  refunded  to  the
23             taxpayer  and included in such total for the taxable
24             year;
25                  (I)  An amount equal to all amounts included in
26             such total pursuant to the provisions of Section 111
27             of the Internal Revenue Code as a recovery of  items
28             previously  deducted  from  adjusted gross income in
29             the computation of taxable income;
30                  (J)  An  amount  equal   to   those   dividends
31             included   in  such  total  which  were  paid  by  a
32             corporation which conducts business operations in an
33             Enterprise Zone or zones created under the  Illinois
34             Enterprise  Zone Act, and conducts substantially all
 
                            -4-                LRB9202530SMdv
 1             of its operations in an Enterprise Zone or zones;
 2                  (K)  An  amount  equal   to   those   dividends
 3             included   in   such  total  that  were  paid  by  a
 4             corporation that conducts business operations  in  a
 5             federally  designated Foreign Trade Zone or Sub-Zone
 6             and  that  is  designated  a  High  Impact  Business
 7             located  in  Illinois;   provided   that   dividends
 8             eligible  for the deduction provided in subparagraph
 9             (J) of paragraph (2) of this subsection shall not be
10             eligible  for  the  deduction  provided  under  this
11             subparagraph (K);
12                  (L)  For taxable years  ending  after  December
13             31,  1983,  an  amount  equal to all social security
14             benefits and railroad retirement  benefits  included
15             in  such  total pursuant to Sections 72(r) and 86 of
16             the Internal Revenue Code;
17                  (M)  With  the   exception   of   any   amounts
18             subtracted  under  subparagraph (N), an amount equal
19             to the sum of all amounts disallowed  as  deductions
20             by  (i)  Sections  171(a)  (2),  and  265(2)  of the
21             Internal Revenue Code of 1954, as now  or  hereafter
22             amended,  and  all  amounts of expenses allocable to
23             interest and  disallowed as  deductions  by  Section
24             265(1)  of the Internal Revenue Code of 1954, as now
25             or hereafter amended; and  (ii)  for  taxable  years
26             ending   on  or  after  August  13,  1999,  Sections
27             171(a)(2), 265, 280C,  and  832(b)(5)(B)(i)  of  the
28             Internal   Revenue  Code;  the  provisions  of  this
29             subparagraph  are  exempt  from  the  provisions  of
30             Section 250;
31                  (N)  An amount equal to all amounts included in
32             such total which are exempt from  taxation  by  this
33             State   either   by   reason   of  its  statutes  or
34             Constitution  or  by  reason  of  the  Constitution,
 
                            -5-                LRB9202530SMdv
 1             treaties or statutes of the United States;  provided
 2             that,  in the case of any statute of this State that
 3             exempts  income  derived   from   bonds   or   other
 4             obligations from the tax imposed under this Act, the
 5             amount  exempted  shall  be the interest net of bond
 6             premium amortization;
 7                  (O)  An amount equal to any  contribution  made
 8             to  a  job  training project established pursuant to
 9             the Tax Increment Allocation Redevelopment Act;
10                  (P)  An amount  equal  to  the  amount  of  the
11             deduction  used  to  compute  the federal income tax
12             credit for restoration of substantial  amounts  held
13             under  claim  of right for the taxable year pursuant
14             to Section 1341 of  the  Internal  Revenue  Code  of
15             1986;
16                  (Q)  An amount equal to any amounts included in
17             such   total,   received   by  the  taxpayer  as  an
18             acceleration in the payment of  life,  endowment  or
19             annuity  benefits  in advance of the time they would
20             otherwise be payable as an indemnity for a  terminal
21             illness;
22                  (R)  An  amount  equal  to  the  amount  of any
23             federal or State  bonus  paid  to  veterans  of  the
24             Persian Gulf War;
25                  (S)  An  amount,  to  the  extent  included  in
26             adjusted  gross  income,  equal  to  the amount of a
27             contribution made in the taxable year on  behalf  of
28             the  taxpayer  to  a  medical  care  savings account
29             established under the Medical Care  Savings  Account
30             Act  or the Medical Care Savings Account Act of 2000
31             to the extent the contribution is  accepted  by  the
32             account administrator as provided in that Act;
33                  (T)  An  amount,  to  the  extent  included  in
34             adjusted  gross  income,  equal  to  the  amount  of
 
                            -6-                LRB9202530SMdv
 1             interest  earned  in  the  taxable year on a medical
 2             care savings account established under  the  Medical
 3             Care Savings Account Act or the Medical Care Savings
 4             Account Act of 2000 on behalf of the taxpayer, other
 5             than  interest  added pursuant to item (D-5) of this
 6             paragraph (2);
 7                  (U)  For one taxable year beginning on or after
 8             January 1, 1994, an amount equal to the total amount
 9             of tax imposed and paid under  subsections  (a)  and
10             (b)  of  Section  201  of  this Act on grant amounts
11             received by the  taxpayer  under  the  Nursing  Home
12             Grant  Assistance  Act during the taxpayer's taxable
13             years 1992 and 1993;
14                  (V)  Beginning with  tax  years  ending  on  or
15             after  December  31,  1995 and ending with tax years
16             ending on or before December  31,  2004,  an  amount
17             equal  to  the  amount  paid  by a taxpayer who is a
18             self-employed taxpayer, a partner of a  partnership,
19             or  a  shareholder in a Subchapter S corporation for
20             health insurance or  long-term  care  insurance  for
21             that   taxpayer   or   that   taxpayer's  spouse  or
22             dependents, to the extent that the amount  paid  for
23             that  health  insurance  or long-term care insurance
24             may be deducted under Section 213  of  the  Internal
25             Revenue  Code  of 1986, has not been deducted on the
26             federal income tax return of the taxpayer, and  does
27             not  exceed  the taxable income attributable to that
28             taxpayer's  income,   self-employment   income,   or
29             Subchapter  S  corporation  income;  except  that no
30             deduction shall be allowed under this  item  (V)  if
31             the  taxpayer  is  eligible  to  participate  in any
32             health insurance or long-term care insurance plan of
33             an  employer  of  the  taxpayer  or  the  taxpayer's
34             spouse.  The amount  of  the  health  insurance  and
 
                            -7-                LRB9202530SMdv
 1             long-term  care insurance subtracted under this item
 2             (V) shall be determined by multiplying total  health
 3             insurance and long-term care insurance premiums paid
 4             by  the  taxpayer times a number that represents the
 5             fractional percentage of eligible  medical  expenses
 6             under  Section  213  of the Internal Revenue Code of
 7             1986 not actually deducted on the taxpayer's federal
 8             income tax return;
 9                  (W)  For taxable years beginning  on  or  after
10             January   1,  1998,  all  amounts  included  in  the
11             taxpayer's federal gross income in the taxable  year
12             from  amounts converted from a regular IRA to a Roth
13             IRA. This paragraph is exempt from the provisions of
14             Section 250; and
15                  (X)  For taxable year 1999 and  thereafter,  an
16             amount equal to the amount of any (i) distributions,
17             to the extent includible in gross income for federal
18             income tax purposes, made to the taxpayer because of
19             his  or  her  status  as a victim of persecution for
20             racial or religious reasons by Nazi Germany  or  any
21             other  Axis  regime  or as an heir of the victim and
22             (ii) items of income, to the  extent  includible  in
23             gross   income  for  federal  income  tax  purposes,
24             attributable to, derived from or in any way  related
25             to  assets  stolen  from,  hidden from, or otherwise
26             lost to  a  victim  of  persecution  for  racial  or
27             religious  reasons by Nazi Germany or any other Axis
28             regime immediately prior to, during, and immediately
29             after World War II, including, but not  limited  to,
30             interest  on  the  proceeds  receivable as insurance
31             under policies issued to a victim of persecution for
32             racial or religious reasons by Nazi Germany  or  any
33             other  Axis  regime  by European insurance companies
34             immediately  prior  to  and  during  World  War  II;
 
                            -8-                LRB9202530SMdv
 1             provided, however,  this  subtraction  from  federal
 2             adjusted  gross  income  does  not  apply  to assets
 3             acquired with such assets or with the proceeds  from
 4             the  sale  of  such  assets; provided, further, this
 5             paragraph shall only apply to a taxpayer who was the
 6             first recipient of such assets after their  recovery
 7             and  who  is  a  victim of persecution for racial or
 8             religious reasons by Nazi Germany or any other  Axis
 9             regime  or  as an heir of the victim.  The amount of
10             and  the  eligibility  for  any  public  assistance,
11             benefit, or similar entitlement is not  affected  by
12             the   inclusion  of  items  (i)  and  (ii)  of  this
13             paragraph in gross income  for  federal  income  tax
14             purposes.   This   paragraph   is  exempt  from  the
15             provisions of Section 250; and
16                  (Y)  For  taxable  years  ending  on  or  after
17             December 31,  2001,  all  amounts  included  in  the
18             taxpayer's  federal gross income in the taxable year
19             from  amounts  contributed  to  a  Roth  IRA.   This
20             paragraph is exempt from the provisions  of  Section
21             250.

22        (b)  Corporations.
23             (1)  In general.  In the case of a corporation, base
24        income  means  an  amount equal to the taxpayer's taxable
25        income for the taxable year as modified by paragraph (2).
26             (2)  Modifications.  The taxable income referred  to
27        in  paragraph (1) shall be modified by adding thereto the
28        sum of the following amounts:
29                  (A)  An amount equal to  all  amounts  paid  or
30             accrued   to   the  taxpayer  as  interest  and  all
31             distributions  received  from  regulated  investment
32             companies during the  taxable  year  to  the  extent
33             excluded  from  gross  income  in the computation of
34             taxable income;
 
                            -9-                LRB9202530SMdv
 1                  (B)  An amount  equal  to  the  amount  of  tax
 2             imposed  by  this  Act  to  the extent deducted from
 3             gross income in the computation  of  taxable  income
 4             for the taxable year;
 5                  (C)  In  the  case  of  a  regulated investment
 6             company, an amount equal to the excess  of  (i)  the
 7             net  long-term  capital  gain  for the taxable year,
 8             over (ii) the amount of the capital  gain  dividends
 9             designated   as  such  in  accordance  with  Section
10             852(b)(3)(C) of the Internal Revenue  Code  and  any
11             amount  designated under Section 852(b)(3)(D) of the
12             Internal Revenue Code, attributable to  the  taxable
13             year (this amendatory Act of 1995 (Public Act 89-89)
14             is  declarative  of  existing  law  and is not a new
15             enactment);
16                  (D)  The  amount  of  any  net  operating  loss
17             deduction taken in arriving at taxable income, other
18             than a net operating loss  carried  forward  from  a
19             taxable year ending prior to December 31, 1986;
20                  (E)  For taxable years in which a net operating
21             loss  carryback  or carryforward from a taxable year
22             ending prior to December 31, 1986 is an  element  of
23             taxable income under paragraph (1) of subsection (e)
24             or  subparagraph  (E) of paragraph (2) of subsection
25             (e), the  amount  by  which  addition  modifications
26             other  than  those provided by this subparagraph (E)
27             exceeded subtraction modifications in  such  earlier
28             taxable year, with the following limitations applied
29             in the order that they are listed:
30                       (i)  the addition modification relating to
31                  the  net operating loss carried back or forward
32                  to the  taxable  year  from  any  taxable  year
33                  ending  prior  to  December  31,  1986 shall be
34                  reduced by the amount of addition  modification
 
                            -10-               LRB9202530SMdv
 1                  under  this  subparagraph  (E) which related to
 2                  that net operating loss  and  which  was  taken
 3                  into  account in calculating the base income of
 4                  an earlier taxable year, and
 5                       (ii)  the addition  modification  relating
 6                  to  the  net  operating  loss  carried  back or
 7                  forward to the taxable year  from  any  taxable
 8                  year  ending  prior  to December 31, 1986 shall
 9                  not exceed the  amount  of  such  carryback  or
10                  carryforward;
11                  For  taxable  years  in  which  there  is a net
12             operating loss carryback or carryforward  from  more
13             than one other taxable year ending prior to December
14             31, 1986, the addition modification provided in this
15             subparagraph  (E)  shall  be  the sum of the amounts
16             computed   independently   under    the    preceding
17             provisions  of  this  subparagraph (E) for each such
18             taxable year; and
19                  (E-5)  For taxable years ending after  December
20             31,   1997,   an   amount   equal  to  any  eligible
21             remediation costs that the corporation  deducted  in
22             computing  adjusted  gross  income and for which the
23             corporation claims a credit under subsection (l)  of
24             Section 201;
25        and  by  deducting  from the total so obtained the sum of
26        the following amounts:
27                  (F)  An amount equal to the amount of  any  tax
28             imposed  by  this  Act  which  was  refunded  to the
29             taxpayer and included in such total for the  taxable
30             year;
31                  (G)  An  amount equal to any amount included in
32             such total under Section 78 of the Internal  Revenue
33             Code;
34                  (H)  In  the  case  of  a  regulated investment
 
                            -11-               LRB9202530SMdv
 1             company, an amount equal to  the  amount  of  exempt
 2             interest  dividends as defined in subsection (b) (5)
 3             of Section 852 of the Internal Revenue Code, paid to
 4             shareholders for the taxable year;
 5                  (I)  With  the   exception   of   any   amounts
 6             subtracted  under  subparagraph (J), an amount equal
 7             to the sum of all amounts disallowed  as  deductions
 8             by  (i)  Sections  171(a)  (2),  and  265(a)(2)  and
 9             amounts  disallowed  as  interest expense by Section
10             291(a)(3) of the Internal Revenue Code,  as  now  or
11             hereafter  amended,  and  all  amounts  of  expenses
12             allocable  to  interest and disallowed as deductions
13             by Section 265(a)(1) of the Internal  Revenue  Code,
14             as  now  or  hereafter amended; and (ii) for taxable
15             years ending on or after August 13,  1999,  Sections
16             171(a)(2), 265, 280C, 291(a)(3), and 832(b)(5)(B)(i)
17             of the Internal Revenue Code; the provisions of this
18             subparagraph  are  exempt  from  the  provisions  of
19             Section 250;
20                  (J)  An amount equal to all amounts included in
21             such  total  which  are exempt from taxation by this
22             State  either  by  reason   of   its   statutes   or
23             Constitution  or  by  reason  of  the  Constitution,
24             treaties  or statutes of the United States; provided
25             that, in the case of any statute of this State  that
26             exempts   income   derived   from   bonds  or  other
27             obligations from the tax imposed under this Act, the
28             amount exempted shall be the interest  net  of  bond
29             premium amortization;
30                  (K)  An   amount   equal   to  those  dividends
31             included  in  such  total  which  were  paid  by   a
32             corporation which conducts business operations in an
33             Enterprise  Zone or zones created under the Illinois
34             Enterprise Zone Act and conducts  substantially  all
 
                            -12-               LRB9202530SMdv
 1             of its operations in an Enterprise Zone or zones;
 2                  (L)  An   amount   equal   to  those  dividends
 3             included  in  such  total  that  were  paid   by   a
 4             corporation  that  conducts business operations in a
 5             federally designated Foreign Trade Zone or  Sub-Zone
 6             and  that  is  designated  a  High  Impact  Business
 7             located   in   Illinois;   provided  that  dividends
 8             eligible for the deduction provided in  subparagraph
 9             (K)  of  paragraph 2 of this subsection shall not be
10             eligible  for  the  deduction  provided  under  this
11             subparagraph (L);
12                  (M)  For  any  taxpayer  that  is  a  financial
13             organization within the meaning of Section 304(c) of
14             this Act,  an  amount  included  in  such  total  as
15             interest  income  from  a loan or loans made by such
16             taxpayer to a borrower, to the extent  that  such  a
17             loan  is  secured  by property which is eligible for
18             the Enterprise Zone Investment Credit.  To determine
19             the portion of a loan or loans that  is  secured  by
20             property   eligible  for  a  Section  201(f)  201(h)
21             investment  credit  to  the  borrower,  the   entire
22             principal  amount  of  the loan or loans between the
23             taxpayer and the borrower should be divided into the
24             basis of the Section 201(f) 201(h) investment credit
25             property which secures the loan or loans, using  for
26             this  purpose the original basis of such property on
27             the date that  it  was  placed  in  service  in  the
28             Enterprise   Zone.    The  subtraction  modification
29             available  to  taxpayer  in  any  year  under   this
30             subsection  shall  be  that  portion  of  the  total
31             interest  paid  by the borrower with respect to such
32             loan  attributable  to  the  eligible  property   as
33             calculated under the previous sentence;
34                  (M-1)  For  any  taxpayer  that  is a financial
 
                            -13-               LRB9202530SMdv
 1             organization within the meaning of Section 304(c) of
 2             this Act,  an  amount  included  in  such  total  as
 3             interest  income  from  a loan or loans made by such
 4             taxpayer to a borrower, to the extent  that  such  a
 5             loan  is  secured  by property which is eligible for
 6             the High  Impact  Business  Investment  Credit.   To
 7             determine  the  portion  of  a loan or loans that is
 8             secured by property eligible for  a  Section  201(h)
 9             201(i) investment credit to the borrower, the entire
10             principal  amount  of  the loan or loans between the
11             taxpayer and the borrower should be divided into the
12             basis of the Section 201(h) 201(i) investment credit
13             property which secures the loan or loans, using  for
14             this  purpose the original basis of such property on
15             the  date  that  it  was  placed  in  service  in  a
16             federally designated Foreign Trade Zone or  Sub-Zone
17             located  in  Illinois.  No taxpayer that is eligible
18             for the deduction provided in  subparagraph  (M)  of
19             paragraph  (2)  of this subsection shall be eligible
20             for the deduction provided under  this  subparagraph
21             (M-1).   The  subtraction  modification available to
22             taxpayers in any year under this subsection shall be
23             that portion of  the  total  interest  paid  by  the
24             borrower  with  respect to such loan attributable to
25             the  eligible  property  as  calculated  under   the
26             previous sentence;
27                  (N)  Two times any contribution made during the
28             taxable  year  to  a designated zone organization to
29             the extent that the contribution (i) qualifies as  a
30             charitable  contribution  under  subsection  (c)  of
31             Section  170  of  the Internal Revenue Code and (ii)
32             must, by its terms, be used for a  project  approved
33             by  the Department of Commerce and Community Affairs
34             under Section 11 of  the  Illinois  Enterprise  Zone
 
                            -14-               LRB9202530SMdv
 1             Act;
 2                  (O)  An  amount  equal  to: (i) 85% for taxable
 3             years ending on or before December 31, 1992,  or,  a
 4             percentage  equal  to the percentage allowable under
 5             Section 243(a)(1) of the Internal  Revenue  Code  of
 6             1986  for  taxable  years  ending after December 31,
 7             1992, of the amount by which dividends  included  in
 8             taxable  income and received from a corporation that
 9             is not created or organized under the  laws  of  the
10             United  States or any state or political subdivision
11             thereof, including, for taxable years ending  on  or
12             after  December  31,  1988,  dividends  received  or
13             deemed   received  or  paid  or  deemed  paid  under
14             Sections 951 through 964  of  the  Internal  Revenue
15             Code, exceed the amount of the modification provided
16             under  subparagraph  (G)  of  paragraph  (2) of this
17             subsection (b) which is related to  such  dividends;
18             plus  (ii)  100%  of  the amount by which dividends,
19             included in taxable income and received,  including,
20             for  taxable  years  ending on or after December 31,
21             1988, dividends received or deemed received or  paid
22             or deemed paid under Sections 951 through 964 of the
23             Internal  Revenue  Code,  from  any such corporation
24             specified in clause  (i)  that  would  but  for  the
25             provisions  of  Section 1504 (b) (3) of the Internal
26             Revenue  Code  be  treated  as  a  member   of   the
27             affiliated   group   which   includes  the  dividend
28             recipient, exceed the  amount  of  the  modification
29             provided  under subparagraph (G) of paragraph (2) of
30             this  subsection  (b)  which  is  related  to   such
31             dividends;
32                  (P)  An  amount  equal to any contribution made
33             to a job training project  established  pursuant  to
34             the Tax Increment Allocation Redevelopment Act;
 
                            -15-               LRB9202530SMdv
 1                  (Q)  An  amount  equal  to  the  amount  of the
 2             deduction used to compute  the  federal  income  tax
 3             credit  for  restoration of substantial amounts held
 4             under claim of right for the taxable  year  pursuant
 5             to  Section  1341  of  the  Internal Revenue Code of
 6             1986;
 7                  (R)  In the case of  an  attorney-in-fact  with
 8             respect  to  whom  an  interinsurer  or a reciprocal
 9             insurer has made the election under Section  835  of
10             the  Internal Revenue Code, 26 U.S.C. 835, an amount
11             equal to the excess, if any, of the amounts paid  or
12             incurred  by that interinsurer or reciprocal insurer
13             in the taxable year to the attorney-in-fact over the
14             deduction allowed to that interinsurer or reciprocal
15             insurer with respect to the  attorney-in-fact  under
16             Section  835(b) of the Internal Revenue Code for the
17             taxable year; and
18                  (S)  For  taxable  years  ending  on  or  after
19             December 31, 1997, in the case  of  a  Subchapter  S
20             corporation,  an  amount  equal  to  all  amounts of
21             income allocable to a  shareholder  subject  to  the
22             Personal Property Tax Replacement Income Tax imposed
23             by  subsections  (c)  and (d) of Section 201 of this
24             Act, including amounts  allocable  to  organizations
25             exempt  from federal income tax by reason of Section
26             501(a)  of  the   Internal   Revenue   Code.    This
27             subparagraph  (S)  is  exempt from the provisions of
28             Section 250.
29             (3)  Special rule.  For purposes  of  paragraph  (2)
30        (A),  "gross  income"  in  the  case  of a life insurance
31        company, for tax years ending on and after  December  31,
32        1994,  shall  mean  the  gross  investment income for the
33        taxable year.

34        (c)  Trusts and estates.
 
                            -16-               LRB9202530SMdv
 1             (1)  In general.  In the case of a trust or  estate,
 2        base  income  means  an  amount  equal  to the taxpayer's
 3        taxable income  for  the  taxable  year  as  modified  by
 4        paragraph (2).
 5             (2)  Modifications.   Subject  to  the provisions of
 6        paragraph  (3),  the  taxable  income  referred   to   in
 7        paragraph (1) shall be modified by adding thereto the sum
 8        of the following amounts:
 9                  (A)  An  amount  equal  to  all amounts paid or
10             accrued to the taxpayer  as  interest  or  dividends
11             during  the taxable year to the extent excluded from
12             gross income in the computation of taxable income;
13                  (B)  In the case of (i) an estate, $600; (ii) a
14             trust which,  under  its  governing  instrument,  is
15             required  to distribute all of its income currently,
16             $300; and (iii) any other trust, $100, but  in  each
17             such  case,  only  to  the  extent  such  amount was
18             deducted in the computation of taxable income;
19                  (C)  An amount  equal  to  the  amount  of  tax
20             imposed  by  this  Act  to  the extent deducted from
21             gross income in the computation  of  taxable  income
22             for the taxable year;
23                  (D)  The  amount  of  any  net  operating  loss
24             deduction taken in arriving at taxable income, other
25             than  a  net  operating  loss carried forward from a
26             taxable year ending prior to December 31, 1986;
27                  (E)  For taxable years in which a net operating
28             loss carryback or carryforward from a  taxable  year
29             ending  prior  to December 31, 1986 is an element of
30             taxable income under paragraph (1) of subsection (e)
31             or subparagraph (E) of paragraph (2)  of  subsection
32             (e),  the  amount  by  which  addition modifications
33             other than those provided by this  subparagraph  (E)
34             exceeded  subtraction  modifications in such taxable
 
                            -17-               LRB9202530SMdv
 1             year, with the following limitations applied in  the
 2             order that they are listed:
 3                       (i)  the addition modification relating to
 4                  the  net operating loss carried back or forward
 5                  to the  taxable  year  from  any  taxable  year
 6                  ending  prior  to  December  31,  1986 shall be
 7                  reduced by the amount of addition  modification
 8                  under  this  subparagraph  (E) which related to
 9                  that net operating loss  and  which  was  taken
10                  into  account in calculating the base income of
11                  an earlier taxable year, and
12                       (ii)  the addition  modification  relating
13                  to  the  net  operating  loss  carried  back or
14                  forward to the taxable year  from  any  taxable
15                  year  ending  prior  to December 31, 1986 shall
16                  not exceed the  amount  of  such  carryback  or
17                  carryforward;
18                  For  taxable  years  in  which  there  is a net
19             operating loss carryback or carryforward  from  more
20             than one other taxable year ending prior to December
21             31, 1986, the addition modification provided in this
22             subparagraph  (E)  shall  be  the sum of the amounts
23             computed   independently   under    the    preceding
24             provisions  of  this  subparagraph (E) for each such
25             taxable year;
26                  (F)  For  taxable  years  ending  on  or  after
27             January 1, 1989, an amount equal to the tax deducted
28             pursuant to Section 164 of the Internal Revenue Code
29             if the trust or estate is claiming the same tax  for
30             purposes  of  the  Illinois foreign tax credit under
31             Section 601 of this Act;
32                  (G)  An amount  equal  to  the  amount  of  the
33             capital  gain deduction allowable under the Internal
34             Revenue Code, to  the  extent  deducted  from  gross
 
                            -18-               LRB9202530SMdv
 1             income in the computation of taxable income; and
 2                  (G-5)  For  taxable years ending after December
 3             31,  1997,  an  amount   equal   to   any   eligible
 4             remediation  costs that the trust or estate deducted
 5             in computing adjusted gross income and for which the
 6             trust or estate claims a credit under subsection (l)
 7             of Section 201;
 8        and by deducting from the total so obtained  the  sum  of
 9        the following amounts:
10                  (H)  An amount equal to all amounts included in
11             such  total  pursuant  to the provisions of Sections
12             402(a), 402(c), 403(a), 403(b), 406(a),  407(a)  and
13             408 of the Internal Revenue Code or included in such
14             total  as  distributions under the provisions of any
15             retirement or disability plan for employees  of  any
16             governmental  agency or unit, or retirement payments
17             to retired partners, which payments are excluded  in
18             computing  net  earnings  from  self  employment  by
19             Section  1402  of  the  Internal  Revenue  Code  and
20             regulations adopted pursuant thereto;
21                  (I)  The valuation limitation amount;
22                  (J)  An  amount  equal to the amount of any tax
23             imposed by  this  Act  which  was  refunded  to  the
24             taxpayer  and included in such total for the taxable
25             year;
26                  (K)  An amount equal to all amounts included in
27             taxable income as  modified  by  subparagraphs  (A),
28             (B),  (C),  (D),  (E),  (F) and (G) which are exempt
29             from taxation by this State either by reason of  its
30             statutes   or  Constitution  or  by  reason  of  the
31             Constitution, treaties or  statutes  of  the  United
32             States; provided that, in the case of any statute of
33             this State that exempts income derived from bonds or
34             other  obligations  from  the tax imposed under this
 
                            -19-               LRB9202530SMdv
 1             Act, the amount exempted shall be the  interest  net
 2             of bond premium amortization;
 3                  (L)  With   the   exception   of   any  amounts
 4             subtracted under subparagraph (K), an  amount  equal
 5             to  the  sum of all amounts disallowed as deductions
 6             by (i) Sections 171(a)  (2)  and  265(a)(2)  of  the
 7             Internal  Revenue Code, as now or hereafter amended,
 8             and all amounts of expenses  allocable  to  interest
 9             and  disallowed  as  deductions by Section 265(1) of
10             the  Internal  Revenue  Code  of  1954,  as  now  or
11             hereafter amended; and (ii) for taxable years ending
12             on or after August  13,  1999,  Sections  171(a)(2),
13             265,  280C,  and  832(b)(5)(B)(i)  of  the  Internal
14             Revenue  Code;  the  provisions of this subparagraph
15             are exempt from the provisions of Section 250;
16                  (M)  An  amount  equal   to   those   dividends
17             included   in  such  total  which  were  paid  by  a
18             corporation which conducts business operations in an
19             Enterprise Zone or zones created under the  Illinois
20             Enterprise  Zone  Act and conducts substantially all
21             of its operations in an Enterprise Zone or Zones;
22                  (N)  An amount equal to any  contribution  made
23             to  a  job  training project established pursuant to
24             the Tax Increment Allocation Redevelopment Act;
25                  (O)  An  amount  equal   to   those   dividends
26             included   in   such  total  that  were  paid  by  a
27             corporation that conducts business operations  in  a
28             federally  designated Foreign Trade Zone or Sub-Zone
29             and  that  is  designated  a  High  Impact  Business
30             located  in  Illinois;   provided   that   dividends
31             eligible  for the deduction provided in subparagraph
32             (M) of paragraph (2) of this subsection shall not be
33             eligible  for  the  deduction  provided  under  this
34             subparagraph (O);
 
                            -20-               LRB9202530SMdv
 1                  (P)  An amount  equal  to  the  amount  of  the
 2             deduction  used  to  compute  the federal income tax
 3             credit for restoration of substantial  amounts  held
 4             under  claim  of right for the taxable year pursuant
 5             to Section 1341 of  the  Internal  Revenue  Code  of
 6             1986; and
 7                  (Q)  For  taxable  year 1999 and thereafter, an
 8             amount equal to the amount of any (i) distributions,
 9             to the extent includible in gross income for federal
10             income tax purposes, made to the taxpayer because of
11             his or her status as a  victim  of  persecution  for
12             racial  or  religious reasons by Nazi Germany or any
13             other Axis regime or as an heir of  the  victim  and
14             (ii)  items  of  income, to the extent includible in
15             gross  income  for  federal  income  tax   purposes,
16             attributable  to, derived from or in any way related
17             to assets stolen from,  hidden  from,  or  otherwise
18             lost  to  a  victim  of  persecution  for  racial or
19             religious reasons by Nazi Germany or any other  Axis
20             regime immediately prior to, during, and immediately
21             after  World  War II, including, but not limited to,
22             interest on the  proceeds  receivable  as  insurance
23             under policies issued to a victim of persecution for
24             racial  or  religious reasons by Nazi Germany or any
25             other Axis regime by  European  insurance  companies
26             immediately  prior  to  and  during  World  War  II;
27             provided,  however,  this  subtraction  from federal
28             adjusted gross  income  does  not  apply  to  assets
29             acquired  with such assets or with the proceeds from
30             the sale of such  assets;  provided,  further,  this
31             paragraph shall only apply to a taxpayer who was the
32             first  recipient of such assets after their recovery
33             and who is a victim of  persecution  for  racial  or
34             religious  reasons by Nazi Germany or any other Axis
 
                            -21-               LRB9202530SMdv
 1             regime or as an heir of the victim.  The  amount  of
 2             and  the  eligibility  for  any  public  assistance,
 3             benefit,  or  similar entitlement is not affected by
 4             the  inclusion  of  items  (i)  and  (ii)  of   this
 5             paragraph  in  gross  income  for federal income tax
 6             purposes.  This  paragraph  is   exempt   from   the
 7             provisions of Section 250.
 8             (3)  Limitation.   The  amount  of  any modification
 9        otherwise required under  this  subsection  shall,  under
10        regulations  prescribed by the Department, be adjusted by
11        any amounts included therein which  were  properly  paid,
12        credited,  or  required to be distributed, or permanently
13        set aside for charitable purposes pursuant   to  Internal
14        Revenue Code Section 642(c) during the taxable year.

15        (d)  Partnerships.
16             (1)  In  general. In the case of a partnership, base
17        income means an amount equal to  the  taxpayer's  taxable
18        income for the taxable year as modified by paragraph (2).
19             (2)  Modifications.  The  taxable income referred to
20        in paragraph (1) shall be modified by adding thereto  the
21        sum of the following amounts:
22                  (A)  An  amount  equal  to  all amounts paid or
23             accrued to the taxpayer  as  interest  or  dividends
24             during  the taxable year to the extent excluded from
25             gross income in the computation of taxable income;
26                  (B)  An amount  equal  to  the  amount  of  tax
27             imposed  by  this  Act  to  the extent deducted from
28             gross income for the taxable year;
29                  (C)  The amount of deductions  allowed  to  the
30             partnership  pursuant  to  Section  707  (c)  of the
31             Internal Revenue Code  in  calculating  its  taxable
32             income; and
33                  (D)  An  amount  equal  to  the  amount  of the
34             capital gain deduction allowable under the  Internal
 
                            -22-               LRB9202530SMdv
 1             Revenue  Code,  to  the  extent  deducted from gross
 2             income in the computation of taxable income;
 3        and by deducting from the total so obtained the following
 4        amounts:
 5                  (E)  The valuation limitation amount;
 6                  (F)  An amount equal to the amount of  any  tax
 7             imposed  by  this  Act  which  was  refunded  to the
 8             taxpayer and included in such total for the  taxable
 9             year;
10                  (G)  An amount equal to all amounts included in
11             taxable  income  as  modified  by subparagraphs (A),
12             (B), (C) and (D) which are exempt from  taxation  by
13             this  State  either  by  reason  of  its statutes or
14             Constitution  or  by  reason  of  the  Constitution,
15             treaties or statutes of the United States;  provided
16             that,  in the case of any statute of this State that
17             exempts  income  derived   from   bonds   or   other
18             obligations from the tax imposed under this Act, the
19             amount  exempted  shall  be the interest net of bond
20             premium amortization;
21                  (H)  Any  income  of  the   partnership   which
22             constitutes  personal  service  income as defined in
23             Section 1348 (b) (1) of the  Internal  Revenue  Code
24             (as  in  effect  December  31, 1981) or a reasonable
25             allowance  for  compensation  paid  or  accrued  for
26             services rendered by partners  to  the  partnership,
27             whichever is greater;
28                  (I)  An  amount  equal to all amounts of income
29             distributable to an entity subject to  the  Personal
30             Property  Tax  Replacement  Income  Tax  imposed  by
31             subsections  (c)  and (d) of Section 201 of this Act
32             including  amounts  distributable  to  organizations
33             exempt from federal income tax by reason of  Section
34             501(a) of the Internal Revenue Code;
 
                            -23-               LRB9202530SMdv
 1                  (J)  With   the   exception   of   any  amounts
 2             subtracted under subparagraph (G), an  amount  equal
 3             to  the  sum of all amounts disallowed as deductions
 4             by (i)  Sections  171(a)  (2),  and  265(2)  of  the
 5             Internal  Revenue  Code of 1954, as now or hereafter
 6             amended, and all amounts of  expenses  allocable  to
 7             interest  and  disallowed  as  deductions by Section
 8             265(1) of the  Internal  Revenue  Code,  as  now  or
 9             hereafter amended; and (ii) for taxable years ending
10             on  or  after  August  13, 1999, Sections 171(a)(2),
11             265,  280C,  and  832(b)(5)(B)(i)  of  the  Internal
12             Revenue Code; the provisions  of  this  subparagraph
13             are exempt from the provisions of Section 250;
14                  (K)  An   amount   equal   to  those  dividends
15             included  in  such  total  which  were  paid  by   a
16             corporation which conducts business operations in an
17             Enterprise  Zone or zones created under the Illinois
18             Enterprise Zone Act, enacted  by  the  82nd  General
19             Assembly, and which does not conduct such operations
20             other than in an Enterprise Zone or Zones;
21                  (L)  An  amount  equal to any contribution made
22             to a job training project  established  pursuant  to
23             the   Real   Property   Tax   Increment   Allocation
24             Redevelopment Act;
25                  (M)  An   amount   equal   to  those  dividends
26             included  in  such  total  that  were  paid   by   a
27             corporation  that  conducts business operations in a
28             federally designated Foreign Trade Zone or  Sub-Zone
29             and  that  is  designated  a  High  Impact  Business
30             located   in   Illinois;   provided  that  dividends
31             eligible for the deduction provided in  subparagraph
32             (K) of paragraph (2) of this subsection shall not be
33             eligible  for  the  deduction  provided  under  this
34             subparagraph (M); and
 
                            -24-               LRB9202530SMdv
 1                  (N)  An  amount  equal  to  the  amount  of the
 2             deduction used to compute  the  federal  income  tax
 3             credit  for  restoration of substantial amounts held
 4             under claim of right for the taxable  year  pursuant
 5             to  Section  1341  of  the  Internal Revenue Code of
 6             1986.

 7        (e)  Gross income; adjusted gross income; taxable income.
 8             (1)  In  general.   Subject  to  the  provisions  of
 9        paragraph (2) and subsection (b)  (3),  for  purposes  of
10        this  Section  and  Section  803(e),  a  taxpayer's gross
11        income, adjusted gross income, or taxable income for  the
12        taxable  year  shall  mean  the  amount  of gross income,
13        adjusted  gross  income  or   taxable   income   properly
14        reportable  for  federal  income  tax  purposes  for  the
15        taxable year under the provisions of the Internal Revenue
16        Code.  Taxable income may be less than zero. However, for
17        taxable years ending on or after December 31,  1986,  net
18        operating  loss  carryforwards  from taxable years ending
19        prior to December 31, 1986, may not  exceed  the  sum  of
20        federal  taxable  income  for the taxable year before net
21        operating loss deduction, plus  the  excess  of  addition
22        modifications  over  subtraction  modifications  for  the
23        taxable year.  For taxable years ending prior to December
24        31, 1986, taxable income may never be an amount in excess
25        of the net operating loss for the taxable year as defined
26        in subsections (c) and (d) of Section 172 of the Internal
27        Revenue  Code,  provided  that  when  taxable income of a
28        corporation (other  than  a  Subchapter  S  corporation),
29        trust,   or   estate  is  less  than  zero  and  addition
30        modifications, other than those provided by  subparagraph
31        (E)  of  paragraph (2) of subsection (b) for corporations
32        or subparagraph (E) of paragraph (2)  of  subsection  (c)
33        for trusts and estates, exceed subtraction modifications,
34        an   addition  modification  must  be  made  under  those
 
                            -25-               LRB9202530SMdv
 1        subparagraphs for any other taxable  year  to  which  the
 2        taxable  income  less  than  zero (net operating loss) is
 3        applied under Section 172 of the Internal Revenue Code or
 4        under  subparagraph  (E)  of  paragraph   (2)   of   this
 5        subsection (e) applied in conjunction with Section 172 of
 6        the Internal Revenue Code.
 7             (2)  Special rule.  For purposes of paragraph (1) of
 8        this  subsection,  the taxable income properly reportable
 9        for federal income tax purposes shall mean:
10                  (A)  Certain life insurance companies.  In  the
11             case  of a life insurance company subject to the tax
12             imposed by Section 801 of the Internal Revenue Code,
13             life insurance  company  taxable  income,  plus  the
14             amount  of  distribution  from pre-1984 policyholder
15             surplus accounts as calculated under Section 815a of
16             the Internal Revenue Code;
17                  (B)  Certain other insurance companies.  In the
18             case of mutual insurance companies  subject  to  the
19             tax  imposed  by Section 831 of the Internal Revenue
20             Code, insurance company taxable income;
21                  (C)  Regulated investment  companies.   In  the
22             case  of  a  regulated investment company subject to
23             the tax imposed  by  Section  852  of  the  Internal
24             Revenue Code, investment company taxable income;
25                  (D)  Real  estate  investment  trusts.   In the
26             case of a real estate investment  trust  subject  to
27             the  tax  imposed  by  Section  857  of the Internal
28             Revenue Code, real estate investment  trust  taxable
29             income;
30                  (E)  Consolidated corporations.  In the case of
31             a  corporation  which  is  a member of an affiliated
32             group of corporations filing a  consolidated  income
33             tax  return  for the taxable year for federal income
34             tax purposes, taxable income determined as  if  such
 
                            -26-               LRB9202530SMdv
 1             corporation  had filed a separate return for federal
 2             income tax purposes for the taxable  year  and  each
 3             preceding  taxable year for which it was a member of
 4             an  affiliated   group.   For   purposes   of   this
 5             subparagraph, the taxpayer's separate taxable income
 6             shall  be  determined as if the election provided by
 7             Section 243(b) (2) of the Internal Revenue Code  had
 8             been in effect for all such years;
 9                  (F)  Cooperatives.     In   the   case   of   a
10             cooperative corporation or association, the  taxable
11             income of such organization determined in accordance
12             with  the provisions of Section 1381 through 1388 of
13             the Internal Revenue Code;
14                  (G)  Subchapter S corporations.   In  the  case
15             of:  (i)  a Subchapter S corporation for which there
16             is in effect an election for the taxable year  under
17             Section  1362  of  the  Internal  Revenue  Code, the
18             taxable income of  such  corporation  determined  in
19             accordance  with  Section  1363(b)  of  the Internal
20             Revenue Code, except that taxable income shall  take
21             into  account  those  items  which  are  required by
22             Section 1363(b)(1) of the Internal Revenue  Code  to
23             be  separately  stated;  and  (ii)  a  Subchapter  S
24             corporation  for  which there is in effect a federal
25             election  to  opt  out  of  the  provisions  of  the
26             Subchapter S Revision Act of 1982 and  have  applied
27             instead  the  prior federal Subchapter S rules as in
28             effect on July 1, 1982, the taxable income  of  such
29             corporation   determined   in  accordance  with  the
30             federal Subchapter S rules as in effect on  July  1,
31             1982; and
32                  (H)  Partnerships.     In   the   case   of   a
33             partnership, taxable income determined in accordance
34             with Section  703  of  the  Internal  Revenue  Code,
 
                            -27-               LRB9202530SMdv
 1             except  that  taxable income shall take into account
 2             those items which are required by Section  703(a)(1)
 3             to  be  separately  stated  but which would be taken
 4             into account by an  individual  in  calculating  his
 5             taxable income.

 6        (f)  Valuation limitation amount.
 7             (1)  In  general.   The  valuation limitation amount
 8        referred to in subsections (a) (2) (G), (c) (2)  (I)  and
 9        (d)(2) (E) is an amount equal to:
10                  (A)  The   sum   of   the  pre-August  1,  1969
11             appreciation amounts (to the  extent  consisting  of
12             gain reportable under the provisions of Section 1245
13             or  1250  of  the  Internal  Revenue  Code)  for all
14             property in respect of which such gain was  reported
15             for the taxable year; plus
16                  (B)  The   lesser   of   (i)  the  sum  of  the
17             pre-August 1,  1969  appreciation  amounts  (to  the
18             extent  consisting of capital gain) for all property
19             in respect of  which  such  gain  was  reported  for
20             federal income tax purposes for the taxable year, or
21             (ii)  the  net  capital  gain  for the taxable year,
22             reduced in either case by any amount  of  such  gain
23             included  in  the amount determined under subsection
24             (a) (2) (F) or (c) (2) (H).
25             (2)  Pre-August 1, 1969 appreciation amount.
26                  (A)  If  the  fair  market  value  of  property
27             referred   to   in   paragraph   (1)   was   readily
28             ascertainable on August 1, 1969, the  pre-August  1,
29             1969  appreciation  amount  for such property is the
30             lesser of (i) the excess of such fair  market  value
31             over the taxpayer's basis (for determining gain) for
32             such  property  on  that  date (determined under the
33             Internal Revenue Code as in effect on that date), or
34             (ii) the total  gain  realized  and  reportable  for
 
                            -28-               LRB9202530SMdv
 1             federal  income tax purposes in respect of the sale,
 2             exchange or other disposition of such property.
 3                  (B)  If  the  fair  market  value  of  property
 4             referred  to  in  paragraph  (1)  was  not   readily
 5             ascertainable  on  August 1, 1969, the pre-August 1,
 6             1969 appreciation amount for such property  is  that
 7             amount  which bears the same ratio to the total gain
 8             reported in respect  of  the  property  for  federal
 9             income  tax  purposes  for  the taxable year, as the
10             number of full calendar months in that part  of  the
11             taxpayer's  holding  period  for the property ending
12             July 31, 1969 bears to the number of  full  calendar
13             months  in  the taxpayer's entire holding period for
14             the property.
15                  (C)  The  Department   shall   prescribe   such
16             regulations  as  may  be  necessary to carry out the
17             purposes of this paragraph.

18        (g)  Double  deductions.   Unless  specifically  provided
19    otherwise, nothing in this Section shall permit the same item
20    to be deducted more than once.

21        (h)  Legislative intention.  Except as expressly provided
22    by  this  Section  there  shall  be   no   modifications   or
23    limitations on the amounts of income, gain, loss or deduction
24    taken  into  account  in  determining  gross income, adjusted
25    gross  income  or  taxable  income  for  federal  income  tax
26    purposes for the taxable year, or in the amount of such items
27    entering into the computation of base income and  net  income
28    under  this  Act for such taxable year, whether in respect of
29    property values as of August 1, 1969 or otherwise.
30    (Source: P.A.  90-491,  eff.  1-1-98;  90-717,  eff.  8-7-98;
31    90-770,  eff.  8-14-98;  91-192,  eff.  7-20-99; 91-205, eff.
32    7-20-99; 91-357, eff. 7-29-99; 91-541, eff. 8-13-99;  91-676,
33    eff.  12-23-99;  91-845,  eff.  6-22-00; 91-913, eff. 1-1-01;
 
                            -29-               LRB9202530SMdv
 1    revised 1-15-01.)

 2        Section 99.  Effective date.  This Act takes effect  upon
 3    becoming law.

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