PETERSON-CLAYBORNE-WOOLARD-OBAMA AND KLEMM. (HARTKE-MAUTINO-LYONS,JOSEPH-CURRIE-SCHOENBERG) 35 ILCS 105/3-7 35 ILCS 110/3-7 35 ILCS 115/3-7 35 ILCS 120/2-7 Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Exempts the aggregate manufacturing exemptions from the sunset provisions of the respective Acts. Effective immediately. SENATE AMENDMENT NO. 1. Deletes everything after the enacting clause. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that the aggregate manufacturing exemptions of the respective Acts apply through December 31, 2007. Effective immediately. PENSION NOTE, H-AM 1 (Illinois Pension Laws Commission) SB 1543, as amended by H-am 1, would not affect the accrued liabilities or annual cost of any Illinois public pension fund or retirement system. FISCAL NOTE, H-AM 1 (Department of Revenue) The estimated fiscal impact of SB 1543, as amended by H-am 1, for FY03, is a positive $360 million, of which an estimated $240 million is retained under the Illinois income tax, and an estimated $120 million is retained under the personal property replacement tax. CORRECTIONAL NOTE, H-AM 1 (Department of Corrections) There is no fiscal impact or impact on the corrections population from this legislation. STATE MANDATES NOTE, H-AM 1 (State Board of Education) This legislation does not meet the definition of a State mandate. STATE DEBT NOTE, H-AM 1 (Economic and Fiscal Commission) This legislation would not affect the bonding authorization of the State, and, therefore, has no direct impact on the level of State indebtedness. JUDICIAL NOTE, H-AM 1 (Illinois Courts Administrative Office) This legislation would neither increase nor decrease the number of judges needed in the State. HOUSE AMENDMENT NO. 1. Adds reference to: 35 ILCS 5/203 from Ch. 120, par. 2-203 Amends the Illinois Income Tax Act. Provides that, for taxable years 2001 and thereafter, to determine base income for Illinois income tax purposes a taxpayer shall add to the taxpayer's federal adjusted gross income or taxable income (as appropriate) an amount equal to the bonus depreciation deduction (30% of the adjusted basis of the qualified property) taken on the taxpayer's federal income tax return for the taxable year. Provides that, for taxable years 2001 and thereafter, for the taxable year in which the bonus depreciation deduction is taken on the taxpayer's federal income tax return and for each applicable taxable year thereafter, to determine base income for Illinois income tax purposes a taxpayer shall deduct from the taxpayer's federal adjusted gross income or taxable income (as appropriate) an amount equal to the difference between the depreciation deduction taken on the taxpayer's federal income tax return for the taxable year other than the bonus depreciation deduction and the depreciation deduction the taxpayer would have taken on the taxpayer's federal income tax return for the taxable year if the taxpayer had not taken the bonus depreciation deduction. Provides that the aggregate amount deducted in all taxable years for any one piece of property may not exceed the amount of the bonus depreciation deduction taken on that property on the taxpayer's federal income tax return. Provides for the recalculation of capital gains or losses for Illinois purposes if the property for which a bonus depreciation is taken on the federal income tax return is sold or otherwise transferred and a capital gain or loss is reported on the taxpayer's federal tax return. HOUSING AFFORDABILITY NOTE, H-AM 1 (Housing Development Authority) There will be no fiscal effect on constructing, purchasing, owning, or selling a single-family residence. JAN-09-2002 S FIRST READING JAN-09-2002 S REFERRED TO SENATE RULES COMMITTEE RULES JAN-09-2002 S ADDED AS A CHIEF CO-SPONSOR CLAYBORNE FEB-27-2002 S ASSIGNED TO COMMITTEE REVENUE FEB-28-2002 S ADDED AS A CO-SPONSOR KLEMM MAR-06-2002 S ADDED AS A CHIEF CO-SPONSOR DEMUZIO MAR-06-2002 S AMENDMENT NO. 01-REVENUE S MAR-06-2002 S ADOPTED MAR-07-2002 S DO PASS AS AMENDED 008-000-001 SREV MAR-07-2002 S PLACED ON CALENDAR ORDER OF 2ND READING 02-03-20 MAR-20-2002 S SECOND READING MAR-20-2002 S PLACED ON CALENDAR ORDER OF 3RD READING 02-03-21 MAR-21-2002 S ADDED AS A CHIEF CO-SPONSOR WALSH,L MAR-21-2002 S ADDED AS A CHIEF CO-SPONSOR WOOLARD APR-03-2002 S ADDED AS A CO-SPONSOR SHADID APR-03-2002 S THIRD READING - PASSED 051-001-000 APR-03-2002 H ARRIVE IN HOUSE APR-03-2002 H HOUSE SPONSOR WINTERS APR-03-2002 H FIRST READING APR-03-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES APR-04-2002 H ALTERNATE PRIMARY SPONSOR CHANGED TO HARTKE APR-04-2002 H ADDED AS A JOINT SPONSOR MAUTINO APR-04-2002 H ADDED AS A JOINT SPONSOR LYONS,JOSEPH APR-04-2002 H ASSIGNED TO COMMITTEE REVENUE APR-18-2002 H DO PASS/SHORT DEBATE 011-000-000 HREV APR-18-2002 H PLACED CALENDAR 2ND READING-SHORT DEBATE APR-30-2002 H SECOND READING-SHORT DEBATE APR-30-2002 H AMENDMENT NO. 01-CURRIE APR-30-2002 H AMENDMENT REFERRED TO HRUL APR-30-2002 H RULES REFERS TO HEXC APR-30-2002 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE MAY-01-2002 H AMENDMENT NO. 01-CURRIE MAY-01-2002 H RECOMMENDS BE ADOPTED HEXC/007-006-000 MAY-01-2002 H PENSION NOTE FILED AS AMENDED BY HOUSE AMEND #01 MAY-01-2002 H FISCAL NOTE FILED AS AMENDED BY HOUSE AMEND #01 MAY-01-2002 H CORRECTIONAL NOTE FILED AS AMENDED BY HOUSE AMEND #01 MAY-01-2002 H STATE MNDT FISCAL NOTE FILED AS AMENDED BY HOUSE AMEND #01 MAY-01-2002 H ST DEBT IMPACT NOTE FILED AS AMENDED BY HOUSE AMEND #01 MAY-01-2002 H JUDICIAL NOTE FILED AS AMENDED BY HOUSE AMEND #01 MAY-01-2002 H AMENDMENT NO. 02-TENHOUSE MAY-01-2002 H AMENDMENT REFERRED TO HRUL MAY-01-2002 H AMENDMENT NO. 03-TENHOUSE MAY-01-2002 H AMENDMENT REFERRED TO HRUL MAY-01-2002 H ADDED AS A JOINT SPONSOR CURRIE MAY-01-2002 H ADDED AS A JOINT SPONSOR SCHOENBERG MAY-01-2002 H ADDED AS AN ALTERNATE CO-SPONSOR MCCARTHY MAY-01-2002 H FLOOR MOTION TO TABLE HOUSE MAY-01-2002 H AMENDMENT #1-BLACK MAY-01-2002 H MOTION LOST 054-059-000 MAY-01-2002 H AMENDMENT NO. 01-CURRIE MAY-01-2002 H ADOPTED 063-037-013 MAY-01-2002 H PLCD CAL ORDER 3RD READING-SHORT DEBATE MAY-01-2002 H TABLED PURSUANT TO RULE 40(a) HA'S #02,03 MAY-01-2002 H THIRD READING/SHORT DEBATE/PASSED 066-032-015 MAY-06-2002 S SECRETARYS DESK - CONCURRENCE 01 MAY-08-2002 S HOUS AFFORD IMPCT NOTE FLD AS AMENDED HA 01 MAY-28-2002 S FILED WITH SECRETARY MAY-28-2002 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/PETERSON MAY-28-2002 S MOTION REFERRED TO SRUL MAY-28-2002 S PLACED ON CALENDAR ORDER OF CONCURRENCE 01/02-05-06 MAY-28-2002 S SPONSOR REMOVED WALSH,L MAY-28-2002 S SPONSOR REMOVED SHADID MAY-28-2002 S SPONSOR REMOVED DEMUZIO MAY-31-2002 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/PETERSON MAY-31-2002 S RULES REFERS TO SEXC MAY-31-2002 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/PETERSON MAY-31-2002 S BE APPROVED FOR CONSIDERATION SEXC/013-000-000 JUN-02-2002 S ADDED AS A CHIEF CO-SPONSOR OBAMA JUN-02-2002 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/PETERSON JUN-02-2002 S 3/5 VOTE REQUIRED JUN-02-2002 S SEN CONCURS IN HSE AMENDMENTS (NO.) 01/045-010-000 JUN-02-2002 S PASSED BOTH HOUSES JUN-05-2002 S SENT TO THE GOVERNOR JUN-28-2002 S GOVERNOR APPROVED JUN-28-2002 S EFFECTIVE DATE 02-06-28 JUN-28-2002 S PUBLIC ACT.............................. 92-0603 END OF INQUIRY Full Text Bill Summary