92nd General Assembly
Status of SB1543
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   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 



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