House Sponsors: CURRIE. Senate Sponsors: PETERSON Short description: INCOME TAX-VARIOUS Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Removes the exception for money and other benefits, other than salary, received by a driver in a ridesharing arrangement using a motor vehicle from the definition of "net income" and provides instead for an exemption from the income tax for that amount. Provides for a deduction of dividends paid by a corporation that conducts substantially all of its operations in an enterprise zone (now, does not conduct operations other than in an enterprise zone). Provides that the taxable income of a Subchapter S corporation or a partnership shall include those items that are not, under the Internal Revenue Code, items of the Subchapter S corporation or partnership, but that are required under the Internal Revenue Code to be computed separately by each shareholder according to each shareholder's pro rata share of the adjusted basis of property, amount realized, or other amounts, of the Subchapter S corporation or partnership. Provides that the State Board of Education shall certify school youth vocational programs as qualifying TECH-PREP programs, (now, the State Board of Education and the Department of Revenue certify). Provides that employers must report changes affecting federal income taxes if the change affects the amount of compensation subject to withholding by the employer. Makes changes with respect to notices of deficiency and claims for refund concerning extensions by agreement and decreases in net loss. Provides that interest on tax owed shall not be imposed beginning 60 days (now, 30 days) after a waiver is filed and until a notice of demand is made by the Department. Makes other changes. HOUSE AMENDMENT NO. 1. Deletes reference to: 35 ILCS 5/201 35 ILCS 5/202 35 ILCS 5/203 35 ILCS 5/209 35 ILCS 5/502 35 ILCS 5/506 35 ILCS 5/905 35 ILCS 5/911 35 ILCS 5/1003 Adds reference to: 35 ILCS 5/101 from Ch. 120, par. 1-101 Deletes everything. Amends the Illinois Income Tax Act. Makes technical changes in a Section concerning the short title. SENATE AMENDMENT NO. 1. Deletes reference to: 35 ILCS 5/101 Adds reference to: 35 ILCS 5/201 from Ch. 120, par. 2-201 35 ILCS 5/202 from Ch. 120, par. 2-202 35 ILCS 5/203 from Ch. 120, par. 2-203 35 ILCS 5/209 35 ILCS 5/303 from Ch. 120, par. 3-303 35 ILCS 5/502 from Ch. 120, par. 5-502 35 ILCS 5/506 from Ch. 120, par. 5-506 35 ILCS 5/701 from Ch. 120, par. 7-701 35 ILCS 5/710 from Ch. 120, par. 7-710 35 ILCS 5/905 from Ch. 120, par. 9-905 35 ILCS 5/911 from Ch. 120, par. 9-911 35 ILCS 5/1501 from Ch. 120, par. 15-1501 Deletes everything after the enacting clause. Amends the Illinois Income Tax Act. Removes the exception for money and other benefits, other than salary, received by a driver in a ridesharing arrangement using a motor vehicle from the definition of "net income" and provides instead for an exemption from the income tax for that amount. Provides for a deduction of dividends paid by a corporation that conducts substantially all of its operations in an enterprise zone (now, does not conduct operations other than in an enterprise zone). Provides that the State Board of Education shall certifiy school youth vocational programs as qualifying TECH-PREP programs (now, the State Board of Education and the Department of Revenue certify). Provides that employers must report changes affecting federal income taxes if the change affects the amount of compensation subject to withholding by the employer. Makes changes with respect to notices of deficiency and claims for refund concerning extensions by agreement and decreases in net loss. Provides that payments of winnings from pari-mutuel wagering facilities licensed in Illinois or from gambling games conducted on a riverboat licensed in Illinois are allocable to this State and that any payor of these winning must withhold Illinois income tax from the winnings unless the winnings are less than $2,000. Raises the threshold from $1,000 to $2,000 for withholding income tax on lottery winnings. Changes a provision concerning the withholding of tax on payments to a resident by a payor maintaining an office or transacting business within this State to state that "payor maintaining an office or transacting business within this State" includes any agency, officer, or employee of this State or of any political subdivision of this State. Provides that for each taxable year beginning on or after January 1, 2002, a taxpayer may make an irrevocable election to treat all income other than compensation as business income. Makes other changes. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status