92nd General Assembly
Summary of SB0055
   [ Home ]   [ Back ]   [ Legislation ]
Legislation:  
Please enter a bill number.



 Full Text  Bill Status
Senate Sponsors:
RAUSCHENBERGER.

House Sponsors:
RYDER-BEAUBIEN

Short description: 
OCC-USE TAXES-TECH                                                         

Synopsis of Bill as introduced:
        Amends  the  Retailers'  Occupation  Tax  Act.   Makes  technical      
   changes in a Section concerning the short title.                            
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          35 ILCS 120/14                                                       
          Adds reference to:                                                   
          35 ILCS 105/3-46 new                                                 
          35 ILCS 110/3-41 new                                                 
          35 ILCS 115/3-41 new                                                 
          35 ILCS 120/3a new                                                   
        Deletes everything.  Amends the Use Tax Act, the Service Use  Tax      
   Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax      
   Act.   Provides that a retailer is relieved from liability for the tax      
   under these Acts that became due and payable, insofar as  the  measure      
   of  the  tax  is  represented  by  accounts that have been found to be      
   worthless and charged off for income tax purposes by the retailer  or,      
   if  the  retailer  is not required to file income tax returns, charged      
   off in  accordance  with  generally  accepted  accounting  principles.      
   Provides  that  a retailer that has previously paid the tax may, under      
   rules adopted by the Department, take as a deduction the amount  found      
   worthless  and  charged off by the retailer and that if these accounts      
   are thereafter collected by the retailer, the amount  collected  shall      
   be included in the first return filed after the collection and the tax      
   shall  be  paid  with the return.  Applies these provisions to certain      
   lenders as well.  Effective January 1, 2002.                                
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          35 ILCS 105/3-46 new                                                 
          35 ILCS 110/3-41 new                                                 
          35 ILCS 115/3-41 new                                                 
          35 ILCS 120/3a new                                                   
          Adds reference to:                                                   
          35 ILCS 120/14                  from Ch. 120, par. 453               
        Deletes  everything  after  the  enacting  clause.   Amends   the      
   Retailers'  Occupation  Tax Act.  Makes technical changes in a Section      
   concerning the short title.                                                 
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


   END OF INQUIRY 



 Full Text  Bill Status