92nd General Assembly
Summary of SB1536
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Short description: 
INC TAX-PARTNRSHIPS-SUBCHPTR S                                             

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Provides  that  partnerships      
   or Subchapter S corporations may elect to pay the tax on behalf of the      
   partners  or shareholders and that the amount of that tax shall be the      
   average tax rate applicable to the partners  or  shareholders  of  the      
   taxpayer.   Provides  that  the  average  rate  shall  be  computed by      
   weighting  the rate applicable to each such partner or shareholder  by      
   a  fraction equal to that partner's or shareholder's share of the base      
   income of the taxpayer, divided by the sum of the shares of income  of      
   all  such  partners  or  shareholders.   Makes changes with respect to      
   additions to and subtractions from federal adjusted gross  income  and      
   allocation of income to accommodate this change.                            
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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