Senate Sponsors: PETERSON-CLAYBORNE-WOOLARD-OBAMA AND KLEMM. House Sponsors: HARTKE-MAUTINO-LYONS,JOSEPH-CURRIE-SCHOENBERG Short description: TAX EXEMPT-AGGREGATE Synopsis of Bill as introduced: 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. Last action on Bill: PUBLIC ACT.............................. 92-0603 Last action date: JUN-28-2002 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status