PETERSON-CLAYBORNE-WOOLARD-OBAMA AND KLEMM.
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
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
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status