92nd General Assembly
Summary of SB1543
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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 
                                                                               



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