Illinois General Assembly

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 Bill Status of SB2122  94th General Assembly


Short Description:  INC TX-BUSINESS INCOME

Senate Sponsors
Sen. Martin A. Sandoval

Last Action
DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/304from Ch. 120, par. 3-304


Synopsis As Introduced
Amends the Illinois Income Tax Act. With respect to the apportionment of business income for persons other than residents, provides that for tax years ending on or after December 31, 2005 the income shall be apportioned using the property factor, payroll factor, and sales factor. Effective immediately.

 Fiscal Note (Department of Revenue)
 Tax liability, by recalculating how positive business income is apportioned, would have been $99.7 million higher for tax year 1999, using property, payroll, and double-weighted sales method versus sales only. However, since 1999 some businesses have seen dramatic increase or decrease in business income, some new businesses have been created while some existing businesses have closed or merged with other businesses, some businesses have increased or decreased their nexus to Illinois, and some businesses have changed from Type C corporations to Type S corporations, limited liability companies, or partnerships, which means that the current actual revenue impact may be noticeably higher or lower than $99.7 million.

Actions 
DateChamber Action
  5/30/2005SenateFiled with Secretary by Sen. Martin A. Sandoval
  5/30/2005SenateFirst Reading
  5/30/2005SenateReferred to Rules
  6/21/2005SenateFiscal Note Requested by Sen. Martin A. Sandoval
  10/5/2005SenateFiscal Note Filed from the Illinois Department of Revenue.
  1/9/2007SenateSession Sine Die

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