Bill Status of HB4004 100th General Assembly
Short Description: REVENUE-VARIOUS
Rep. Will Guzzardi - William Davis - Elizabeth Hernandez - La Shawn K. Ford, Robert Martwick, Robyn Gabel, Silvana Tabares, Jaime M. Andrade, Jr., Cynthia Soto, Gregory Harris, Daniel J. Burke, Kelly M. Cassidy, Sara Feigenholtz, Ann M. Williams, Luis Arroyo, Sonya M. Harper, Emanuel Chris Welch, Barbara Flynn Currie, Mary E. Flowers, Melissa Conyears-Ervin, Camille Y. Lilly, Theresa Mah, Litesa E. Wallace, Linda Chapa LaVia, Laura Fine and Christian L. Mitchell
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides for water's edge combined reporting. Creates an addition modification in an amount equal to the deduction for qualified production activities allowed under Section 199 of the Internal Revenue Code. In the definition of "unitary business group", provides that the term "United States" means the 50 states, the District of Columbia, and any area over which the United States has asserted jurisdiction or claimed exclusive rights with respect to the exploration for or exploitation of natural resources, but does not include any territory or possession of the United States (currently, that definition does not include any territory or possession of the United States or any area over which the United States has asserted jurisdiction or claimed exclusive rights with respect to the exploration for or exploitation of natural resources). In that definition, further provides that the unitary business group may include members that are ordinarily required to apportion business income under different subsections of the Act. Provides that provisions related to the apportionment of income for federally regulated exchanges expire on December 31, 2017. Amends the Hotel Operators' Occupation Tax Act. Provides that the Act also applies to online travel companies. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, the Cigarette Tax Act, the Cigarette Use Tax Act, the Hotel Operators' Occupation Tax Act, the Motor Fuel Tax Law, the Telecommunications Excise Tax Act, and the Liquor Control Act of 1934 to provide for reductions in the vendor discount. Effective immediately.