SB0405sam007 97TH GENERAL ASSEMBLY

Sen. Matt Murphy

Filed: 10/27/2011

09700SB0405sam007 LRB097 04252 HLH 59177 a

AMENDMENT TO SENATE BILL 405

AMENDMENT NO. ______. Amend Senate Bill 405, AS AMENDED, with reference to page and line numbers of Senate Amendment No. 1, by replacing everything from line 24 on page 2 through line 24 on page 3 with the following:

"(5) In the case of an individual, trust, or estate, for taxable years beginning on or after January 1, 2011, and ending prior to July 1, 2012 January 1, 2015, an amount equal to 5% of the taxpayer's net income for the taxable year.

(5.1) In the case of an individual, trust, or estate, for taxable years beginning prior to July 1, 2012 January 1, 2015, and ending after June 30, 2012 December 31, 2014, an amount equal to the sum of (i) 5% of the taxpayer's net income for the period prior to July 1, 2012 January 1, 2015, as calculated under Section 202.5, and (ii) 3% 3.75% of the taxpayer's net income for the period after June 30, 2012 December 31, 2014, as calculated under Section 202.5.

(5.2) In the case of an individual, trust, or estate, for taxable years beginning on or after July 1, 2012 January 1, 2015, and ending prior to January 1, 2025, an amount equal to 3% 3.75% of the taxpayer's net income for the taxable year.

(5.3) (Blank). In the case of an individual, trust, or estate, for taxable years beginning prior to January 1, 2025, and ending after December 31, 2024, an amount equal to the sum of (i) 3.75% of the taxpayer's net income for the period prior to January 1, 2025, as calculated under Section 202.5, and (ii) 3.25% of the taxpayer's net income for the period after December 31, 2024, as calculated under Section 202.5.

(5.4) (Blank). In the case of an individual, trust, or estate, for taxable years beginning on or after January 1, 2025, an amount equal to 3.25% of the taxpayer's net income for the taxable year."; and

by replacing everything from line 20 on page 4 through line 18 on page 5 with the following:

"(10) In the case of a corporation, for taxable years beginning on or after January 1, 2011, and ending prior to July 1, 2012 January 1, 2015, an amount equal to 7% of the taxpayer's net income for the taxable year.

(11) In the case of a corporation, for taxable years beginning prior to July 1, 2012 January 1, 2015, and ending after June 30, 2012 December 31, 2014, an amount equal to the sum of (i) 7% of the taxpayer's net income for the period prior to July 1, 2012 January 1, 2015, as calculated under Section 202.5, and (ii) 4.8% 5.25% of the taxpayer's net income for the period after June 30, 2012 December 31, 2014, as calculated under Section 202.5.

(12) In the case of a corporation, for taxable years beginning on or after July 1, 2012 January 1, 2015, and ending prior to January 1, 2025, an amount equal to 4.8% 5.25% of the taxpayer's net income for the taxable year.

(13) (Blank). In the case of a corporation, for taxable years beginning prior to January 1, 2025, and ending after December 31, 2024, an amount equal to the sum of (i) 5.25% of the taxpayer's net income for the period prior to January 1, 2025, as calculated under Section 202.5, and (ii) 4.8% of the taxpayer's net income for the period after December 31, 2024, as calculated under Section 202.5.

(14) (Blank). In the case of a corporation, for taxable years beginning on or after January 1, 2025, an amount equal to 4.8% of the taxpayer's net income for the taxable year.".