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| [ House Amendment 001 ] |
91_SB0946ham002
LRB9106128PTpkam
1 AMENDMENT TO SENATE BILL 946
2 AMENDMENT NO. . Amend Senate Bill 946 by replacing
3 the title with the following:
4 "AN ACT to amend the Gas Revenue Tax Act by changing
5 Section 2a.1."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Gas Revenue Tax Act is amended by
9 changing Section 2a.1 as follows:
10 (35 ILCS 615/2a.1) (from Ch. 120, par. 467.17a.1)
11 Sec. 2a.1. Imposition of tax on invested capital. In
12 addition to the taxes imposed by the Illinois Income Tax Act
13 and Section 2 of this Act, there is hereby imposed upon
14 persons engaged in the business of distributing, supplying,
15 furnishing or selling gas and subject to the tax imposed by
16 this Act (other than a school district or unit of local
17 government as defined in Section 1 of Article VII of the
18 Illinois Constitution of 1970), an additional tax in an
19 amount equal to .8% of such persons' invested capital for the
20 taxable period. If such persons are not liable for such
21 additional tax for the entire taxable period, such additional
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1 tax shall be computed on the portion of the taxable period
2 during which such persons were liable for such additional
3 tax. The invested capital tax imposed by this Section shall
4 not be imposed upon persons who are not regulated by the
5 Illinois Commerce Commission. Provided, in the case of any
6 person which is subject to the invested capital tax imposed
7 by this Section and which is also subject to the tax on the
8 distribution of electricity imposed by Section 2a.1 of the
9 Public Utilities Revenue Act, for taxable periods beginning
10 on or after January 1, 1998, the invested capital tax imposed
11 by this Section shall be the lesser of (i) an amount equal to
12 0.8% of such person's invested capital for the taxable period
13 multiplied by a fraction the numerator of which is the
14 average of the beginning and ending balances of such person's
15 gross gas utility plant in service and the denominator of
16 which is the average of the beginning and ending balances of
17 such person's gross electric and gas utility plant in
18 service, as set forth in such person's annual report to the
19 Illinois Commerce Commission for the taxable period, or (ii)
20 an amount equal to 0.8% of the person's invested capital for
21 the taxable period ended December 31, 1996 multiplied by a
22 fraction the numerator of which is the average of the
23 beginning and ending balances of the person's gross gas
24 utility plant in service and the denominator of which is the
25 average of the beginning and ending balances of the person's
26 gross electric and gas utility plant in service as set forth
27 in the person's annual report to the Illinois Commerce
28 Commission for the taxable period ended December 31, 1996
29 modified by an adjustment factor. The adjustment factor is a
30 ratio the numerator of which is the average of the beginning
31 and ending balances of the person's gross gas plant in
32 service for the taxable period and the denominator of which
33 is the average of the beginning and ending balances of the
34 person's gross gas plant in service for the taxable period
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1 ended December 31, 1996, as set forth in the person's annual
2 reports to the Illinois Commerce Commission for such taxable
3 periods.
4 (Source: P.A. 90-561, eff. 1-1-98.)".