INC TX-SALES FINANCE COMPANY
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Changes the definition of
"sales finance company" to include within the Act certain corporations
or a person primarily engaged in the business of purchasing or making
loans upon the security of customer receivables (now, retail
installment contracts, retail charge agreements, or the outstanding
balances under such agreements). Defines customer receivable.
Provides that this amendatory Act is declaratory of existing law.
Effective January 1, 2000.
HOUSE AMENDMENT NO. 1.
Changes the definition of "sales finance company" to include
within the Act a person primarily engaged in the business of
purchasing customer receivables, making loans upon the security of
customer receivables, making loans to fund purchases of personal
property or services by the borrower, or finance leasing. Provides
that a finance lease shall be treated as a loan or other extension of
Last action on Bill: PUBLIC ACT.............................. 91-0535
Last action date: 99-08-13
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status