GAS REVENUE TAX ACT
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act concerning Subchapter S
corporations. Makes a technical change.
HOUSE AMENDMENT NO. 1.
Deletes reference to:
35 ILCS 5/308
Adds reference to:
35 ILCS 615/2a.1 from Ch. 120, par. 467.17a.1
Deletes everything. Amends the Gas Revenue Tax Act. Makes a
HOUSE AMENDMENT NO. 2.
Deletes everything. Amends the Gas Revenue Tax Act. Provides
that for taxable periods beginning on or after January 1, 1998, the
invested capital tax shall be the lesser of (i) the current tax
calculation or (ii) an amount to equal to 0.8% times a certain
calculation concerning the person's gross gas plant in service for the
taxable period ending December 31, 1996 as modified by an adjustment
factor. Defines "adjustment factor".
Last action on Bill: PUBLIC ACT.............................. 91-0596
Last action date: 99-08-14
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0
END OF INQUIRY
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