State of Illinois
92nd General Assembly
Legislation

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[ House Amendment 001 ]


92_HB0214

 
                                               LRB9202490SMdv

 1        AN ACT concerning income taxes.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois Income Tax  Act  is  amended  by
 5    changing Section 203 as follows:

 6        (35 ILCS 5/203) (from Ch. 120, par. 2-203)
 7        Sec. 203.  Base income defined.
 8        (a)  Individuals.
 9             (1)  In general.  In the case of an individual, base
10        income  means  an amount equal to the taxpayer's adjusted
11        gross  income  for  the  taxable  year  as  modified   by
12        paragraph (2).
13             (2)  Modifications.    The   adjusted  gross  income
14        referred to in paragraph (1) shall be modified by  adding
15        thereto the sum of the following amounts:
16                  (A)  An  amount  equal  to  all amounts paid or
17             accrued to the taxpayer  as  interest  or  dividends
18             during  the taxable year to the extent excluded from
19             gross income in the computation  of  adjusted  gross
20             income,  except  stock dividends of qualified public
21             utilities  described  in  Section  305(e)   of   the
22             Internal Revenue Code;
23                  (B)  An  amount  equal  to  the  amount  of tax
24             imposed by this Act  to  the  extent  deducted  from
25             gross  income  in  the computation of adjusted gross
26             income for the taxable year;
27                  (C)  An amount equal  to  the  amount  received
28             during  the  taxable year as a recovery or refund of
29             real  property  taxes  paid  with  respect  to   the
30             taxpayer's principal residence under the Revenue Act
31             of  1939  and  for  which a deduction was previously
 
                            -2-                LRB9202490SMdv
 1             taken under subparagraph (L) of this  paragraph  (2)
 2             prior to July 1, 1991, the retrospective application
 3             date  of Article 4 of Public Act 87-17.  In the case
 4             of  multi-unit  or  multi-use  structures  and  farm
 5             dwellings, the taxes  on  the  taxpayer's  principal
 6             residence  shall  be that portion of the total taxes
 7             for the entire property  which  is  attributable  to
 8             such principal residence;
 9                  (D)  An  amount  equal  to  the  amount  of the
10             capital gain deduction allowable under the  Internal
11             Revenue  Code,  to  the  extent  deducted from gross
12             income in the computation of adjusted gross income;
13                  (D-5)  An amount, to the extent not included in
14             adjusted gross income, equal to the amount of  money
15             withdrawn by the taxpayer in the taxable year from a
16             medical care savings account and the interest earned
17             on  the  account in the taxable year of a withdrawal
18             pursuant to subsection (b)  of  Section  20  of  the
19             Medical  Care  Savings Account Act or subsection (b)
20             of Section 20 of the Medical  Care  Savings  Account
21             Act of 2000; and
22                  (D-10)  For taxable years ending after December
23             31,   1997,   an   amount   equal  to  any  eligible
24             remediation costs that the  individual  deducted  in
25             computing  adjusted  gross  income and for which the
26             individual claims a credit under subsection  (l)  of
27             Section 201;
28        and  by  deducting  from the total so obtained the sum of
29        the following amounts:
30                  (E)  Any  amount  included  in  such  total  in
31             respect  of  any  compensation  (including  but  not
32             limited to any compensation paid  or  accrued  to  a
33             serviceman  while  a  prisoner  of war or missing in
34             action) paid to a resident by  reason  of  being  on
 
                            -3-                LRB9202490SMdv
 1             active duty in the Armed Forces of the United States
 2             and  in  respect of any compensation paid or accrued
 3             to a resident who as a governmental employee  was  a
 4             prisoner of war or missing in action, and in respect
 5             of  any  compensation  paid to a resident in 1971 or
 6             thereafter for annual training performed pursuant to
 7             Sections 502 and 503, Title 32, United  States  Code
 8             as a member of the Illinois National Guard;
 9                  (F)  An amount equal to all amounts included in
10             such  total  pursuant  to the provisions of Sections
11             402(a), 402(c), 403(a), 403(b), 406(a), 407(a),  and
12             408  of  the  Internal  Revenue Code, or included in
13             such total as distributions under the provisions  of
14             any  retirement  or disability plan for employees of
15             any  governmental  agency  or  unit,  or  retirement
16             payments to retired  partners,  which  payments  are
17             excluded   in   computing  net  earnings  from  self
18             employment by Section 1402 of the  Internal  Revenue
19             Code and regulations adopted pursuant thereto;
20                  (G)  The valuation limitation amount;
21                  (H)  An  amount  equal to the amount of any tax
22             imposed by  this  Act  which  was  refunded  to  the
23             taxpayer  and included in such total for the taxable
24             year;
25                  (I)  An amount equal to all amounts included in
26             such total pursuant to the provisions of Section 111
27             of the Internal Revenue Code as a recovery of  items
28             previously  deducted  from  adjusted gross income in
29             the computation of taxable income;
30                  (J)  An  amount  equal   to   those   dividends
31             included   in  such  total  which  were  paid  by  a
32             corporation which conducts business operations in an
33             Enterprise Zone or zones created under the  Illinois
34             Enterprise  Zone Act, and conducts substantially all
 
                            -4-                LRB9202490SMdv
 1             of its operations in an Enterprise Zone or zones;
 2                  (K)  An  amount  equal   to   those   dividends
 3             included   in   such  total  that  were  paid  by  a
 4             corporation that conducts business operations  in  a
 5             federally  designated Foreign Trade Zone or Sub-Zone
 6             and  that  is  designated  a  High  Impact  Business
 7             located  in  Illinois;   provided   that   dividends
 8             eligible  for the deduction provided in subparagraph
 9             (J) of paragraph (2) of this subsection shall not be
10             eligible  for  the  deduction  provided  under  this
11             subparagraph (K);
12                  (L)  For taxable years  ending  after  December
13             31,  1983,  an  amount  equal to all social security
14             benefits and railroad retirement  benefits  included
15             in  such  total pursuant to Sections 72(r) and 86 of
16             the Internal Revenue Code;
17                  (M)  With  the   exception   of   any   amounts
18             subtracted  under  subparagraph (N), an amount equal
19             to the sum of all amounts disallowed  as  deductions
20             by  (i)  Sections  171(a)  (2),  and  265(2)  of the
21             Internal Revenue Code of 1954, as now  or  hereafter
22             amended,  and  all  amounts of expenses allocable to
23             interest and  disallowed as  deductions  by  Section
24             265(1)  of the Internal Revenue Code of 1954, as now
25             or hereafter amended; and  (ii)  for  taxable  years
26             ending   on  or  after  August  13,  1999,  Sections
27             171(a)(2), 265, 280C,  and  832(b)(5)(B)(i)  of  the
28             Internal   Revenue  Code;  the  provisions  of  this
29             subparagraph  are  exempt  from  the  provisions  of
30             Section 250;
31                  (N)  An amount equal to all amounts included in
32             such total which are exempt from  taxation  by  this
33             State   either   by   reason   of  its  statutes  or
34             Constitution  or  by  reason  of  the  Constitution,
 
                            -5-                LRB9202490SMdv
 1             treaties or statutes of the United States;  provided
 2             that,  in the case of any statute of this State that
 3             exempts  income  derived   from   bonds   or   other
 4             obligations from the tax imposed under this Act, the
 5             amount  exempted  shall  be the interest net of bond
 6             premium amortization;
 7                  (O)  An amount equal to any  contribution  made
 8             to  a  job  training project established pursuant to
 9             the Tax Increment Allocation Redevelopment Act;
10                  (P)  An amount  equal  to  the  amount  of  the
11             deduction  used  to  compute  the federal income tax
12             credit for restoration of substantial  amounts  held
13             under  claim  of right for the taxable year pursuant
14             to Section 1341 of  the  Internal  Revenue  Code  of
15             1986;
16                  (Q)  An amount equal to any amounts included in
17             such   total,   received   by  the  taxpayer  as  an
18             acceleration in the payment of  life,  endowment  or
19             annuity  benefits  in advance of the time they would
20             otherwise be payable as an indemnity for a  terminal
21             illness;
22                  (R)  An  amount  equal  to  the  amount  of any
23             federal or State  bonus  paid  to  veterans  of  the
24             Persian Gulf War;
25                  (S)  An  amount,  to  the  extent  included  in
26             adjusted  gross  income,  equal  to  the amount of a
27             contribution made in the taxable year on  behalf  of
28             the  taxpayer  to  a  medical  care  savings account
29             established under the Medical Care  Savings  Account
30             Act  or the Medical Care Savings Account Act of 2000
31             to the extent the contribution is  accepted  by  the
32             account administrator as provided in that Act;
33                  (T)  An  amount,  to  the  extent  included  in
34             adjusted  gross  income,  equal  to  the  amount  of
 
                            -6-                LRB9202490SMdv
 1             interest  earned  in  the  taxable year on a medical
 2             care savings account established under  the  Medical
 3             Care Savings Account Act or the Medical Care Savings
 4             Account Act of 2000 on behalf of the taxpayer, other
 5             than  interest  added pursuant to item (D-5) of this
 6             paragraph (2);
 7                  (U)  For one taxable year beginning on or after
 8             January 1, 1994, an amount equal to the total amount
 9             of tax imposed and paid under  subsections  (a)  and
10             (b)  of  Section  201  of  this Act on grant amounts
11             received by the  taxpayer  under  the  Nursing  Home
12             Grant  Assistance  Act during the taxpayer's taxable
13             years 1992 and 1993;
14                  (V)  Beginning with  tax  years  ending  on  or
15             after  December  31,  1995 and ending with tax years
16             ending on or before December  31,  2004,  an  amount
17             equal  to  the  amount  paid  by a taxpayer who is a
18             self-employed taxpayer, a partner of a  partnership,
19             or  a  shareholder in a Subchapter S corporation for
20             health insurance or  long-term  care  insurance  for
21             that   taxpayer   or   that   taxpayer's  spouse  or
22             dependents, to the extent that the amount  paid  for
23             that  health  insurance  or long-term care insurance
24             may be deducted under Section 213  of  the  Internal
25             Revenue  Code  of 1986, has not been deducted on the
26             federal income tax return of the taxpayer, and  does
27             not  exceed  the taxable income attributable to that
28             taxpayer's  income,   self-employment   income,   or
29             Subchapter  S  corporation  income;  except  that no
30             deduction shall be allowed under this  item  (V)  if
31             the  taxpayer  is  eligible  to  participate  in any
32             health insurance or long-term care insurance plan of
33             an  employer  of  the  taxpayer  or  the  taxpayer's
34             spouse.  The amount  of  the  health  insurance  and
 
                            -7-                LRB9202490SMdv
 1             long-term  care insurance subtracted under this item
 2             (V) shall be determined by multiplying total  health
 3             insurance and long-term care insurance premiums paid
 4             by  the  taxpayer times a number that represents the
 5             fractional percentage of eligible  medical  expenses
 6             under  Section  213  of the Internal Revenue Code of
 7             1986 not actually deducted on the taxpayer's federal
 8             income tax return;
 9                  (W)  For taxable years beginning  on  or  after
10             January   1,  1998,  all  amounts  included  in  the
11             taxpayer's federal gross income in the taxable  year
12             from  amounts converted from a regular IRA to a Roth
13             IRA. This paragraph is exempt from the provisions of
14             Section 250; and
15                  (X)  For taxable year 1999 and  thereafter,  an
16             amount equal to the amount of any (i) distributions,
17             to the extent includible in gross income for federal
18             income tax purposes, made to the taxpayer because of
19             his  or  her  status  as a victim of persecution for
20             racial or religious reasons by Nazi Germany  or  any
21             other  Axis  regime  or as an heir of the victim and
22             (ii) items of income, to the  extent  includible  in
23             gross   income  for  federal  income  tax  purposes,
24             attributable to, derived from or in any way  related
25             to  assets  stolen  from,  hidden from, or otherwise
26             lost to  a  victim  of  persecution  for  racial  or
27             religious  reasons by Nazi Germany or any other Axis
28             regime immediately prior to, during, and immediately
29             after World War II, including, but not  limited  to,
30             interest  on  the  proceeds  receivable as insurance
31             under policies issued to a victim of persecution for
32             racial or religious reasons by Nazi Germany  or  any
33             other  Axis  regime  by European insurance companies
34             immediately  prior  to  and  during  World  War  II;
 
                            -8-                LRB9202490SMdv
 1             provided, however,  this  subtraction  from  federal
 2             adjusted  gross  income  does  not  apply  to assets
 3             acquired with such assets or with the proceeds  from
 4             the  sale  of  such  assets; provided, further, this
 5             paragraph shall only apply to a taxpayer who was the
 6             first recipient of such assets after their  recovery
 7             and  who  is  a  victim of persecution for racial or
 8             religious reasons by Nazi Germany or any other  Axis
 9             regime  or  as an heir of the victim.  The amount of
10             and  the  eligibility  for  any  public  assistance,
11             benefit, or similar entitlement is not  affected  by
12             the   inclusion  of  items  (i)  and  (ii)  of  this
13             paragraph in gross income  for  federal  income  tax
14             purposes.   This   paragraph   is  exempt  from  the
15             provisions of Section 250; and
16                  (Y)  Beginning with taxable years ending on  or
17             after  December  31,  2001,  an  amount equal to the
18             amount allowed as a deduction under Section  213  of
19             the Internal Revenue Code for medical care expenses.
20             This  subparagraph (Y) is exempt from the provisions
21             of Section 250.

22        (b)  Corporations.
23             (1)  In general.  In the case of a corporation, base
24        income means an amount equal to  the  taxpayer's  taxable
25        income for the taxable year as modified by paragraph (2).
26             (2)  Modifications.   The taxable income referred to
27        in paragraph (1) shall be modified by adding thereto  the
28        sum of the following amounts:
29                  (A)  An  amount  equal  to  all amounts paid or
30             accrued  to  the  taxpayer  as  interest   and   all
31             distributions  received  from  regulated  investment
32             companies  during  the  taxable  year  to the extent
33             excluded from gross income  in  the  computation  of
34             taxable income;
 
                            -9-                LRB9202490SMdv
 1                  (B)  An  amount  equal  to  the  amount  of tax
 2             imposed by this Act  to  the  extent  deducted  from
 3             gross  income  in  the computation of taxable income
 4             for the taxable year;
 5                  (C)  In the  case  of  a  regulated  investment
 6             company,  an  amount  equal to the excess of (i) the
 7             net long-term capital gain  for  the  taxable  year,
 8             over  (ii)  the amount of the capital gain dividends
 9             designated  as  such  in  accordance  with   Section
10             852(b)(3)(C)  of  the  Internal Revenue Code and any
11             amount designated under Section 852(b)(3)(D) of  the
12             Internal  Revenue  Code, attributable to the taxable
13             year (this amendatory Act of 1995 (Public Act 89-89)
14             is declarative of existing law  and  is  not  a  new
15             enactment);
16                  (D)  The  amount  of  any  net  operating  loss
17             deduction taken in arriving at taxable income, other
18             than  a  net  operating  loss carried forward from a
19             taxable year ending prior to December 31, 1986;
20                  (E)  For taxable years in which a net operating
21             loss carryback or carryforward from a  taxable  year
22             ending  prior  to December 31, 1986 is an element of
23             taxable income under paragraph (1) of subsection (e)
24             or subparagraph (E) of paragraph (2)  of  subsection
25             (e),  the  amount  by  which  addition modifications
26             other than those provided by this  subparagraph  (E)
27             exceeded  subtraction  modifications in such earlier
28             taxable year, with the following limitations applied
29             in the order that they are listed:
30                       (i)  the addition modification relating to
31                  the net operating loss carried back or  forward
32                  to  the  taxable  year  from  any  taxable year
33                  ending prior to  December  31,  1986  shall  be
34                  reduced  by the amount of addition modification
 
                            -10-               LRB9202490SMdv
 1                  under this subparagraph (E)  which  related  to
 2                  that  net  operating  loss  and which was taken
 3                  into account in calculating the base income  of
 4                  an earlier taxable year, and
 5                       (ii)  the  addition  modification relating
 6                  to the  net  operating  loss  carried  back  or
 7                  forward  to  the  taxable year from any taxable
 8                  year ending prior to December  31,  1986  shall
 9                  not  exceed  the  amount  of  such carryback or
10                  carryforward;
11                  For taxable years  in  which  there  is  a  net
12             operating  loss  carryback or carryforward from more
13             than one other taxable year ending prior to December
14             31, 1986, the addition modification provided in this
15             subparagraph (E) shall be the  sum  of  the  amounts
16             computed    independently    under   the   preceding
17             provisions of this subparagraph (E)  for  each  such
18             taxable year; and
19                  (E-5)  For  taxable years ending after December
20             31,  1997,  an  amount   equal   to   any   eligible
21             remediation  costs  that the corporation deducted in
22             computing adjusted gross income and  for  which  the
23             corporation  claims a credit under subsection (l) of
24             Section 201;
25        and by deducting from the total so obtained  the  sum  of
26        the following amounts:
27                  (F)  An  amount  equal to the amount of any tax
28             imposed by  this  Act  which  was  refunded  to  the
29             taxpayer  and included in such total for the taxable
30             year;
31                  (G)  An amount equal to any amount included  in
32             such  total under Section 78 of the Internal Revenue
33             Code;
34                  (H)  In the  case  of  a  regulated  investment
 
                            -11-               LRB9202490SMdv
 1             company,  an  amount  equal  to the amount of exempt
 2             interest dividends as defined in subsection (b)  (5)
 3             of Section 852 of the Internal Revenue Code, paid to
 4             shareholders for the taxable year;
 5                  (I)  With   the   exception   of   any  amounts
 6             subtracted under subparagraph (J), an  amount  equal
 7             to  the  sum of all amounts disallowed as deductions
 8             by  (i)  Sections  171(a)  (2),  and  265(a)(2)  and
 9             amounts disallowed as interest  expense  by  Section
10             291(a)(3)  of  the  Internal Revenue Code, as now or
11             hereafter  amended,  and  all  amounts  of  expenses
12             allocable to interest and disallowed  as  deductions
13             by  Section  265(a)(1) of the Internal Revenue Code,
14             as now or hereafter amended; and  (ii)  for  taxable
15             years  ending  on or after August 13, 1999, Sections
16             171(a)(2), 265, 280C, 291(a)(3), and 832(b)(5)(B)(i)
17             of the Internal Revenue Code; the provisions of this
18             subparagraph  are  exempt  from  the  provisions  of
19             Section 250;
20                  (J)  An amount equal to all amounts included in
21             such total which are exempt from  taxation  by  this
22             State   either   by   reason   of  its  statutes  or
23             Constitution  or  by  reason  of  the  Constitution,
24             treaties or statutes of the United States;  provided
25             that,  in the case of any statute of this State that
26             exempts  income  derived   from   bonds   or   other
27             obligations from the tax imposed under this Act, the
28             amount  exempted  shall  be the interest net of bond
29             premium amortization;
30                  (K)  An  amount  equal   to   those   dividends
31             included   in  such  total  which  were  paid  by  a
32             corporation which conducts business operations in an
33             Enterprise Zone or zones created under the  Illinois
34             Enterprise  Zone  Act and conducts substantially all
 
                            -12-               LRB9202490SMdv
 1             of its operations in an Enterprise Zone or zones;
 2                  (L)  An  amount  equal   to   those   dividends
 3             included   in   such  total  that  were  paid  by  a
 4             corporation that conducts business operations  in  a
 5             federally  designated Foreign Trade Zone or Sub-Zone
 6             and  that  is  designated  a  High  Impact  Business
 7             located  in  Illinois;   provided   that   dividends
 8             eligible  for the deduction provided in subparagraph
 9             (K) of paragraph 2 of this subsection shall  not  be
10             eligible  for  the  deduction  provided  under  this
11             subparagraph (L);
12                  (M)  For  any  taxpayer  that  is  a  financial
13             organization within the meaning of Section 304(c) of
14             this  Act,  an  amount  included  in  such  total as
15             interest income from a loan or loans  made  by  such
16             taxpayer  to  a  borrower, to the extent that such a
17             loan is secured by property which  is  eligible  for
18             the Enterprise Zone Investment Credit.  To determine
19             the  portion  of  a loan or loans that is secured by
20             property  eligible  for  a  Section  201(f)   201(h)
21             investment   credit  to  the  borrower,  the  entire
22             principal amount of the loan or  loans  between  the
23             taxpayer and the borrower should be divided into the
24             basis of the Section 201(f) 201(h) investment credit
25             property  which secures the loan or loans, using for
26             this purpose the original basis of such property  on
27             the  date  that  it  was  placed  in  service in the
28             Enterprise  Zone.   The   subtraction   modification
29             available   to  taxpayer  in  any  year  under  this
30             subsection  shall  be  that  portion  of  the  total
31             interest paid by the borrower with respect  to  such
32             loan   attributable  to  the  eligible  property  as
33             calculated under the previous sentence;
34                  (M-1)  For any taxpayer  that  is  a  financial
 
                            -13-               LRB9202490SMdv
 1             organization within the meaning of Section 304(c) of
 2             this  Act,  an  amount  included  in  such  total as
 3             interest income from a loan or loans  made  by  such
 4             taxpayer  to  a  borrower, to the extent that such a
 5             loan is secured by property which  is  eligible  for
 6             the  High  Impact  Business  Investment  Credit.  To
 7             determine the portion of a loan  or  loans  that  is
 8             secured  by  property  eligible for a Section 201(h)
 9             201(i) investment credit to the borrower, the entire
10             principal amount of the loan or  loans  between  the
11             taxpayer and the borrower should be divided into the
12             basis of the Section 201(h) 201(i) investment credit
13             property  which secures the loan or loans, using for
14             this purpose the original basis of such property  on
15             the  date  that  it  was  placed  in  service  in  a
16             federally  designated Foreign Trade Zone or Sub-Zone
17             located in Illinois.  No taxpayer that  is  eligible
18             for  the  deduction  provided in subparagraph (M) of
19             paragraph (2) of this subsection shall  be  eligible
20             for  the  deduction provided under this subparagraph
21             (M-1).  The subtraction  modification  available  to
22             taxpayers in any year under this subsection shall be
23             that  portion  of  the  total  interest  paid by the
24             borrower with respect to such loan  attributable  to
25             the   eligible  property  as  calculated  under  the
26             previous sentence;
27                  (N)  Two times any contribution made during the
28             taxable year to a designated  zone  organization  to
29             the  extent that the contribution (i) qualifies as a
30             charitable  contribution  under  subsection  (c)  of
31             Section 170 of the Internal Revenue  Code  and  (ii)
32             must,  by  its terms, be used for a project approved
33             by the Department of Commerce and Community  Affairs
34             under  Section  11  of  the Illinois Enterprise Zone
 
                            -14-               LRB9202490SMdv
 1             Act;
 2                  (O)  An amount equal to: (i)  85%  for  taxable
 3             years  ending  on or before December 31, 1992, or, a
 4             percentage equal to the percentage  allowable  under
 5             Section  243(a)(1)  of  the Internal Revenue Code of
 6             1986 for taxable years  ending  after  December  31,
 7             1992,  of  the amount by which dividends included in
 8             taxable income and received from a corporation  that
 9             is  not  created  or organized under the laws of the
10             United States or any state or political  subdivision
11             thereof,  including,  for taxable years ending on or
12             after  December  31,  1988,  dividends  received  or
13             deemed  received  or  paid  or  deemed  paid   under
14             Sections  951  through  964  of the Internal Revenue
15             Code, exceed the amount of the modification provided
16             under subparagraph (G)  of  paragraph  (2)  of  this
17             subsection  (b)  which is related to such dividends;
18             plus (ii) 100% of the  amount  by  which  dividends,
19             included  in taxable income and received, including,
20             for taxable years ending on or  after  December  31,
21             1988,  dividends received or deemed received or paid
22             or deemed paid under Sections 951 through 964 of the
23             Internal Revenue Code,  from  any  such  corporation
24             specified  in  clause  (i)  that  would  but for the
25             provisions of Section 1504 (b) (3) of  the  Internal
26             Revenue   Code   be  treated  as  a  member  of  the
27             affiliated  group  which   includes   the   dividend
28             recipient,  exceed  the  amount  of the modification
29             provided under subparagraph (G) of paragraph (2)  of
30             this   subsection  (b)  which  is  related  to  such
31             dividends;
32                  (P)  An amount equal to any  contribution  made
33             to  a  job  training project established pursuant to
34             the Tax Increment Allocation Redevelopment Act;
 
                            -15-               LRB9202490SMdv
 1                  (Q)  An amount  equal  to  the  amount  of  the
 2             deduction  used  to  compute  the federal income tax
 3             credit for restoration of substantial  amounts  held
 4             under  claim  of right for the taxable year pursuant
 5             to Section 1341 of  the  Internal  Revenue  Code  of
 6             1986;
 7                  (R)  In  the  case  of an attorney-in-fact with
 8             respect to whom  an  interinsurer  or  a  reciprocal
 9             insurer  has  made the election under Section 835 of
10             the Internal Revenue Code, 26 U.S.C. 835, an  amount
11             equal  to the excess, if any, of the amounts paid or
12             incurred by that interinsurer or reciprocal  insurer
13             in the taxable year to the attorney-in-fact over the
14             deduction allowed to that interinsurer or reciprocal
15             insurer  with  respect to the attorney-in-fact under
16             Section 835(b) of the Internal Revenue Code for  the
17             taxable year; and
18                  (S)  For  taxable  years  ending  on  or  after
19             December  31,  1997,  in  the case of a Subchapter S
20             corporation, an  amount  equal  to  all  amounts  of
21             income  allocable  to  a  shareholder subject to the
22             Personal Property Tax Replacement Income Tax imposed
23             by subsections (c) and (d) of Section  201  of  this
24             Act,  including  amounts  allocable to organizations
25             exempt from federal income tax by reason of  Section
26             501(a)   of   the   Internal   Revenue  Code.   This
27             subparagraph (S) is exempt from  the  provisions  of
28             Section 250.
29             (3)  Special  rule.   For  purposes of paragraph (2)
30        (A), "gross income" in  the  case  of  a  life  insurance
31        company,  for  tax years ending on and after December 31,
32        1994, shall mean the  gross  investment  income  for  the
33        taxable year.

34        (c)  Trusts and estates.
 
                            -16-               LRB9202490SMdv
 1             (1)  In  general.  In the case of a trust or estate,
 2        base income means  an  amount  equal  to  the  taxpayer's
 3        taxable  income  for  the  taxable  year  as  modified by
 4        paragraph (2).
 5             (2)  Modifications.  Subject to  the  provisions  of
 6        paragraph   (3),   the  taxable  income  referred  to  in
 7        paragraph (1) shall be modified by adding thereto the sum
 8        of the following amounts:
 9                  (A)  An amount equal to  all  amounts  paid  or
10             accrued  to  the  taxpayer  as interest or dividends
11             during the taxable year to the extent excluded  from
12             gross income in the computation of taxable income;
13                  (B)  In the case of (i) an estate, $600; (ii) a
14             trust  which,  under  its  governing  instrument, is
15             required to distribute all of its income  currently,
16             $300;  and  (iii) any other trust, $100, but in each
17             such case,  only  to  the  extent  such  amount  was
18             deducted in the computation of taxable income;
19                  (C)  An  amount  equal  to  the  amount  of tax
20             imposed by this Act  to  the  extent  deducted  from
21             gross  income  in  the computation of taxable income
22             for the taxable year;
23                  (D)  The  amount  of  any  net  operating  loss
24             deduction taken in arriving at taxable income, other
25             than a net operating loss  carried  forward  from  a
26             taxable year ending prior to December 31, 1986;
27                  (E)  For taxable years in which a net operating
28             loss  carryback  or carryforward from a taxable year
29             ending prior to December 31, 1986 is an  element  of
30             taxable income under paragraph (1) of subsection (e)
31             or  subparagraph  (E) of paragraph (2) of subsection
32             (e), the  amount  by  which  addition  modifications
33             other  than  those provided by this subparagraph (E)
34             exceeded subtraction modifications in  such  taxable
 
                            -17-               LRB9202490SMdv
 1             year,  with the following limitations applied in the
 2             order that they are listed:
 3                       (i)  the addition modification relating to
 4                  the net operating loss carried back or  forward
 5                  to  the  taxable  year  from  any  taxable year
 6                  ending prior to  December  31,  1986  shall  be
 7                  reduced  by the amount of addition modification
 8                  under this subparagraph (E)  which  related  to
 9                  that  net  operating  loss  and which was taken
10                  into account in calculating the base income  of
11                  an earlier taxable year, and
12                       (ii)  the  addition  modification relating
13                  to the  net  operating  loss  carried  back  or
14                  forward  to  the  taxable year from any taxable
15                  year ending prior to December  31,  1986  shall
16                  not  exceed  the  amount  of  such carryback or
17                  carryforward;
18                  For taxable years  in  which  there  is  a  net
19             operating  loss  carryback or carryforward from more
20             than one other taxable year ending prior to December
21             31, 1986, the addition modification provided in this
22             subparagraph (E) shall be the  sum  of  the  amounts
23             computed    independently    under   the   preceding
24             provisions of this subparagraph (E)  for  each  such
25             taxable year;
26                  (F)  For  taxable  years  ending  on  or  after
27             January 1, 1989, an amount equal to the tax deducted
28             pursuant to Section 164 of the Internal Revenue Code
29             if  the trust or estate is claiming the same tax for
30             purposes of the Illinois foreign  tax  credit  under
31             Section 601 of this Act;
32                  (G)  An  amount  equal  to  the  amount  of the
33             capital gain deduction allowable under the  Internal
34             Revenue  Code,  to  the  extent  deducted from gross
 
                            -18-               LRB9202490SMdv
 1             income in the computation of taxable income; and
 2                  (G-5)  For taxable years ending after  December
 3             31,   1997,   an   amount   equal  to  any  eligible
 4             remediation costs that the trust or estate  deducted
 5             in computing adjusted gross income and for which the
 6             trust or estate claims a credit under subsection (l)
 7             of Section 201;
 8        and  by  deducting  from the total so obtained the sum of
 9        the following amounts:
10                  (H)  An amount equal to all amounts included in
11             such total pursuant to the  provisions  of  Sections
12             402(a),  402(c),  403(a), 403(b), 406(a), 407(a) and
13             408 of the Internal Revenue Code or included in such
14             total as distributions under the provisions  of  any
15             retirement  or  disability plan for employees of any
16             governmental agency or unit, or retirement  payments
17             to  retired partners, which payments are excluded in
18             computing  net  earnings  from  self  employment  by
19             Section  1402  of  the  Internal  Revenue  Code  and
20             regulations adopted pursuant thereto;
21                  (I)  The valuation limitation amount;
22                  (J)  An amount equal to the amount of  any  tax
23             imposed  by  this  Act  which  was  refunded  to the
24             taxpayer and included in such total for the  taxable
25             year;
26                  (K)  An amount equal to all amounts included in
27             taxable  income  as  modified  by subparagraphs (A),
28             (B), (C), (D), (E), (F) and  (G)  which  are  exempt
29             from  taxation by this State either by reason of its
30             statutes  or  Constitution  or  by  reason  of   the
31             Constitution,  treaties  or  statutes  of the United
32             States; provided that, in the case of any statute of
33             this State that exempts income derived from bonds or
34             other obligations from the tax  imposed  under  this
 
                            -19-               LRB9202490SMdv
 1             Act,  the  amount exempted shall be the interest net
 2             of bond premium amortization;
 3                  (L)  With  the   exception   of   any   amounts
 4             subtracted  under  subparagraph (K), an amount equal
 5             to the sum of all amounts disallowed  as  deductions
 6             by  (i)  Sections  171(a)  (2)  and 265(a)(2) of the
 7             Internal Revenue Code, as now or hereafter  amended,
 8             and  all  amounts  of expenses allocable to interest
 9             and disallowed as deductions by  Section  265(1)  of
10             the  Internal  Revenue  Code  of  1954,  as  now  or
11             hereafter amended; and (ii) for taxable years ending
12             on  or  after  August  13, 1999, Sections 171(a)(2),
13             265,  280C,  and  832(b)(5)(B)(i)  of  the  Internal
14             Revenue Code; the provisions  of  this  subparagraph
15             are exempt from the provisions of Section 250;
16                  (M)  An   amount   equal   to  those  dividends
17             included  in  such  total  which  were  paid  by   a
18             corporation which conducts business operations in an
19             Enterprise  Zone or zones created under the Illinois
20             Enterprise Zone Act and conducts  substantially  all
21             of its operations in an Enterprise Zone or Zones;
22                  (N)  An  amount  equal to any contribution made
23             to a job training project  established  pursuant  to
24             the Tax Increment Allocation Redevelopment Act;
25                  (O)  An   amount   equal   to  those  dividends
26             included  in  such  total  that  were  paid   by   a
27             corporation  that  conducts business operations in a
28             federally designated Foreign Trade Zone or  Sub-Zone
29             and  that  is  designated  a  High  Impact  Business
30             located   in   Illinois;   provided  that  dividends
31             eligible for the deduction provided in  subparagraph
32             (M) of paragraph (2) of this subsection shall not be
33             eligible  for  the  deduction  provided  under  this
34             subparagraph (O);
 
                            -20-               LRB9202490SMdv
 1                  (P)  An  amount  equal  to  the  amount  of the
 2             deduction used to compute  the  federal  income  tax
 3             credit  for  restoration of substantial amounts held
 4             under claim of right for the taxable  year  pursuant
 5             to  Section  1341  of  the  Internal Revenue Code of
 6             1986; and
 7                  (Q)  For taxable year 1999 and  thereafter,  an
 8             amount equal to the amount of any (i) distributions,
 9             to the extent includible in gross income for federal
10             income tax purposes, made to the taxpayer because of
11             his  or  her  status  as a victim of persecution for
12             racial or religious reasons by Nazi Germany  or  any
13             other  Axis  regime  or as an heir of the victim and
14             (ii) items of income, to the  extent  includible  in
15             gross   income  for  federal  income  tax  purposes,
16             attributable to, derived from or in any way  related
17             to  assets  stolen  from,  hidden from, or otherwise
18             lost to  a  victim  of  persecution  for  racial  or
19             religious  reasons by Nazi Germany or any other Axis
20             regime immediately prior to, during, and immediately
21             after World War II, including, but not  limited  to,
22             interest  on  the  proceeds  receivable as insurance
23             under policies issued to a victim of persecution for
24             racial or religious reasons by Nazi Germany  or  any
25             other  Axis  regime  by European insurance companies
26             immediately  prior  to  and  during  World  War  II;
27             provided, however,  this  subtraction  from  federal
28             adjusted  gross  income  does  not  apply  to assets
29             acquired with such assets or with the proceeds  from
30             the  sale  of  such  assets; provided, further, this
31             paragraph shall only apply to a taxpayer who was the
32             first recipient of such assets after their  recovery
33             and  who  is  a victim of  persecution for racial or
34             religious reasons by Nazi Germany or any other  Axis
 
                            -21-               LRB9202490SMdv
 1             regime  or  as an heir of the victim.  The amount of
 2             and  the  eligibility  for  any  public  assistance,
 3             benefit, or similar entitlement is not  affected  by
 4             the   inclusion  of  items  (i)  and  (ii)  of  this
 5             paragraph in gross income  for  federal  income  tax
 6             purposes.   This   paragraph   is  exempt  from  the
 7             provisions of Section 250.
 8             (3)  Limitation.  The  amount  of  any  modification
 9        otherwise  required  under  this  subsection shall, under
10        regulations prescribed by the Department, be adjusted  by
11        any  amounts  included  therein which were properly paid,
12        credited, or required to be distributed,  or  permanently
13        set  aside  for charitable purposes pursuant  to Internal
14        Revenue Code Section 642(c) during the taxable year.

15        (d)  Partnerships.
16             (1)  In general. In the case of a partnership,  base
17        income  means  an  amount equal to the taxpayer's taxable
18        income for the taxable year as modified by paragraph (2).
19             (2)  Modifications. The taxable income  referred  to
20        in  paragraph (1) shall be modified by adding thereto the
21        sum of the following amounts:
22                  (A)  An amount equal to  all  amounts  paid  or
23             accrued  to  the  taxpayer  as interest or dividends
24             during the taxable year to the extent excluded  from
25             gross income in the computation of taxable income;
26                  (B)  An  amount  equal  to  the  amount  of tax
27             imposed by this Act  to  the  extent  deducted  from
28             gross income for the taxable year;
29                  (C)  The  amount  of  deductions allowed to the
30             partnership pursuant  to  Section  707  (c)  of  the
31             Internal  Revenue  Code  in  calculating its taxable
32             income; and
33                  (D)  An amount  equal  to  the  amount  of  the
34             capital  gain deduction allowable under the Internal
 
                            -22-               LRB9202490SMdv
 1             Revenue Code, to  the  extent  deducted  from  gross
 2             income in the computation of taxable income;
 3        and by deducting from the total so obtained the following
 4        amounts:
 5                  (E)  The valuation limitation amount;
 6                  (F)  An  amount  equal to the amount of any tax
 7             imposed by  this  Act  which  was  refunded  to  the
 8             taxpayer  and included in such total for the taxable
 9             year;
10                  (G)  An amount equal to all amounts included in
11             taxable income as  modified  by  subparagraphs  (A),
12             (B),  (C)  and (D) which are exempt from taxation by
13             this State either  by  reason  of  its  statutes  or
14             Constitution  or  by  reason  of  the  Constitution,
15             treaties  or statutes of the United States; provided
16             that, in the case of any statute of this State  that
17             exempts   income   derived   from   bonds  or  other
18             obligations from the tax imposed under this Act, the
19             amount exempted shall be the interest  net  of  bond
20             premium amortization;
21                  (H)  Any   income   of  the  partnership  which
22             constitutes personal service income  as  defined  in
23             Section  1348  (b)  (1) of the Internal Revenue Code
24             (as in effect December 31,  1981)  or  a  reasonable
25             allowance  for  compensation  paid  or  accrued  for
26             services  rendered  by  partners to the partnership,
27             whichever is greater;
28                  (I)  An amount equal to all amounts  of  income
29             distributable  to  an entity subject to the Personal
30             Property  Tax  Replacement  Income  Tax  imposed  by
31             subsections (c) and (d) of Section 201 of  this  Act
32             including  amounts  distributable  to  organizations
33             exempt  from federal income tax by reason of Section
34             501(a) of the Internal Revenue Code;
 
                            -23-               LRB9202490SMdv
 1                  (J)  With  the   exception   of   any   amounts
 2             subtracted  under  subparagraph (G), an amount equal
 3             to the sum of all amounts disallowed  as  deductions
 4             by  (i)  Sections  171(a)  (2),  and  265(2)  of the
 5             Internal Revenue Code of 1954, as now  or  hereafter
 6             amended,  and  all  amounts of expenses allocable to
 7             interest and disallowed  as  deductions  by  Section
 8             265(1)  of  the  Internal  Revenue  Code,  as now or
 9             hereafter amended; and (ii) for taxable years ending
10             on or after August  13,  1999,  Sections  171(a)(2),
11             265,  280C,  and  832(b)(5)(B)(i)  of  the  Internal
12             Revenue  Code;  the  provisions of this subparagraph
13             are exempt from the provisions of Section 250;
14                  (K)  An  amount  equal   to   those   dividends
15             included   in  such  total  which  were  paid  by  a
16             corporation which conducts business operations in an
17             Enterprise Zone or zones created under the  Illinois
18             Enterprise  Zone  Act,  enacted  by the 82nd General
19             Assembly, and which does not conduct such operations
20             other than in an Enterprise Zone or Zones;
21                  (L)  An amount equal to any  contribution  made
22             to  a  job  training project established pursuant to
23             the   Real   Property   Tax   Increment   Allocation
24             Redevelopment Act;
25                  (M)  An  amount  equal   to   those   dividends
26             included   in   such  total  that  were  paid  by  a
27             corporation that conducts business operations  in  a
28             federally  designated Foreign Trade Zone or Sub-Zone
29             and  that  is  designated  a  High  Impact  Business
30             located  in  Illinois;   provided   that   dividends
31             eligible  for the deduction provided in subparagraph
32             (K) of paragraph (2) of this subsection shall not be
33             eligible  for  the  deduction  provided  under  this
34             subparagraph (M); and
 
                            -24-               LRB9202490SMdv
 1                  (N)  An amount  equal  to  the  amount  of  the
 2             deduction  used  to  compute  the federal income tax
 3             credit for restoration of substantial  amounts  held
 4             under  claim  of right for the taxable year pursuant
 5             to Section 1341 of  the  Internal  Revenue  Code  of
 6             1986.

 7        (e)  Gross income; adjusted gross income; taxable income.
 8             (1)  In  general.   Subject  to  the  provisions  of
 9        paragraph  (2)  and  subsection  (b) (3), for purposes of
10        this Section  and  Section  803(e),  a  taxpayer's  gross
11        income,  adjusted gross income, or taxable income for the
12        taxable year shall  mean  the  amount  of  gross  income,
13        adjusted   gross   income   or  taxable  income  properly
14        reportable  for  federal  income  tax  purposes  for  the
15        taxable year under the provisions of the Internal Revenue
16        Code. Taxable income may be less than zero. However,  for
17        taxable  years  ending on or after December 31, 1986, net
18        operating loss carryforwards from  taxable  years  ending
19        prior  to  December  31,  1986, may not exceed the sum of
20        federal taxable income for the taxable  year  before  net
21        operating  loss  deduction,  plus  the excess of addition
22        modifications  over  subtraction  modifications  for  the
23        taxable year.  For taxable years ending prior to December
24        31, 1986, taxable income may never be an amount in excess
25        of the net operating loss for the taxable year as defined
26        in subsections (c) and (d) of Section 172 of the Internal
27        Revenue Code, provided that  when  taxable  income  of  a
28        corporation  (other  than  a  Subchapter  S corporation),
29        trust,  or  estate  is  less  than  zero   and   addition
30        modifications,  other than those provided by subparagraph
31        (E) of paragraph (2) of subsection (b)  for  corporations
32        or  subparagraph  (E)  of paragraph (2) of subsection (c)
33        for trusts and estates, exceed subtraction modifications,
34        an  addition  modification  must  be  made  under   those
 
                            -25-               LRB9202490SMdv
 1        subparagraphs  for  any  other  taxable year to which the
 2        taxable income less than zero  (net  operating  loss)  is
 3        applied under Section 172 of the Internal Revenue Code or
 4        under   subparagraph   (E)   of  paragraph  (2)  of  this
 5        subsection (e) applied in conjunction with Section 172 of
 6        the Internal Revenue Code.
 7             (2)  Special rule.  For purposes of paragraph (1) of
 8        this subsection, the taxable income  properly  reportable
 9        for federal income tax purposes shall mean:
10                  (A)  Certain  life insurance companies.  In the
11             case of a life insurance company subject to the  tax
12             imposed by Section 801 of the Internal Revenue Code,
13             life  insurance  company  taxable  income,  plus the
14             amount of distribution  from  pre-1984  policyholder
15             surplus accounts as calculated under Section 815a of
16             the Internal Revenue Code;
17                  (B)  Certain other insurance companies.  In the
18             case  of  mutual  insurance companies subject to the
19             tax imposed by Section 831 of the  Internal  Revenue
20             Code, insurance company taxable income;
21                  (C)  Regulated  investment  companies.   In the
22             case of a regulated investment  company  subject  to
23             the  tax  imposed  by  Section  852  of the Internal
24             Revenue Code, investment company taxable income;
25                  (D)  Real estate  investment  trusts.   In  the
26             case  of  a  real estate investment trust subject to
27             the tax imposed  by  Section  857  of  the  Internal
28             Revenue  Code,  real estate investment trust taxable
29             income;
30                  (E)  Consolidated corporations.  In the case of
31             a corporation which is a  member  of  an  affiliated
32             group  of  corporations filing a consolidated income
33             tax return for the taxable year for  federal  income
34             tax  purposes,  taxable income determined as if such
 
                            -26-               LRB9202490SMdv
 1             corporation had filed a separate return for  federal
 2             income  tax  purposes  for the taxable year and each
 3             preceding taxable year for which it was a member  of
 4             an   affiliated   group.   For   purposes   of  this
 5             subparagraph, the taxpayer's separate taxable income
 6             shall be determined as if the election  provided  by
 7             Section  243(b) (2) of the Internal Revenue Code had
 8             been in effect for all such years;
 9                  (F)  Cooperatives.    In   the   case   of    a
10             cooperative  corporation or association, the taxable
11             income of such organization determined in accordance
12             with the provisions of Section 1381 through 1388  of
13             the Internal Revenue Code;
14                  (G)  Subchapter  S  corporations.   In the case
15             of: (i) a Subchapter S corporation for  which  there
16             is  in effect an election for the taxable year under
17             Section 1362  of  the  Internal  Revenue  Code,  the
18             taxable  income  of  such  corporation determined in
19             accordance with  Section  1363(b)  of  the  Internal
20             Revenue  Code, except that taxable income shall take
21             into account  those  items  which  are  required  by
22             Section  1363(b)(1)  of the Internal Revenue Code to
23             be  separately  stated;  and  (ii)  a  Subchapter  S
24             corporation for which there is in effect  a  federal
25             election  to  opt  out  of  the  provisions  of  the
26             Subchapter  S  Revision Act of 1982 and have applied
27             instead the prior federal Subchapter S rules  as  in
28             effect  on  July 1, 1982, the taxable income of such
29             corporation  determined  in  accordance   with   the
30             federal  Subchapter  S rules as in effect on July 1,
31             1982; and
32                  (H)  Partnerships.    In   the   case   of    a
33             partnership, taxable income determined in accordance
34             with  Section  703  of  the  Internal  Revenue Code,
 
                            -27-               LRB9202490SMdv
 1             except that taxable income shall take  into  account
 2             those  items which are required by Section 703(a)(1)
 3             to be separately stated but  which  would  be  taken
 4             into  account  by  an  individual in calculating his
 5             taxable income.

 6        (f)  Valuation limitation amount.
 7             (1)  In general.  The  valuation  limitation  amount
 8        referred  to  in subsections (a) (2) (G), (c) (2) (I) and
 9        (d)(2) (E) is an amount equal to:
10                  (A)  The  sum  of  the   pre-August   1,   1969
11             appreciation  amounts  (to  the extent consisting of
12             gain reportable under the provisions of Section 1245
13             or 1250  of  the  Internal  Revenue  Code)  for  all
14             property  in respect of which such gain was reported
15             for the taxable year; plus
16                  (B)  The  lesser  of  (i)  the   sum   of   the
17             pre-August  1,  1969  appreciation  amounts  (to the
18             extent consisting of capital gain) for all  property
19             in  respect  of  which  such  gain  was reported for
20             federal income tax purposes for the taxable year, or
21             (ii) the net capital  gain  for  the  taxable  year,
22             reduced  in  either  case by any amount of such gain
23             included in the amount determined  under  subsection
24             (a) (2) (F) or (c) (2) (H).
25             (2)  Pre-August 1, 1969 appreciation amount.
26                  (A)  If  the  fair  market  value  of  property
27             referred   to   in   paragraph   (1)   was   readily
28             ascertainable  on  August 1, 1969, the pre-August 1,
29             1969 appreciation amount for such  property  is  the
30             lesser  of  (i) the excess of such fair market value
31             over the taxpayer's basis (for determining gain) for
32             such property on that  date  (determined  under  the
33             Internal Revenue Code as in effect on that date), or
34             (ii)  the  total  gain  realized  and reportable for
 
                            -28-               LRB9202490SMdv
 1             federal income tax purposes in respect of the  sale,
 2             exchange or other disposition of such property.
 3                  (B)  If  the  fair  market  value  of  property
 4             referred   to  in  paragraph  (1)  was  not  readily
 5             ascertainable on August 1, 1969, the  pre-August  1,
 6             1969  appreciation  amount for such property is that
 7             amount which bears the same ratio to the total  gain
 8             reported  in  respect  of  the  property for federal
 9             income tax purposes for the  taxable  year,  as  the
10             number  of  full calendar months in that part of the
11             taxpayer's holding period for  the  property  ending
12             July  31,  1969 bears to the number of full calendar
13             months in the taxpayer's entire holding  period  for
14             the property.
15                  (C)  The   Department   shall   prescribe  such
16             regulations as may be necessary  to  carry  out  the
17             purposes of this paragraph.

18        (g)  Double  deductions.   Unless  specifically  provided
19    otherwise, nothing in this Section shall permit the same item
20    to be deducted more than once.

21        (h)  Legislative intention.  Except as expressly provided
22    by   this   Section   there  shall  be  no  modifications  or
23    limitations on the amounts of income, gain, loss or deduction
24    taken into account  in  determining  gross  income,  adjusted
25    gross  income  or  taxable  income  for  federal  income  tax
26    purposes for the taxable year, or in the amount of such items
27    entering  into  the computation of base income and net income
28    under this Act for such taxable year, whether in  respect  of
29    property values as of August 1, 1969 or otherwise.
30    (Source:  P.A.  90-491,  eff.  1-1-98;  90-717,  eff. 8-7-98;
31    90-770, eff. 8-14-98;  91-192,  eff.  7-20-99;  91-205,  eff.
32    7-20-99;  91-357, eff. 7-29-99; 91-541, eff. 8-13-99; 91-676,
33    eff. 12-23-99; 91-845, eff.  6-22-00;  91-913,  eff.  1-1-01;
 
                            -29-               LRB9202490SMdv
 1    revised 10-24-00)

 2        Section  99.  Effective date.  This Act takes effect upon
 3    becoming law.

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