SIMPLIFIED SALES TAX-TECH House SponsorsRep. Michael J. Madigan-Barbara Flynn Currie-Robert S. Molaro Senate Sponsors(Sen. Patrick Welch-Rickey R. Hendon-Jacqueline Y. Collins) 1/11/2005HouseSession Sine Die 35 ILCS 171/4 Amends the Simplified Sales Tax and Use Tax Administration Act. Makes a technical change in a Section concerning multistate negotiations.Senate Floor Amendment No. 1 Deletes reference to:35 ILCS 171/4Adds reference to:New Act5 ILCS 70/1.23from Ch. 1, par. 102435 ILCS 5/203from Ch. 120, par. 2-20335 ILCS 5/205from Ch. 120, par. 2-20535 ILCS 5/207from Ch. 120, par. 2-20735 ILCS 5/304from Ch. 120, par. 3-30435 ILCS 5/305from Ch. 120, par. 3-30535 ILCS 5/501from Ch. 120, par. 5-50135 ILCS 5/502from Ch. 120, par. 5-50235 ILCS 5/709.5 new35 ILCS 5/711from Ch. 120, par. 7-71135 ILCS 5/712from Ch. 120, par. 7-71235 ILCS 5/713from Ch. 120, par. 7-71335 ILCS 5/804from Ch. 120, par. 8-80435 ILCS 5/905from Ch. 120, par. 9-90535 ILCS 5/911from Ch. 120, par. 9-91135 ILCS 5/1001from Ch. 120, par. 10-100135 ILCS 5/1002from Ch. 120, par. 10-100235 ILCS 5/1005from Ch. 120, par. 10-100535 ILCS 5/1007 new35 ILCS 5/1008 new35 ILCS 5/1405.5 new35 ILCS 5/1405.6 new35 ILCS 5/1501from Ch. 120, par. 15-1501Deletes everything after the enacting clause. Creates the Tax Shelter Voluntary Compliance Act. Requires the Department of Revenue to establish a temporary program that applies to tax liabilities attributable to the use of abusive tax avoidance transactions. Sets forth requirements for the program. Amends the Statute on Statutes. Defines "economic substance doctrine". Amends the Illinois Income Tax Act. In the definition of "base income" sets forth modifications that must be made to a taxpayer's adjusted gross income concerning interest and intangible expenses that were paid, accrued, or incurred, directly or indirectly, to a foreign person that would be a member of the same unitary business group but for the fact that the foreign person's business activity outside of the United States is 80% or more of that foreign person's business activity. Provides that a taxpayer's "base income" includes amounts that were excluded from a taxpayer's adjusted gross income under certain Sections of the Internal Revenue Code concerning employer-owned life insurance contracts. Sets forth exceptions if the insurance proceeds are payable to certain beneficiaries. Defines "employer-owned life insurance contract". Recaptures as business income all expenses deducted in prior years related to an asset or business that was classified as business income and is now non-business income. Provides that, with limited exceptions, income received by a nonresident partner of an investment partnership from the investment partnership will be treated as nonbusiness income. Establishes a formula for determining the reduction in the net operating loss and net operating loss carryover for each taxable year ending on or after December 31, 2004. Requires the reduction to be made after the determination of Illinois net income for the taxable year. Sets forth criteria and procedures for determining whether a sale is in this State for purposes of determining the allocation and apportionment of business income for persons other than residents. Sets forth reporting requirements for certain federal and State transactions and sets forth penalties for the failure to make a required report. Requires the registration of certain tax shelters. Requires certain persons to maintain investor lists. Sets forth penalties for the failure to register a tax shelter or maintain an investor list as required. Defines, "business income", "investment partnership", "passive income affiliate", "foreign person", and "small business". Makes other changes. Provides that the provisions of the amendment take effect if and only if House Bill 4266 becomes law in the same form as it passed both houses of the General Assembly on April 29, 2004. Provides that the changes made by the Tax Shelter Voluntary Compliance Act and the amendatory provisions do not apply to small businesses. Effective July 1, 2005. 1/31/2003HouseFiled with the Clerk by Rep. Michael J. Madigan 1/31/2003HouseChief Co-Sponsor Rep. Barbara Flynn Currie 1/31/2003HouseChief Co-Sponsor Rep. Harry Osterman 1/31/2003HouseChief Co-Sponsor Rep. Robert S. Molaro 1/31/2003HouseFirst Reading 1/31/2003HouseReferred to Rules Committee 2/4/2003HouseAssigned to Executive Committee 3/12/2003HouseDo Pass / Short Debate Executive Committee; 010-000-000 3/12/2003HousePlaced on Calendar 2nd Reading - Short Debate ** 3/31/2003HouseSecond Reading - Short Debate 3/31/2003HouseHeld on Calendar Order of Second Reading - Short Debate ** 4/2/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate ** 4/3/2003HouseThird Reading - Short Debate - Passed 069-044-004 4/8/2003SenateArrive in Senate 4/8/2003SenatePlaced on Calendar Order of First Reading April 9, 2003 4/8/2003SenateChief Senate Sponsor Sen. Emil Jones, Jr. 4/8/2003SenateFirst Reading 4/8/2003SenateReferred to Rules 4/16/2003SenateAssigned to Executive 5/1/2003SenateDo Pass Executive; 007-004-000 5/1/2003SenatePlaced on Calendar Order of 2nd Reading May 6, 2003 5/6/2003SenateSecond Reading 5/6/2003SenatePlaced on Calendar Order of 3rd Reading May 7, 2003 5/16/2003SenateThird Reading Deadline Extended - Rule 2-10, to December 31, 2003. 7/1/2003SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 5/13/2004SenateThird Reading Deadline Extended - Rule 2-10, extended to January 11, 2005. 5/17/2004SenateApproved for Consideration Rules 5/17/2004SenatePlaced on Calendar Order of 3rd Reading May 18, 2004 5/18/2004SenateAlternate Chief Sponsor Changed to Sen. Patrick Welch 5/18/2004SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Patrick Welch 5/18/2004SenateSenate Floor Amendment No. 1 Referred to Rules 5/18/2004SenateSenate Floor Amendment No. 1 Rules Refers to Revenue 5/18/2004SenateSenate Floor Amendment No. 1 Be Approved for Consideration Revenue; 006-004-000 5/20/2004SenateAdded as Alternate Chief Co-Sponsor Sen. Rickey R. Hendon 5/20/2004SenateAdded as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins 5/20/2004SenateRecalled to Second Reading 5/20/2004SenateSenate Floor Amendment No. 1 Adopted; 030-028-000; Welch 5/20/2004SenatePlaced on Calendar Order of 3rd Reading 5/20/2004SenateVerified 5/20/2004SenateThird Reading - Passed; 030-028-001 5/21/2004HouseArrived in House 5/21/2004HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1 5/25/2004HouseSenate Floor Amendment No. 1 Motion Filed Concur Rep. Michael J. Madigan 5/25/2004HouseSenate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee 5/25/2004HouseSenate Floor Amendment No. 1 Motion to Concur Rules Referred to Revenue Committee 5/26/2004HouseSenate Floor Amendment No. 1 Motion to Concur Re-Referred to Rules Committee 5/26/2004HouseSenate Floor Amendment No. 1 Motion to Concur Recommends be Adopted Rules Committee; 003-002-000 5/26/2004HouseSenate Floor Amendment No. 1 Motion to Concur Lost 023-081-012 8/23/2004HouseRule 19(b) / Re-referred to Rules Committee 1/11/2005HouseSession Sine Die