BUDGET IMPLEMENTATION-FY2004 Senate SponsorsSen. Emil Jones, Jr. House Sponsors(Rep. Michael J. Madigan-Barbara Flynn Currie-Gary Hannig) 1/11/2005SenateSession Sine Die New ActCreates the FY2004 Budget Implementation Act. Provides that the purpose of the Act is to make the changes in State programs that are necessary to implement the Governor's FY2004 budget recommendations.House Amendment No. 1 Deletes reference to:New ActAdds reference to:35 ILCS 5/207from Ch. 120, par. 2-207Deletes everything. Amends the Illinois Income Tax Act. Provides for a reduction in net operating loss and net operating loss carryover for each taxable year ending on or after December 31, 2004 in an amount equal to to the reduction in the net operating loss and net operating loss carryover to the taxable year required under the federal Internal Revenue Code multiplied by a fraction based on the amount of income excluded from gross income for the taxable year under certain provisions of the Internal Revenue Code. Requires the reduction to be made after the determination of Illinois net income for the taxable year.Pension Note (Economic and Fiscal Commission) Senate Bill 31, as amended by House Amendment 1, would not impact any public pension fund or retirement system in Illinois.Housing Affordability Impact Note (Housing Development Authority) This legislation will have no effect on constructing, purchasing, owning, or selling a single-family residence.Judicial Note (Admin Office of the Illinois Courts) Senate Bill 31, as amended by House Amendment 1, would neither increase nor decrease the number of judges needed in the State.State Debt Impact Note (Economic and Fiscal Commission) Senate Bill 31, as amended by House Amendment 1, would not change the amount of authorization for any type of State-issued or State-supported bond,and, therefore, would not affect the level of State indebtedness.Fiscal Note (Department of Revenue) As amended by HA1, requires business whose debt has been discharged to reduce the amount of net operating loss by the amount of debt discharged in bankruptcy. Will increase State revenue by an estimated $4 million.Balanced Budget Note (Office of Management and Budget) SB 31, as amended by HA1, approximately $4 million in additional revenues for the State as provided for in the Governor's recommended balanced budget.Correctional Note (Dept of Corrections) Senate Bill 31, as amended by House Amendment 1, will have no corrections population or fiscal impact on the Department.Home Rule Note (Department of Commerce and Economic Opportunity) Senate Bill 31, as amended by House Amendment 1, does not pre-empt home rule authority.State Mandates Fiscal Note (Department of Commerce and Economic Opportunity) Senate Bill 31, as amended by House Amendment 1, does not create a State mandate under the State Mandates Act. 1/9/2003SenateFiled with Secretary by Sen. Emil Jones, Jr. 1/9/2003SenateFirst Reading 1/9/2003SenateReferred to Rules 3/6/2003SenateAssigned to Executive 3/13/2003SenateDo Pass Executive; 008-005-000 3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003 3/25/2003SenateSecond Reading 3/25/2003SenatePlaced on Calendar Order of 3rd Reading ** March 26, 2003 3/27/2003SenateVerified 3/27/2003SenateThird Reading - Passed; 032-016-002 3/27/2003HouseArrived in House 3/27/2003HousePlaced on Calendar Order of First Reading 3/27/2003HouseChief House Sponsor Rep. Michael J. Madigan 3/27/2003HouseFirst Reading 3/27/2003HouseReferred to Rules Committee 3/31/2003HouseAssigned to Executive Committee 5/2/2003HouseRule 19(a) / Re-referred to Rules Committee 5/14/2003HouseAssigned to Executive Committee 5/14/2003HouseCommittee/3rd Reading Deadline Extended-Rule 9(b); May 31, 2003 5/28/2003HouseDo Pass / Standard Debate Executive Committee; 007-005-000 5/28/2003HousePlaced on Calendar 2nd Reading - Standard Debate 5/28/2003HouseSecond Reading - Standard Debate 5/28/2003HouseHeld on Calendar Order of Second Reading - Standard Debate 6/1/2003HouseRule 19(a) / Re-referred to Rules Committee 11/17/2003HouseApproved for Consideration Rules Committee; 004-000-000 11/17/2003HousePlaced on Calendar 2nd Reading - Standard Debate 11/20/2003HouseAdded Alternate Chief Co-Sponsor Rep. Gary Hannig 12/22/2003HouseRule 19(b) / Re-referred to Rules Committee 5/4/2004HouseAssigned to Revenue Committee 5/13/2004HouseHouse Amendment No. 1 Filed with Clerk by Revenue Committee 5/13/2004HouseHouse Amendment No. 1 Adopted in Revenue Committee; by Voice Vote 5/13/2004HouseDo Pass as Amended / Standard Debate Revenue Committee; 005-004-000 5/13/2004HousePlaced on Calendar 2nd Reading - Standard Debate 5/14/2004HouseCommittee/3rd Reading Deadline Extended-Rule 9(b) May 31, 2004 5/18/2004HouseAdded Alternate Chief Co-Sponsor Rep. Barbara Flynn Currie 5/20/2004HouseSecond Reading - Standard Debate 5/20/2004HousePlaced on Calendar Order of 3rd Reading - Standard Debate 5/21/2004HousePension Note Filed As Amended by HA 1 5/21/2004HouseHousing Affordability Impact Note Filed As Amended by HA 1 5/24/2004HouseJudicial Note Filed As Amended by HA 1 5/24/2004HouseState Debt Impact Note Filed As Amended by HA 1 5/26/2004HouseFiscal Note Filed As Amended by HA 1 5/28/2004HouseBalanced Budget Note Filed As Amended by HA 1 5/30/2004HouseCorrectional Note Filed As Amended by HA 1 5/31/2004HouseFinal Action Deadline Extended-9(b) June 30, 2004 6/3/2004HouseHome Rule Note Filed As Amended by HA 1 6/3/2004HouseState Mandates Fiscal Note Filed As Amended by HA 1 6/30/2004HouseFinal Action Deadline Extended-9(b) July 15, 2004 7/15/2004HouseFinal Action Deadline Extended-9(b) JULY 31, 2004 7/31/2004HouseRule 19(a) / Re-referred to Rules Committee 1/11/2005SenateSession Sine Die