INC TX-ACCOUNTING House SponsorsRep. Mark H. Beaubien, Jr. Senate Sponsors(Sen. Terry Link) 10/5/2007HouseTotal Veto Stands - No Positive Action Taken 35 ILCS 5/404from Ch. 120, par. 4-404 Amends the Illinois Income Tax Act. In a Section authorizing the Director of Revenue to make certain adjustments to base income if it appears to the Director that any agreement, understanding, or arrangement exists between any persons that causes any person's base income allocable to this State to be improperly or inaccurately reflected, provides that the Director may not make these adjustment before the Department of Revenue adopts rules concerning the adjustments. Provides that, unless the principle purpose of the agreement, understanding, or arrangement is for the avoidance of federal or Illinois income tax, any adjustment made by the Director and the rules required to be adopted must be in accordance with certain provisions of the Internal Revenue Code. Deletes a provision authorizing the Director to adjust factors taken into account in allocating income. Effective immediately.House Amendment No. 1 Authorizes the Director of Revenue to adjust factors taken into account in allocating non-business income. Provides that, unless the principal purpose of the agreement, understanding, or arrangement is for the avoidance of federal or state (instead of Illinois) income tax, any adjustment made by the Director and the rules required to be adopted must be in accordance with certain provisions of the Internal Revenue Code. Makes a technical correction. 2/22/2007HouseFiled with the Clerk by Rep. Mark H. Beaubien, Jr. 2/22/2007HouseFirst Reading 2/22/2007HouseReferred to Rules Committee 2/27/2007HouseAssigned to Revenue Committee 3/22/2007HouseRecommends Do Pass Subcommittee/ Revenue Committee; 003-000-000 3/22/2007HouseRemains in Revenue Committee 3/23/2007HouseCommittee Deadline Extended-Rule 9(b) March 31, 2007 3/29/2007HouseHouse Amendment No. 1 Filed with Clerk by Revenue Committee 3/29/2007HouseHouse Amendment No. 1 Adopted in Revenue Committee; by Voice Vote 3/29/2007HouseDo Pass as Amended / Short Debate Revenue Committee; 011-000-000 3/29/2007HousePlaced on Calendar 2nd Reading - Short Debate 4/17/2007HouseSecond Reading - Short Debate 4/17/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/18/2007HouseThird Reading - Short Debate - Passed 116-000-000 4/20/2007SenateArrive in Senate 4/20/2007SenatePlaced on Calendar Order of First Reading April 24, 2007 4/24/2007SenateChief Senate Sponsor Sen. Terry Link 4/25/2007SenateFirst Reading 4/25/2007SenateReferred to Rules 5/2/2007SenateAssigned to Revenue 5/10/2007SenateDo Pass Revenue; 008-000-000 5/10/2007SenatePlaced on Calendar Order of 2nd Reading May 15, 2007 5/16/2007SenateSecond Reading 5/16/2007SenatePlaced on Calendar Order of 3rd Reading May 17, 2007 5/17/2007SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Terry Link 5/17/2007SenateSenate Floor Amendment No. 1 Referred to Rules 5/17/2007SenateSenate Floor Amendment No. 1 Rules Refers to Revenue 5/22/2007SenateThird Reading - Passed; 057-000-000 5/22/2007SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a) 5/22/2007HousePassed Both Houses 6/20/2007HouseSent to the Governor 8/16/2007HouseGovernor Vetoed 9/19/2007HousePlaced on Calendar Total Veto October 2, 2007 10/1/2007HouseMotion Filed Override Governor Veto Rep. Mark H. Beaubien, Jr. 10/5/2007HouseTotal Veto Stands - No Positive Action Taken