90th General Assembly
Summary of HB0526
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Short description: 
INC-TX-PSHIP INVEST CREDIT                                                 

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax  Act.   Allows  a  partnership  to      
   elect  to  pass  through to its partners the investment credit allowed      
   against the Personal Property Tax Replacement  Income  Tax.   Provides      
   that  the  election  shall  be  made each taxable year on the Personal      
   Property Tax Replacement Income Tax return.  Provides that the  credit      
   shall  be allocated among the partners in accordance with the Internal      
   Revenue Code.  Provides that the election to pass through the  credits      
   shall be irrevocable.                                                       
        SENATE AMENDMENT NO. 1.                                                
          Adds reference to:                                                   
          35 ILCS 735/3-7                                                      
        Amends the Uniform Penalty and Interest Act. Provides that any         
   person filing an action under the Administrative Review law to review       
   a final assessment or revised final assessment (except those relating       
   to any trust tax) issued by the Department of Revenue shall file a          
   bond with good and sufficient surety or obtain an order from the court      
   imposing a lien upon the plaintiff's property within 20 days of filing      
   the complaint. Requires the Department to file a motion to dismiss if       
   the plaintiff fails to comply with the bonding requirement and the          
   court shall dismiss the action unless the plaintiff complies within         
   30 days after the Department filed the motion to dismiss. Gives the         
   bill an immediate effective date.                                           
        SENATE AMENDMENT NO. 2. (Senate recedes May 23, 1997)                  
          Adds reference to:                                                   
          35 ILCS 105/3-8 new                                                  
          35 ILCS 110/3-8 new                                                  
          35 ILCS 115/3-8 new                                                  
          35 ILCS 120/2-8 new                                                  
        Amends the Use Tax Act, the Service  Use  Tax  Act,  the  Service      
   Occupation  Tax  Act,  and the Retailers' Occupation Tax Act to exempt      
   from the taxes imposed under those Acts the gross proceeds from  sales      
   of  and  the  use  of  industrial gases that (1) become ingredients or      
   components of tangible personal property destined for sale or (2)  are      
   consumed,  destroyed,  or  lose  their  identity in the manufacture of      
   tangible personal  property  destined  for  sale.  Provides  that  the      
   exemption  does  not  apply  to  fuel and electricity or to industrial      
   gases that are consumed in a nonmanufacturing activity.  Provides that      
   the exemptions apply to tax years ending  on  or  after  December  31,      
   1997.  Sunsets the exemption after 5 years.                                 
Last action on Bill: PUBLIC ACT.............................. 90-0458

   Last action date: 97-08-17

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   2


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