State of Illinois
91st General Assembly

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[ Introduced ][ Engrossed ][ House Amendment 001 ]


SB799 Enrolled                                 LRB9101226PTpk

 1        AN ACT to amend the Illinois Income Tax Act  by  changing
 2    Section 1501.

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

 5        Section 5.  The Illinois Income Tax  Act  is  amended  by
 6    changing Section 1501 as follows:

 7        (35 ILCS 5/1501) (from Ch. 120, par. 15-1501)
 8        Sec. 1501.  Definitions.
 9        (a)  In  general.  When  used  in  this  Act,  where  not
10    otherwise  distinctly  expressed  or  manifestly incompatible
11    with the intent thereof:
12             (1)  Business income.  The  term  "business  income"
13        means  income  arising  from transactions and activity in
14        the regular course of the taxpayer's trade  or  business,
15        net  of  the  deductions  allocable thereto, and includes
16        income from  tangible  and  intangible  property  if  the
17        acquisition,  management, and disposition of the property
18        constitute integral parts of the taxpayer's regular trade
19        or  business  operations.  Such  term  does  not  include
20        compensation or the deductions allocable thereto.
21             (2)  Commercial  domicile.  The   term   "commercial
22        domicile"  means the principal place from which the trade
23        or business of the taxpayer is directed or managed.
24             (3)  Compensation.  The  term  "compensation"  means
25        wages,  salaries,  commissions  and  any  other  form  of
26        remuneration paid to employees for personal services.
27             (4)  Corporation. The  term  "corporation"  includes
28        associations,  joint-stock companies, insurance companies
29        and  cooperatives.  Any  entity,  including   a   limited
30        liability  company  formed  under  the  Illinois  Limited
31        Liability  Company Act, shall be treated as a corporation
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 1        if it is so classified for federal income tax purposes.
 2             (5)  Department. The  term  "Department"  means  the
 3        Department of Revenue of this State.
 4             (6)  Director.   The   term   "Director"  means  the
 5        Director of Revenue of this State.
 6             (7)  Fiduciary.  The  term   "fiduciary"   means   a
 7        guardian,  trustee, executor, administrator, receiver, or
 8        any person acting  in  any  fiduciary  capacity  for  any
 9        person.
10             (8)  Financial organization.
11                  (A)  The  term  "financial  organization" means
12             any  bank,  bank  holding  company,  trust  company,
13             savings  bank,  industrial  bank,  land  bank,  safe
14             deposit company, private banker,  savings  and  loan
15             association,  building  and loan association, credit
16             union, currency exchange,  cooperative  bank,  small
17             loan  company,  sales  finance  company,  investment
18             company,  or  any person which is owned by a bank or
19             bank holding  company.   For  the  purpose  of  this
20             Section  a  "person" will include only those persons
21             which a bank holding company may acquire and hold an
22             interest  in,  directly  or  indirectly,  under  the
23             provisions of the Bank Holding Company Act  of  1956
24             (12 U.S.C. 1841, et seq.), except where interests in
25             any  person  must  be  disposed  of  within  certain
26             required  time limits under the Bank Holding Company
27             Act of 1956.
28                  (B)  For purposes of subparagraph (A)  of  this
29             paragraph,  the  term "bank" includes (i) any entity
30             that is regulated by the Comptroller of the Currency
31             under the National  Bank  Act,  or  by  the  Federal
32             Reserve  Board,  or by the Federal Deposit Insurance
33             Corporation  and  (ii)  any   federally   or   State
34             chartered bank operating as a credit card bank.
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 1                  (C)  For  purposes  of subparagraph (A) of this
 2             paragraph, the term "sales finance company" has  the
 3             meaning provided in the following item (i) or (ii):
 4             means
 5                       (i)  A  person primarily engaged in one or
 6                  more of the following businesses:  the business
 7                  of   purchasing   customer   receivables,   the
 8                  business of or making loans upon  the  security
 9                  of customer receivables, the business of making
10                  loans   for  the  express  purpose  of  funding
11                  purchases  of  tangible  personal  property  or
12                  services by the borrower, or  the  business  of
13                  finance  leasing.   For  purposes  of this item
14                  (i), "customer receivable" means:
15                       (a)  a  retail  installment  contract   or
16                  retail  charge  agreement within the meaning of
17                  the  Sales  Finance  Agency  Act,  the   Retail
18                  Installment  Sales  Act,  or  the Motor Vehicle
19                  Retail Installment Sales Act;
20                       (b)  an installment,  charge,  credit,  or
21                  similar  contract or agreement arising from the
22                  sale of tangible personal property or  services
23                  in  a  transaction involving a deferred payment
24                  price  payable  in  one  or  more  installments
25                  subsequent to the sale; or
26                       (c)  the outstanding balance of a contract
27                  or agreement described in provisions (a) or (b)
28                  of this item (i).
29                  A customer  receivable  need  not  provide  for
30                  payment  of  interest  on deferred payments.  A
31                  sales finance company may purchase  a  customer
32                  receivable  from,  or  make a loan secured by a
33                  customer  receivable  to,  the  seller  in  the
34                  original  transaction  or  to  a   person   who
SB799 Enrolled             -4-                 LRB9101226PTpk
 1                  purchased  the  customer receivable directly or
 2                  indirectly from that seller.
 3                       (ii)  A corporation meeting  each  of  the
 4                  following criteria:
 5                       (a)  the  corporation  must be a member of
 6                  an "affiliated group"  within  the  meaning  of
 7                  Section  1504(a)  of the Internal Revenue Code,
 8                  determined without regard to Section 1504(b) of
 9                  the Internal Revenue Code;
10                       (b)  more than 50% of the gross income  of
11                  the  corporation  for  the taxable year must be
12                  interest income derived from qualifying  loans.
13                  A  "qualifying loan" is a loan made to a member
14                  of  the  corporation's  affiliated  group  that
15                  originates  customer  receivables  (within  the
16                  meaning  of  item  (i))  or  to  whom  customer
17                  receivables  originated  by  a  member  of  the
18                  affiliated group have been transferred, to  the
19                  extent the average outstanding balance of loans
20                  from   that   corporation  to  members  of  its
21                  affiliated group during the taxable year do not
22                  exceed   the   limitation   amount   for   that
23                  corporation.  The  "limitation  amount"  for  a
24                  corporation is the average outstanding balances
25                  during the taxable year of customer receivables
26                  (within  the meaning of item (i)) originated by
27                  all members of the affiliated group.    If  the
28                  average  outstanding balances of the loans made
29                  by a corporation to members of  its  affiliated
30                  group   exceed   the   limitation  amount,  the
31                  interest  income  of  that   corporation   from
32                  qualifying loans shall be equal to its interest
33                  income  from loans to members of its affiliated
34                  groups times a fraction equal to the limitation
SB799 Enrolled             -5-                 LRB9101226PTpk
 1                  amount  divided  by  the  average   outstanding
 2                  balances  of the loans made by that corporation
 3                  to members of its affiliated group;
 4                       (c)  the total of all shareholder's equity
 5                  (including, without limitation, paid-in capital
 6                  on common  and  preferred  stock  and  retained
 7                  earnings)  of the corporation plus the total of
 8                  all  of  its   loans,   advances,   and   other
 9                  obligations  payable  or owed to members of its
10                  affiliated group may  not  exceed  20%  of  the
11                  total  assets  of  the  corporation at any time
12                  during the tax year; and
13                       (d)  more than 50% of all interest-bearing
14                  obligations of the affiliated group payable  to
15                  persons   outside   the   group  determined  in
16                  accordance with generally  accepted  accounting
17                  principles   must   be   obligations   of   the
18                  corporation.
19             This  amendatory Act of the 91st General Assembly is
20        declaratory of existing law. retail installment contracts
21        or retail charge agreements or the  outstanding  balances
22        under  such  contracts  or agreements.  The term includes
23        but is not limited to persons:  (i)  to  whom  the  Sales
24        Finance Agency Act is rendered inapplicable by subsection
25        (b) of Section 17 thereof; (ii) engaged in consumer sales
26        finance  activities  governed by the Sales Finance Agency
27        Act or that would be governed by that Act if conducted in
28        this State; (iii) engaged in activities governed  by  the
29        Retail  Installment  Sales  Act,  including the making or
30        purchasing of  retail  installment  contracts  or  retail
31        charge agreements for "goods" or "services" as defined in
32        that  Act,  or  activities that would be governed by that
33        Act  if  conducted  in  this  State;  (iv)   engaged   in
34        activities   governed   by   the   Motor  Vehicle  Retail
SB799 Enrolled             -6-                 LRB9101226PTpk
 1        Installment Sales Act or that would be governed  by  that
 2        Act if conducted in this State; (v) engaged in commercial
 3        finance  activities  governed  by  the  Illinois  Uniform
 4        Commercial Code or that would be governed by that Code if
 5        conducted  in  this State; or (vi) engaged in the finance
 6        leasing of  tangible  personal  property  where  "finance
 7        leasing"  is  activity that is the economic equivalent of
 8        an extension of credit and  for  which  a  deduction  for
 9        depreciation  under  Section  167 of the Internal Revenue
10        Code of 1986 is not available to a lessor.
11                  (D)  Subparagraphs  (B)   and   (C)   of   this
12             paragraph  are declaratory of existing law and apply
13             retroactively, for all tax  years  beginning  on  or
14             before  December 31, 1996,  to all original returns,
15             to all amended returns filed no later than  30  days
16             after  the  effective date of this amendatory Act of
17             1996, and to all notices issued  on  or  before  the
18             effective  date of this amendatory Act of 1996 under
19             subsection (a) of Section  903,  subsection  (a)  of
20             Section  904,  subsection  (e)  of  Section  909, or
21             Section  912.  A  taxpayer  that  is  a   "financial
22             organization"  that  engages in any transaction with
23             an affiliate shall be a "financial organization" for
24             all purposes of this Act.
25                  (E)  For all tax years beginning on  or  before
26             December  31, 1996, a taxpayer that falls within the
27             definition  of  a  "financial  organization"   under
28             subparagraphs  (B) or (C) of this paragraph, but who
29             does not fall within the definition of a  "financial
30             organization"  under the Proposed Regulations issued
31             by the Department of Revenue on July 19,  1996,  may
32             irrevocably  elect to apply the Proposed Regulations
33             for all  of  those  years  as  though  the  Proposed
34             Regulations  had been lawfully promulgated, adopted,
SB799 Enrolled             -7-                 LRB9101226PTpk
 1             and in effect for all of those years.  For  purposes
 2             of   applying  subparagraphs  (B)  or  (C)  of  this
 3             paragraph  to  all  of  those  years,  the  election
 4             allowed by this subparagraph  applies  only  to  the
 5             taxpayer making the election and to those members of
 6             the   taxpayer's  unitary  business  group  who  are
 7             ordinarily required  to  apportion  business  income
 8             under the same subsection of Section 304 of this Act
 9             as  the  taxpayer  making the election.  No election
10             allowed by this subparagraph shall be made  under  a
11             claim filed under subsection (d) of Section 909 more
12             than  30  days  after  the  effective  date  of this
13             amendatory Act of 1996.
14                  (F)  Finance  Leases.   For  purposes  of  this
15             subsection, a finance lease shall be  treated  as  a
16             loan  or other extension of credit, rather than as a
17             lease,  regardless  of  how   the   transaction   is
18             characterized  for  any other purpose, including the
19             purposes of  any  regulatory  agency  to  which  the
20             lessor   is   subject.    A  finance  lease  is  any
21             transaction in the form of  a  lease  in  which  the
22             lessee  is  treated as the owner of the leased asset
23             entitled to any deduction for  depreciation  allowed
24             under Section 167 of the Internal Revenue Code.
25             (9)  Fiscal  year.  The  term "fiscal year" means an
26        accounting period of 12 months ending on the last day  of
27        any month other than December.
28             (10)  Includes  and  including. The terms "includes"
29        and "including" when used in a  definition  contained  in
30        this  Act  shall  not  be  deemed to exclude other things
31        otherwise within the meaning of the term defined.
32             (11)  Internal  Revenue  Code.  The  term  "Internal
33        Revenue Code" means the United  States  Internal  Revenue
34        Code  of  1954  or  any successor law or laws relating to
SB799 Enrolled             -8-                 LRB9101226PTpk
 1        federal income taxes in effect for the taxable year.
 2             (12)  Mathematical  error.  The  term  "mathematical
 3        error" includes the following types of errors, omissions,
 4        or defects in a return filed by a taxpayer which prevents
 5        acceptance of the return as filed for processing:
 6                  (A)  arithmetic     errors     or     incorrect
 7             computations on the return or supporting schedules;
 8                  (B)  entries on the wrong lines;
 9                  (C)  omission of required supporting  forms  or
10             schedules  or  the  omission  of  the information in
11             whole or in part called for thereon; and
12                  (D)  an attempt to claim, exclude,  deduct,  or
13             improperly  report, in a manner directly contrary to
14             the provisions of the Act and regulations thereunder
15             any item of income, exemption, deduction, or credit.
16             (13)  Nonbusiness  income.  The  term   "nonbusiness
17        income"  means  all  income other than business income or
18        compensation.
19             (14)  Nonresident. The term  "nonresident"  means  a
20        person who is not a resident.
21             (15)  Paid,  incurred and accrued. The terms "paid",
22        "incurred" and "accrued" shall be construed according  to
23        the  method  of  accounting  upon  the basis of which the
24        person's base income is computed under this Act.
25             (16)  Partnership    and    partner.    The     term
26        "partnership"  includes  a  syndicate, group, pool, joint
27        venture or other unincorporated organization, through  or
28        by  means  of which any business, financial operation, or
29        venture is carried on,  and  which  is  not,  within  the
30        meaning  of this Act, a trust or estate or a corporation;
31        and  the  term  "partner"  includes  a  member  in   such
32        syndicate, group, pool, joint venture or organization.
33             Any  entity,  including  a limited liability company
34        formed under the Illinois Limited Liability Company  Act,
SB799 Enrolled             -9-                 LRB9101226PTpk
 1        shall  be treated as a partnership if it is so classified
 2        for federal income tax purposes.
 3             For purposes of the tax imposed at subsection (c) of
 4        Section 201 of this Act, the term "partnership" does  not
 5        include  a syndicate, group, pool, joint venture or other
 6        unincorporated  organization  established  for  the  sole
 7        purpose of playing the Illinois State Lottery.
 8             (17)  Part-year  resident.   The   term   "part-year
 9        resident"  means  an  individual  who  became  a resident
10        during the taxable year or ceased to be a resident during
11        the taxable year. Under Section 1501  (a)  (20)  (A)  (i)
12        residence commences with presence in this State for other
13        than  a  temporary  or transitory purpose and ceases with
14        absence from this State for other  than  a  temporary  or
15        transitory  purpose. Under Section 1501 (a) (20) (A) (ii)
16        residence commences with the establishment of domicile in
17        this State and ceases with the establishment of  domicile
18        in another State.
19             (18)  Person.  The  term "person" shall be construed
20        to mean and  include  an  individual,  a  trust,  estate,
21        partnership,  association,  firm,  company,  corporation,
22        limited  liability company, or fiduciary. For purposes of
23        Section 1301 and 1302 of this Act, a "person"  means  (i)
24        an  individual,  (ii)  a  corporation,  (iii) an officer,
25        agent, or employee of a corporation, (iv) a member, agent
26        or employee of a partnership, or (v) a  member,  manager,
27        employee,  officer,  director,  or  agent  of  a  limited
28        liability company who in such capacity commits an offense
29        specified in Section 1301 and 1302.
30             (18A)  Records.   The  term  "records"  includes all
31        data  maintained  by  the  taxpayer,  whether  on  paper,
32        microfilm, microfiche, or any  type  of  machine-sensible
33        data compilation.
34             (19)  Regulations.  The  term "regulations" includes
SB799 Enrolled             -10-                LRB9101226PTpk
 1        rules promulgated and forms prescribed by the Department.
 2             (20)  Resident. The term "resident" means:
 3                  (A)  an individual (i) who is in this State for
 4             other than a temporary or transitory purpose  during
 5             the  taxable  year; or (ii) who is domiciled in this
 6             State but is absent from the State for  a  temporary
 7             or transitory purpose during the taxable year;
 8                  (B)  The estate of a decedent who at his or her
 9             death was domiciled in this State;
10                  (C)  A  trust  created  by a will of a decedent
11             who at his death was domiciled in this State; and
12                  (D)  An irrevocable trust, the grantor of which
13             was domiciled in this State at the time  such  trust
14             became    irrevocable.    For    purpose   of   this
15             subparagraph,   a   trust   shall   be    considered
16             irrevocable  to  the  extent that the grantor is not
17             treated as the  owner  thereof  under  Sections  671
18             through 678 of the Internal Revenue Code.
19             (21)  Sales.   The  term  "sales"  means  all  gross
20        receipts of the taxpayer  not  allocated  under  Sections
21        301, 302 and 303.
22             (22)  State.  The  term  "state"  when  applied to a
23        jurisdiction other than this State means any state of the
24        United States, the District of Columbia, the Commonwealth
25        of Puerto Rico, any Territory or Possession of the United
26        States,  and  any  foreign  country,  or  any   political
27        subdivision of any of the foregoing.  For purposes of the
28        foreign  tax  credit  under Section 601, the term "state"
29        means any state of the United  States,  the  District  of
30        Columbia,  the  Commonwealth  of  Puerto  Rico,  and  any
31        territory  or  possession  of  the  United States, or any
32        political subdivision of any of the foregoing,  effective
33        for tax years ending on or after December 31, 1989.
34             (23)  Taxable  year.  The  term "taxable year" means
SB799 Enrolled             -11-                LRB9101226PTpk
 1        the calendar year, or the fiscal year ending during  such
 2        calendar year, upon the basis of which the base income is
 3        computed  under  this  Act.  "Taxable year" means, in the
 4        case of a return made for a fractional  part  of  a  year
 5        under  the  provisions  of this Act, the period for which
 6        such return is made.
 7             (24)  Taxpayer. The term "taxpayer" means any person
 8        subject to the tax imposed by this Act.
 9             (25)  International  banking  facility.   The   term
10        international   banking  facility  shall  have  the  same
11        meaning as is set forth in the Illinois Banking Act or as
12        is set  forth  in  the  laws  of  the  United  States  or
13        regulations  of  the  Board  of  Governors of the Federal
14        Reserve System.
15             (26)  Income Tax Return Preparer.
16                  (A)  The  term  "income  tax  return  preparer"
17             means any person who prepares for  compensation,  or
18             who  employs  one  or  more  persons  to prepare for
19             compensation, any return of tax imposed by this  Act
20             or  any claim for refund of tax imposed by this Act.
21             The preparation of a substantial portion of a return
22             or  claim  for  refund  shall  be  treated  as   the
23             preparation of that return or claim for refund.
24                  (B)  A  person  is  not  an  income  tax return
25             preparer if all he or she does is
26                       (i)  furnish typing, reproducing, or other
27                  mechanical assistance;
28                       (ii)  prepare  returns   or   claims   for
29                  refunds  for  the employer by whom he or she is
30                  regularly and continuously employed;
31                       (iii)  prepare as a fiduciary  returns  or
32                  claims for refunds for any person; or
33                       (iv)  prepare  claims  for  refunds  for a
34                  taxpayer  in  response   to   any   notice   of
SB799 Enrolled             -12-                LRB9101226PTpk
 1                  deficiency   issued  to  that  taxpayer  or  in
 2                  response to any waiver of restriction after the
 3                  commencement of an audit of that taxpayer or of
 4                  another taxpayer  if  a  determination  in  the
 5                  audit   of   the  other  taxpayer  directly  or
 6                  indirectly affects the  tax  liability  of  the
 7                  taxpayer whose claims he or she is preparing.
 8             (27)  Unitary  business  group.   The  term "unitary
 9        business group" means a group of persons related  through
10        common ownership whose business activities are integrated
11        with,  dependent  upon and contribute to each other.  The
12        group will  not  include  those  members  whose  business
13        activity  outside the United States is 80% or more of any
14        such member's total business activity;  for  purposes  of
15        this  paragraph  and  clause  (a) (3) (B) (ii) of Section
16        304, business activity within the United States shall  be
17        measured  by  means  of the factors ordinarily applicable
18        under subsections (a), (b), (c), (d), or (h)  of  Section
19        304  except  that,  in  the  case  of  members ordinarily
20        required to apportion business income by means of  the  3
21        factor  formula  of property, payroll and sales specified
22        in subsection (a) of Section 304, including  the  formula
23        as  weighted  in  subsection  (h)  of  Section  304, such
24        members shall not use the sales factor in the computation
25        and the  results  of  the  property  and  payroll  factor
26        computations  of  subsection  (a) of Section 304 shall be
27        divided by 2 (by one if either the  property  or  payroll
28        factor  has  a  denominator  of  zero).  The  computation
29        required  by  the preceding sentence shall, in each case,
30        involve the division of the member's  property,  payroll,
31        or revenue miles in the United States, insurance premiums
32        on  property  or  risk in the United States, or financial
33        organization business  income  from  sources  within  the
34        United  States,  as  the  case  may be, by the respective
SB799 Enrolled             -13-                LRB9101226PTpk
 1        worldwide figures for such items.   Common  ownership  in
 2        the  case  of  corporations  is  the  direct  or indirect
 3        control or ownership of more than 50% of the  outstanding
 4        voting  stock of the persons carrying on unitary business
 5        activity.  Unitary business activity  can  ordinarily  be
 6        illustrated where the activities of the members are:  (1)
 7        in   the   same  general  line  (such  as  manufacturing,
 8        wholesaling, retailing  of  tangible  personal  property,
 9        insurance,  transportation  or finance); or (2) are steps
10        in a vertically structured enterprise or process (such as
11        the  steps  involved  in  the   production   of   natural
12        resources,   which  might  include  exploration,  mining,
13        refining, and marketing); and, in  either  instance,  the
14        members  are functionally integrated through the exercise
15        of strong centralized  management  (where,  for  example,
16        authority over such matters as purchasing, financing, tax
17        compliance,   product   line,  personnel,  marketing  and
18        capital investment is not left to  each  member).  In  no
19        event,  however,  will any unitary business group include
20        members  which  are  ordinarily  required  to   apportion
21        business  income  under  different subsections of Section
22        304 except that for tax years ending on or after December
23        31, 1987 this prohibition shall not apply  to  a  unitary
24        business  group  composed of one or more taxpayers all of
25        which apportion business income  pursuant  to  subsection
26        (b)  of  Section  304, or all of which apportion business
27        income pursuant to subsection (d) of Section 304,  and  a
28        holding  company  of  such  single-factor  taxpayers (see
29        definition of "financial organization" for rule regarding
30        holding companies  of  financial  organizations).   If  a
31        unitary  business  group  would,  but  for  the preceding
32        sentence, include members that are ordinarily required to
33        apportion business income under different subsections  of
34        Section  304, then for each subsection of Section 304 for
SB799 Enrolled             -14-                LRB9101226PTpk
 1        which there are two or more members,  there  shall  be  a
 2        separate unitary business group composed of such members.
 3        For  purposes of the preceding two sentences, a member is
 4        "ordinarily required to apportion business income"  under
 5        a  particular  subsection  of  Section 304 if it would be
 6        required to use the apportionment  method  prescribed  by
 7        such  subsection  except  for  the  fact  that it derives
 8        business income solely from  Illinois.   If  the  unitary
 9        business  group  members'  accounting periods differ, the
10        common parent's accounting period  or,  if  there  is  no
11        common  parent,  the accounting period of the member that
12        is expected to have, on a recurring basis,  the  greatest
13        Illinois  income  tax liability must be used to determine
14        whether to  use  the  apportionment  method  provided  in
15        subsection  (a)  or  subsection  (h) of Section 304.  The
16        prohibition against  membership  in  a  unitary  business
17        group  for  taxpayers  ordinarily  required  to apportion
18        income under different subsections of  Section  304  does
19        not apply to taxpayers required to apportion income under
20        subsection  (a)  and  subsection (h) of Section 304.  The
21        provisions of this amendatory Act of 1998  apply  to  tax
22        years ending on or after December 31, 1998.
23             (28)  Subchapter    S    corporation.     The   term
24        "Subchapter S corporation" means a corporation for  which
25        there  is in effect an election under Section 1362 of the
26        Internal Revenue Code, or for which there  is  a  federal
27        election to opt out of the provisions of the Subchapter S
28        Revision  Act  of 1982 and have applied instead the prior
29        federal Subchapter S rules as in effect on July 1, 1982.

30        (b)  Other definitions.
31             (1)  Words denoting number, gender,  and  so  forth,
32        when  used  in  this  Act, where not otherwise distinctly
33        expressed or  manifestly  incompatible  with  the  intent
34        thereof:
SB799 Enrolled             -15-                LRB9101226PTpk
 1                  (A)  Words  importing  the singular include and
 2             apply to several persons, parties or things;
 3                  (B)  Words importing  the  plural  include  the
 4             singular; and
 5                  (C)  Words   importing   the  masculine  gender
 6             include the feminine as well.
 7             (2)  "Company"   or   "association"   as   including
 8        successors   and   assigns.   The   word   "company"   or
 9        "association", when used in reference to  a  corporation,
10        shall  be  deemed  to  embrace  the words "successors and
11        assigns of such company  or  association",  and  in  like
12        manner  as if these last-named words, or words of similar
13        import, were expressed.
14             (3)  Other terms. Any term used in  any  Section  of
15        this  Act  with  respect  to  the  application  of, or in
16        connection with, the provisions of any other  Section  of
17        this  Act  shall  have  the same meaning as in such other
18        Section.
19    (Source: P.A. 89-399, eff.  8-20-95;  89-711,  eff.  2-14-97;
20    90-613, eff. 7-9-98.)

21        Section  99.   Effective  date.  This Act takes effect on
22    January 1, 2000.

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