91st General Assembly
Summary of SB0878
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Short description: 
INCOME TX-S CORPS-CREDITS                                                  

Synopsis of Bill as introduced:
        Amends the State Finance Act to create the Use and Occupation Tax      
   Refund Fund. Amends the Use Tax Act, the  Service  Use  Tax  Act,  the      
   Service  Occupation  Tax  Act,  and the Retailers' Occupation Tax Act.      
   Provides that beginning on July 1, 1999, the Department must deposit a      
   percentage of certain use  and  occupation  taxes  into  the  Use  and      
   Occupation Tax Refund Fund.  Provides that on or before June 30, 1999,      
   the  Department  must  determine  the  amount of claims for credit and      
   refund filed and outstanding and  report  that  amount  to  the  State      
   Treasurer  who must direct the transfer of the amount from the General      
   Revenue Fund into the Use and Occupation Tax  Refund  Fund.   Provides      
   that  from  July  1,  1999  through June 30, 2000, the Department must      
   deposit 1.5% of the amounts collected into the Use and Occupation  Tax      
   Refund  Fund  and  after  that  date  must deposit a calculated annual      
   percentage.  Provides that the Director must order payment of  refunds      
   resulting from overpayment of tax liability from the fund.  Amends the      
   Counties  Code,  the  Illinois  Municipal Code, the Local Mass Transit      
   District Act, the Regional Transportation  Authority  Act,  the  Water      
   Commission  Act of 1985, and the Salem Civic Center Law of 1997 in the      
   Civic Center Code  to  reference  the  refund  provision.    Effective      
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          30 ILCS 105/5.490 new                                                
          35 ILCS 105/12                  from Ch. 120, par. 439.12            
          35 ILCS 110/12                  from Ch. 120, par. 439.42            
          35 ILCS 115/12                  from Ch. 120, par. 439.112           
          35 ILCS 120/3                   from Ch. 120, par. 442               
          35 ILCS 120/3a new                                                   
          35 ILCS 120/6b                  from Ch. 120, par. 445b              
          35 ILCS 120/6c                  from Ch. 120, par. 445c              
          55 ILCS 5/5-1006                from Ch. 34, par. 5-1006             
          55 ILCS 5/5-1006.5                                                   
          65 ILCS 5/8-11-1                from Ch. 24, par. 8-11-1             
          65 ILCS 5/8-11-1.3              from Ch. 24, par. 8-11-1.3           
          65 ILCS 5/8-11-1.6                                                   
          70 ILCS 200/245-12                                                   
          70 ILCS 3610/5.01               from Ch. 111 2/3, par. 355.01        
          70 ILCS 3615/4.03               from Ch. 111 2/3, par. 704.03        
          70 ILCS 3720/4                  from Ch. 111 2/3, par. 254           
          Adds reference to:                                                   
          New Act                                                              
        Deletes everything.  Creates the Use and  Occupation  Tax  Refund      
   Fund Act with the short title as the only provision.                        
        CONFERENCE COMMITTEE REPORT NO. 1.                                     
        Recommends that the Senate concur in H-am 1.                           
        Recommends that the bill be further amended as follows:                
          Deletes reference to:                                                
          New Act                                                              
          Adds reference to:                                                   
          35 ILCS 5/201                   from Ch. 120, par. 2-201             
          35 ILCS 105/3-5                 from Ch. 120, par. 439.3-5           
          35 ILCS 110/3-5                 from Ch. 120, par. 439.33-5          
          35 ILCS 115/3-5                 from Ch. 120, par. 439.103-5         
          35 ILCS 120/2-5                 from Ch. 120, par. 441-5             
          35 ILCS 200/18-165                                                   
        Deletes everything. Amends the Illinois Income Tax Act.  Provides      
   that, for partners and shareholders of subchapter S corporations there      
   shall be allowed a research and development credit to be determined in      
   accordance with the determination of income and distributive share  of      
   income  under  the  Internal  Revenue Code. Provides that no inference      
   shall be drawn from construing this amendatory provision  for  taxable      
   years  beginning  before January 1, 1999. Allows the owners of limited      
   liability companies, if the company is treated as  a  partnership  for      
   federal  and  State  income  tax  purposes, the investment credit, the      
   training expense credit, and  the  research  and  development  credit.      
   Amends  the  Use  Tax  Act,  the  Service  Use  Tax  Act,  the Service      
   Occupation Tax Act, and the Retailers' Occupation Tax  Act.  Beginning      
   January  1,  2000, exempts from the taxes imposed by these Acts new or      
   used automatic vending machines that prepare and serve  hot  food  and      
   beverages,  including  coffee,  soup, and other items, and replacement      
   parts for these machines.  Excepts  the  provisions  from  the  sunset      
   requirements.  Amends  the  Property  Tax  Code.   Provides  that from      
   assessment years 1998 through 2000, a taxing district  may  abate  the      
   taxes  on  property  of  an historical society qualifying as an exempt      
   organization under Section 501(c)(3) of  the  Internal  Revenue  Code.      
   Effective immediately.                                                      
Last action on Bill: PUBLIC ACT.............................. 91-0644

   Last action date: 99-08-20

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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