Senate Sponsors: WATSON-DEMUZIO. House Sponsors: STEPHENS Short description: GAS REVENUE TAX ACT Synopsis of Bill as introduced: Amends the Illinois Income Tax Act concerning Subchapter S corporations. Makes a technical change. HOUSE AMENDMENT NO. 1. Deletes reference to: 35 ILCS 5/308 Adds reference to: 35 ILCS 615/2a.1 from Ch. 120, par. 467.17a.1 Deletes everything. Amends the Gas Revenue Tax Act. Makes a technical change. HOUSE AMENDMENT NO. 2. Deletes everything. Amends the Gas Revenue Tax Act. Provides that for taxable periods beginning on or after January 1, 1998, the invested capital tax shall be the lesser of (i) the current tax calculation or (ii) an amount to equal to 0.8% times a certain calculation concerning the person's gross gas plant in service for the taxable period ending December 31, 1996 as modified by an adjustment factor. Defines "adjustment factor". Last action on Bill: PUBLIC ACT.............................. 91-0596 Last action date: 99-08-14 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status