Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/304

from Ch. 120, par. 3-304

Synopsis As Introduced
Amends the Illinois Income Tax Act. With respect to the apportionment of business income for persons other than residents, provides that for tax years ending on or after December 31, 2003 and before December 31, 2008 the income shall be apportioned using the property factor, payroll factor, and sales factor. Provides that for tax years ending on or after December 31, 2008, the income shall again be apportioned using the sales factor only. Effective immediately.

Fiscal Note (Illinois Department of Revenue)

Apportioning business income on a sales-only basis, as is currently the case, has reduced corporate income tax liabilities by about $95 million. This is $63 million to the state and $32 million to local government. Reverting back to the three-factor formula should have a positive impact to the state of $63 million and $32 million to local governments. Deposits into the Education Assistance Fund will be dependent upon collections and refund fund percentages.

Actions 

Date	Chamber	Action
1/23/2003	House	Filed with the Clerk by Rep. Larry McKeon
1/23/2003	House	First Reading
1/23/2003	House	Referred to Rules Committee
1/29/2003	House	Assigned to Commerce and Business Development Committee
2/5/2003	House	Fiscal Note Filed
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2005	House	Session Sine Die

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