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90_HB2950sam002
LRB9008806PTbdam02
1 AMENDMENT TO HOUSE BILL 2950
2 AMENDMENT NO. . Amend House Bill 2950, AS AMENDED,
3 with reference to page and line numbers of Senate Amendment
4 No. 1, on page 10, line 6, after the period, by inserting the
5 following:
6 "For the taxable years of 1998 and thereafter, a partnership
7 or Subchapter S corporation that is otherwise eligible for
8 the credit provided in this paragraph may pass the credit
9 through to the partners of the partnership or the
10 shareholders of the corporation in the same manner as
11 partnership or Subchapter S corporation income is distributed
12 to partners and shareholders under the Internal Revenue Code.
13 The credit may then be applied against the tax liability of
14 the partner or shareholder under subsections (a) and (b) of
15 this Section."; and
16 on page 16, line 18, after the period, by inserting the
17 following:
18 "For the taxable years of 1998 and thereafter, for partners,
19 shareholders of subchapter S corporations, and owners of
20 limited liability companies, if the liability company is
21 treated as a partnership for purposes of federal and State
-2- LRB9008806PTbdam02
1 income taxation, there shall be allowed a credit under this
2 subsection to be determined in accordance with the
3 determination of income and distributive share of income
4 under Sections 702 and 704 and subchapter S of the Internal
5 Revenue Code.".