House Sponsors: RYDER-PHELPS-NOLAND-GRANBERG-LAWFER, REITZ, BOLAND, TURNER,JOHN AND BLACK. Senate Sponsors: LAUZEN-KEHOE-WALSH,L-FITZGERALD-REA Short description: GASOHOL FUELS TX Synopsis of Bill as introduced: Amends the Gasohol Fuels Tax Abatement Act. Makes a technical change in the definition Section. FISCAL NOTE (Dpt. Revenue) No fiscal impact on the Department. FISCAL NOTE (EPA) HB2950 would have no fiscal impact on EPA. HOUSE AMENDMENT NO. 1. Deletes reference to: 35 ILCS 125/2 Adds reference to: 35 ILCS 105/3-10 from Ch. 120, par. 439.3-10 35 ILCS 110/3-10 from Ch. 120, par. 439.33-10 35 ILCS 115/3-10 from Ch. 120, par. 439.103-10 35 ILCS 120/2-10 from Ch. 120, par. 441-10 35 ILCS 125/Act rep. Deletes everything. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that the rate of the taxes imposed by those Acts applies to 70% of the proceeds of the sales of gasohol made before July 1, 2003 (now July 1, 1999) and to 100% of the proceeds of the sales thereafter. Deletes provisions limiting the rate to 85% from July 1, 1997 to July 1, 1999 for gasohol sold in the State during the 12 months beginning July 1 following any calendar year for which the Department of Revenue has determined that the percentages required for the tax abatement under the Gasohol Fuels Tax Abatement Act have not been met. Repeals the Gasohol Fuels Tax Abatement Act. Effective immediately. SENATE AMENDMENT NO. 1. Adds reference to: 35 ILCS 5/201 from Ch. 120, par. 2-201 Amends the Illinois Income Tax Act. Provides that the credit for research and development shall not include costs incurrred after December 31, 2004 (now, 1999), except for costs incurred under a contract entered into on or before December 31, 2004 (now, 1999). SENATE AMENDMENT NO. 2. (Senate recedes May 22, 1998) Further amends the Illinois Income Tax Act. Provides that for the taxable years of 1998 and thereafter, a partnership or Subchapter S corporation that is otherwise eligible for the Jobs Tax Credit may pass the credit through to the partners of the partnership or the shareholders of the corporation in the same manner as partnership or Subchapter S corporation income is distributed to partners and shareholders under the Internal Revenue Code. Provides that for the taxable years of 1998 and thereafter, for partners, shareholders of subchapter S corporations, and owners of limited liability companies, if the liability company is treated as a partnership for purposes of federal and State income taxation, there shall be allowed a research and development credit according to the determination of income and distributive share of income under Sections 702 and 704 and subchapter S of the Internal Revenue Code. SENATE AMENDMENT NO. 3. Adds reference to: 35 ILCS 105/3-5 35 ILCS 110/3-5 35 ILCS 115/3-5 35 ILCS 120/2-5 Further amends the Use Tax Act, the Service Use Tax Act, the Ser- vice Occupation Tax Act and the Retailers' Occupation Tax Act. Pro- vides that "farm machinery and equipment" exempt from tax includes implements of husbandry, precision farming equipment, computers and related equipment and other specified items. Last action on Bill: PUBLIC ACT.............................. 90-0605 Last action date: 98-06-30 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 3 END OF INQUIRY Full Text Bill Status