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91_SB0946enr SB946 Enrolled LRB9106128REpk 1 AN ACT to amend the Gas Revenue Tax Act by changing 2 Section 2a.1. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Gas Revenue Tax Act is amended by 6 changing Section 2a.1 as follows: 7 (35 ILCS 615/2a.1) (from Ch. 120, par. 467.17a.1) 8 Sec. 2a.1. Imposition of tax on invested capital. In 9 addition to the taxes imposed by the Illinois Income Tax Act 10 and Section 2 of this Act, there is hereby imposed upon 11 persons engaged in the business of distributing, supplying, 12 furnishing or selling gas and subject to the tax imposed by 13 this Act (other than a school district or unit of local 14 government as defined in Section 1 of Article VII of the 15 Illinois Constitution of 1970), an additional tax in an 16 amount equal to .8% of such persons' invested capital for the 17 taxable period. If such persons are not liable for such 18 additional tax for the entire taxable period, such additional 19 tax shall be computed on the portion of the taxable period 20 during which such persons were liable for such additional 21 tax. The invested capital tax imposed by this Section shall 22 not be imposed upon persons who are not regulated by the 23 Illinois Commerce Commission. Provided, in the case of any 24 person which is subject to the invested capital tax imposed 25 by this Section and which is also subject to the tax on the 26 distribution of electricity imposed by Section 2a.1 of the 27 Public Utilities Revenue Act, for taxable periods beginning 28 on or after January 1, 1998, the invested capital tax imposed 29 by this Section shall be the lesser of (i) an amount equal to 30 0.8% of such person's invested capital for the taxable period 31 multiplied by a fraction the numerator of which is the SB946 Enrolled -2- LRB9106128REpk 1 average of the beginning and ending balances of such person's 2 gross gas utility plant in service and the denominator of 3 which is the average of the beginning and ending balances of 4 such person's gross electric and gas utility plant in 5 service, as set forth in such person's annual report to the 6 Illinois Commerce Commission for the taxable period, or (ii) 7 an amount equal to 0.8% of the person's invested capital for 8 the taxable period ended December 31, 1996 multiplied by a 9 fraction the numerator of which is the average of the 10 beginning and ending balances of the person's gross gas 11 utility plant in service and the denominator of which is the 12 average of the beginning and ending balances of the person's 13 gross electric and gas utility plant in service as set forth 14 in the person's annual report to the Illinois Commerce 15 Commission for the taxable period ended December 31, 1996 16 modified by an adjustment factor. The adjustment factor is a 17 ratio the numerator of which is the average of the beginning 18 and ending balances of the person's gross gas plant in 19 service for the taxable period and the denominator of which 20 is the average of the beginning and ending balances of the 21 person's gross gas plant in service for the taxable period 22 ended December 31, 1996, as set forth in the person's annual 23 reports to the Illinois Commerce Commission for such taxable 24 periods. 25 (Source: P.A. 90-561, eff. 1-1-98.).