WATSON. 35 ILCS 5/201 from Ch. 120, par. 2-201 35 ILCS 5/202 from Ch. 120, par. 2-202 35 ILCS 5/203 from Ch. 120, par. 2-203 35 ILCS 5/205 from Ch. 120, par. 2-205 35 ILCS 5/211 35 ILCS 5/304 from Ch. 120, par. 3-304 35 ILCS 5/305 from Ch. 120, par. 3-305 35 ILCS 5/308 from Ch. 120, par. 3-308 35 ILCS 5/502 from Ch. 120, par. 5-502 35 ILCS 5/803 from Ch. 120, par. 8-803 35 ILCS 5/1501 from Ch. 120, par. 15-1501 Amends the Illinois Income Tax Act. Provides that partnerships or Subchapter S corporations may elect to pay the tax on behalf of the partners or shareholders and that the amount of that tax shall be the average tax rate applicable to the partners or shareholders of the taxpayer. Provides that the average rate shall be computed by weighting the rate applicable to each such partner or shareholder by a fraction equal to that partner's or shareholder's share of the base income of the taxpayer, divided by the sum of the shares of income of all such partners or shareholders. Makes changes with respect to additions to and subtractions from federal adjusted gross income and allocation of income to accommodate this change. NOV-27-2001 S FIRST READING NOV-27-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-20-2002 S ASSIGNED TO COMMITTEE REVENUE FEB-28-2002 S POSTPONED MAR-07-2002 S POSTPONED MAR-07-2002 S COMMITTEE REVENUE MAR-08-2002 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary