(35 ILCS 610/1) (from Ch. 120, par. 467.1)
Sec. 1.
For the purposes of this Act:
"Department" means the Department of Revenue of the State of
Illinois.
"Director" means the Director of Revenue for the Department of
Revenue of the State of Illinois.
"Taxpayer" means a person engaged in the business of transmitting
messages.
"Person" means any natural individual, firm, trust, estate,
partnership, association, joint stock company, joint adventure,
corporation, limited liability company, or a receiver, trustee, guardian or
other representative appointed by order of any court, or any city, town, county
or other political subdivision of this State.
"Invested capital" means that amount equal to (i) the average of the
balances at the beginning and end of each taxable period of the taxpayer's
total stockholder's equity and total long-term debt, less investments in
and advances to all corporations, as set forth on the balance sheets
included in the taxpayer's annual report to the Illinois Commerce
Commission for the taxable period; (ii) multiplied by a fraction determined
under Sections 301 and 304(a) of the "Illinois Income Tax Act" and reported
on the Illinois income tax return for the taxable period ending in or with
the taxable period in question. However, notwithstanding the income tax
return reporting requirement stated above, beginning July 1, 1979, no
taxpayer's denominators used to compute the sales, property or payroll
factors under subsection (a) of Section 304 of the Illinois Income Tax Act
shall include payroll, property or sales of any corporate entity other than
the taxpayer for the purposes of determining an allocation for the invested
capital tax. This amendatory Act of 1982, Public Act 82-1024, is not
intended to and does not make any change in the meaning of any provision of
this Act, it having been the intent of the General Assembly in initially
enacting the definition of "invested capital" to provide for apportionment
of the invested capital of each company, based solely upon the sales,
property and payroll of that company.
In the case of a telephone cooperative subject to the tax imposed by Section
2a.1, "invested capital" means an amount equal to the product determined
by multiplying, (i) the average of the balances at the beginning and end
of the taxable period of the taxpayer's total equity (including memberships,
patronage capital, operating margins, non-operating margins, other margins
and other equities), as set forth on the balance sheets included in the
taxpayer's annual report to the United States Department of Agriculture
Rural Electrification Administration (established pursuant to the federal
Rural Electrification Act of 1936, as amended), by (ii) the fraction determined
under Sections 301 and 304 (a) of the Illinois Income Tax Act, as amended,
for the taxable period.
"Taxable period" means each period which ends after August 14, 1979
and which is covered by an annual report filed by the taxpayer
with the Illinois Commerce Commission. In the case of a telephone cooperative
subject to the tax imposed by Section 2a.1, "taxable period" means each
calendar year ending after August 14, 1979 and covered by an annual report
filed by the taxpayer with the United States Department of Agriculture Rural
Electrification Administration. In the case of any taxpayer not subject
to the jurisdiction of the Illinois Commerce Commission, "taxable period"
means each calendar year ending after August 14, 1979.
(Source: P.A. 87-205; 88-480.)
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