Full Text of SB1544 95th General Assembly
SB1544ham002 95TH GENERAL ASSEMBLY
|
Rep. Barbara Flynn Currie
Filed: 5/30/2007
|
|
09500SB1544ham002 |
|
LRB095 10647 BDD 37391 a |
|
| 1 |
| AMENDMENT TO SENATE BILL 1544
| 2 |
| AMENDMENT NO. ______. Amend Senate Bill 1544, AS AMENDED, | 3 |
| with reference to page and line numbers of House Amendment No. | 4 |
| 1, as follows:
| 5 |
| on page 2, by replacing line 16 with the following: | 6 |
| "for a period from February 1, 2008 through March 15, 2008."; | 7 |
| on page 14, line 10, by deleting " foreign "; and | 8 |
| on page 17, line 6, by deleting " foreign "; and | 9 |
| on page 25, line 1, after "State or ", by inserting " , for | 10 |
| taxable years ending on or after December 31, 2008, "; and | 11 |
| on page 25, line 7, after "amortization , ", by inserting " and, | 12 |
| for taxable years ending on or after December 31, 2008, "; and |
|
|
|
09500SB1544ham002 |
- 2 - |
LRB095 10647 BDD 37391 a |
|
| 1 |
| on page 33, line 5, by deleting " foreign "; and | 2 |
| on page 33, line 25, by deleting " foreign "; and | 3 |
| on page 38, line 18, by deleting " foreign "; and | 4 |
| on page 41, line 14, by deleting " foreign "; and | 5 |
| on page 45, line 15, after " paid ", by inserting " to a | 6 |
| corporation by a captive real estate trust "; and | 7 |
| on page 46, line 24, after "State or ", by inserting " , for | 8 |
| taxable years ending on or after December 31, 2008, "; and | 9 |
| on page 47, line 4, after "amortization , ", by inserting " and, | 10 |
| for taxable years ending on or after December 31, 2008, "; and | 11 |
| on page 55, line 23, by deleting " foreign "; and | 12 |
| on page 56, line 17, by deleting " foreign "; and | 13 |
| on page 61, line 20, by deleting " foreign "; and | 14 |
| on page 64, line 16, by deleting " foreign "; and | 15 |
| on page 69, line 13, after "State or ", by inserting " , for |
|
|
|
09500SB1544ham002 |
- 3 - |
LRB095 10647 BDD 37391 a |
|
| 1 |
| taxable years ending on or after December 31, 2008, "; and | 2 |
| on page 69, line 19, after "amortization , ", by inserting " and, | 3 |
| for taxable years ending on or after December 31, 2008, "; and | 4 |
| on page 75, line 20, by deleting " foreign "; and | 5 |
| on page 79, line 16, by deleting " foreign "; and | 6 |
| on page 82, line 12, by deleting " foreign "; and | 7 |
| on page 86, line 24, after "State or ", by inserting " , for | 8 |
| taxable years ending on or after December 31, 2008, "; and | 9 |
| on page 87, line 4, after "amortization , ", by inserting " and, | 10 |
| for taxable years ending on or after December 31, 2008, "; and | 11 |
| on page 92, line 12, by deleting " foreign "; and | 12 |
| on page 93, line 6, by deleting " foreign "; and | 13 |
| on page 101, by replacing lines 17 through 20 with "A"; and | 14 |
| on page 114, by replacing lines 13 and 14 with the following: | 15 |
| "storage for purposes of this Section. Sales of"; and |
|
|
|
09500SB1544ham002 |
- 4 - |
LRB095 10647 BDD 37391 a |
|
| 1 |
| on page 120, by replacing lines 11 through 23, with the | 2 |
| following: | 3 |
| "annuity considerations as reported for the taxable year on the | 4 |
| annual statement filed by the company with the Illinois | 5 |
| Director of Insurance in the form approved by the National | 6 |
| Convention of Insurance Commissioners or such other form as may | 7 |
| be prescribed in lieu thereof."; and | 8 |
| on page 163, immediately below line 13, by inserting the | 9 |
| following: | 10 |
| " (1.5) Captive real estate investment trust: | 11 |
| (A) The term "captive real estate investment trust" | 12 |
| means a corporation, trust, or association: | 13 |
| (i) that is considered a real estate investment | 14 |
| trust for the taxable year under Section 856 of the | 15 |
| Internal Revenue Code; | 16 |
| (ii) that is not regularly traded on an established | 17 |
| securities market; and | 18 |
| (iii) of which more than 50% of the voting power or | 19 |
| value of the beneficial interest or shares, at any time | 20 |
| during the last half of the taxable year, is owned or | 21 |
| controlled, directly or indirectly, by a single entity | 22 |
| that is subject to the provisions of Subchapter C of | 23 |
| Chapter 1 of the Internal Revenue Code. | 24 |
| (B) The term "captive real estate investment trust" | 25 |
| does not include: |
|
|
|
09500SB1544ham002 |
- 5 - |
LRB095 10647 BDD 37391 a |
|
| 1 |
| (i) a corporation, trust, or association of which | 2 |
| more than 50% of the voting power or value of the | 3 |
| beneficial interest or shares is owned or controlled, | 4 |
| at any time during which the corporation, trust, or | 5 |
| association satisfies item (A)(iii) of this subsection | 6 |
| (1.5), by: | 7 |
| (a) a real estate investment trust, other than | 8 |
| a real estate investment trust described in item | 9 |
| (A) of this subsection; | 10 |
| (b) a person who is exempt from taxation under | 11 |
| Section 501 of the Internal Revenue Code; | 12 |
| (c) a listed Australian property trust; or | 13 |
| (d) a real estate investment trust that, | 14 |
| subject to rules of the Secretary of State, is | 15 |
| intended to become regularly traded on an | 16 |
| established securities market and that satisfies | 17 |
| the requirements of Sections 856(A)(5) and | 18 |
| 856(A)(6) of the Internal Revenue Code by reason of | 19 |
| Section 856(H)(2) of the Internal Revenue Code. | 20 |
| (C) For the purposes of this subsection (1.5), the | 21 |
| constructive ownership rules prescribed under Section | 22 |
| 318(A) of the Internal Revenue Code, as modified by Section | 23 |
| 856(D)(5) of the Internal Revenue Code, apply in | 24 |
| determining the ownership of stock, assets, or net profits | 25 |
| of any person ; and
|
|
|
|
09500SB1544ham002 |
- 6 - |
LRB095 10647 BDD 37391 a |
|
| 1 |
| on page 163, by replacing line 25 and 26 with "it is so | 2 |
| classified for federal income tax purposes."; and | 3 |
| on page 164, by deleting lines 1 and 2. | 4 |
| Section 99. Effective date. This Act takes effect upon | 5 |
| becoming law.".
|
|