Full Text of HB6721 95th General Assembly
HB6721 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB6721
Introduced , by Rep. LaShawn K. Ford SYNOPSIS AS INTRODUCED: |
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20 ILCS 1605/2.5 |
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20 ILCS 1605/9 |
from Ch. 120, par. 1159 |
20 ILCS 1605/19 |
from Ch. 120, par. 1169 |
20 ILCS 1605/20 |
from Ch. 120, par. 1170 |
20 ILCS 1605/20.1 |
from Ch. 120, par. 1170.1 |
20 ILCS 1605/20.2 |
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20 ILCS 1605/20.3 new |
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20 ILCS 1605/27 |
from Ch. 120, par. 1177 |
35 ILCS 5/201 |
from Ch. 120, par. 2-201 |
35 ILCS 5/901 |
from Ch. 120, par. 9-901 |
105 ILCS 5/2-3.148 new |
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Amends the Illinois Lottery Law. Creates the Lottery Supports Schools Fund. Provides that certain lottery revenues shall be deposited into the Fund. Provides that moneys in the fund shall be distributed to school districts based on the district's percentage of lottery sales. Amends the Illinois Income Tax Act. Beginning with the first taxable year after the taxable year in which a Management and Concession Agreement is entered into under the Illinois Lottery Law, increases the individual rate from 3% to 3.25% and the corporate rate from 4.8% to 5.2%. Provides that 100% of the net increase in collections shall be deposited into the Common School Fund. All changes are contingent upon Senate Bill 2595, as amended by House Amendment No. 4, becoming law. Effective immediately.
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A BILL FOR
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HB6721 |
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LRB095 22629 HLH 53036 b |
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| AN ACT concerning State government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. If and only if Senate Bill 2595 of the 95th | 5 |
| General Assembly, as amended by House Amendment No. 4, becomes | 6 |
| law, then the Illinois Lottery Law is amended by changing | 7 |
| Sections 2.5, 9, 19, 20, 20.1, 20.2, and 27 and by adding | 8 |
| Section 20.3 as follows: | 9 |
| (20 ILCS 1605/2.5)
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| Sec. 2.5. Creation of the Illinois Education Trust Fund; | 11 |
| State Treasurer's investment of moneys. There is created in the | 12 |
| State Treasury the Illinois Education Trust Fund. | 13 |
| Notwithstanding any other statute to the contrary, the State | 14 |
| Treasurer is hereby authorized to and shall invest all moneys | 15 |
| deposited into the Illinois Education Trust Fund pursuant to | 16 |
| this amendatory Act of the 95th General Assembly. Permissible | 17 |
| investments of the Illinois Education Trust Fund shall be | 18 |
| identical to the investment authority granted to the Illinois | 19 |
| State Board of Investments pursuant to 40 ILCS 5/22A-112, | 20 |
| subject to the requirements and restrictions set forth in | 21 |
| Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, and | 22 |
| 1-115 of the Illinois Pension Code. Notwithstanding the | 23 |
| foregoing, the following shall not be considered permissible |
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| investments of the Illinois Education Trust Fund; (i) | 2 |
| investments in venture capital, (ii) investments in hedge | 3 |
| funds, and (iii) investments in real estate. | 4 |
| Notwithstanding any other State law to the contrary, on or | 5 |
| before the last day of each fiscal year the State Comptroller | 6 |
| shall direct and the State Treasurer shall transfer from the | 7 |
| Illinois Education Trust Fund to the State Lottery Fund the | 8 |
| amount necessary to provide for the transfer of $600,000,000 in | 9 |
| that fiscal year from the State Lottery Fund to the Lottery | 10 |
| Supports Schools Fund Common School Fund in accordance with the | 11 |
| provisions of Section 20.2 of this Act.
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| (Source: 95SB2595, HAM4.)
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| (20 ILCS 1605/9) (from Ch. 120, par. 1159)
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| Sec. 9. Duties of Superintendent. The Superintendent, as | 15 |
| administrative head of
the Division, shall direct and supervise | 16 |
| all its administrative and
technical activities and shall | 17 |
| report to the Director. In addition to the duties imposed upon | 18 |
| him
or her elsewhere in this Act, it
shall be the | 19 |
| Superintendent's duty:
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| a. To supervise and administer the operation of the lottery | 21 |
| in
accordance with the provisions of this Act or such
rules and | 22 |
| regulations of the Department
adopted thereunder.
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| b. To attend meetings of the Board or to appoint a designee | 24 |
| to
attend in his stead.
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| c. To employ and direct such personnel in accord with the |
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| Personnel Code,
as may be necessary to carry out the purposes | 2 |
| of this Act. The Superintendent may, subject to the approval of | 3 |
| the Director, use the services, personnel, or facilities of the | 4 |
| Department.
In addition, the Superintendent
may by agreement | 5 |
| secure such services as he or she may deem necessary
from any | 6 |
| other department, agency, or unit of the State government, and
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| may employ and compensate such consultants and technical | 8 |
| assistants as may
be required and is otherwise permitted by | 9 |
| law.
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| d. To license, in accordance with the provisions of | 11 |
| Sections 10 and 10.1
of this Act and the rules and regulations | 12 |
| of the Department
adopted thereunder, or to ensure the | 13 |
| retention, pursuant to the terms of a Management and Concession | 14 |
| Agreement,
as agents to sell lottery tickets such persons as in | 15 |
| his opinion will best
serve the public convenience and promote | 16 |
| the sale of tickets or shares.
Unless the lottery is operated | 17 |
| pursuant to the terms of a Management and Concession Agreement, | 18 |
| the Superintendent may require a bond from every licensed | 19 |
| agent, in such
amount as provided in the rules and regulations | 20 |
| of the Department. Every licensed
agent shall prominently | 21 |
| display his or her license, or a copy thereof, as provided
in | 22 |
| the rules and regulations of the Department.
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| e. To suspend or revoke any license issued pursuant to this | 24 |
| Act or the
rules and regulations promulgated by the Department | 25 |
| thereunder.
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| f. To confer regularly as necessary or desirable and not
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| less than once
every month with the Lottery Control Board on | 2 |
| the operation and administration
of the Lottery; to make | 3 |
| available for inspection by the Board or any member
of the | 4 |
| Board, upon request, all books, records, files, and other | 5 |
| information
and documents of his office; to advise the Board | 6 |
| and recommend such rules
and regulations and such other matters | 7 |
| as he deems necessary and advisable
to improve the operation | 8 |
| and administration of the lottery or the implementation and | 9 |
| oversight of a Management and Concession Agreement.
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| g. To enter into contracts for the operation of the | 11 |
| lottery, or any part
thereof, and, unless the lottery is | 12 |
| operated pursuant to the terms of a Management and Concession | 13 |
| Agreement, to enter into contracts for the promotion of the | 14 |
| lottery on behalf of
the Department, with any person, firm or | 15 |
| corporation, to perform any of the
functions provided for in | 16 |
| this Act or the rules and regulations promulgated
thereunder. | 17 |
| The Department shall not expend State funds on a contractual
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| basis for such functions unless those functions and | 19 |
| expenditures are expressly
authorized by the General Assembly.
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| h. Unless the State has entered into a Management and | 21 |
| Concession Agreement, to enter into an agreement or agreements | 22 |
| with the management of state
lotteries operated pursuant to the | 23 |
| laws of other states for the purpose of
creating and operating | 24 |
| a multi-state lottery game wherein a separate and
distinct | 25 |
| prize pool would be combined to award larger prizes to the | 26 |
| public
than could be offered by the several state lotteries, |
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| individually. No
tickets or shares offered in connection with a | 2 |
| multi-state lottery game
shall be sold within the State of | 3 |
| Illinois, except those offered by and
through the Department. | 4 |
| No such agreement shall purport to pledge the full
faith and | 5 |
| credit of the State of Illinois, nor shall the Department | 6 |
| expend
State funds on a contractual basis in connection with | 7 |
| any such game unless
such expenditures are expressly authorized | 8 |
| by the General Assembly,
provided, however, that in the event | 9 |
| of error or omission by the Illinois
State Lottery in the | 10 |
| conduct of the game, as determined by the multi-state
game | 11 |
| directors, the Department shall be authorized to pay a prize | 12 |
| winner or
winners the lesser of a disputed prize or $1,000,000, | 13 |
| any such payment to
be made solely from funds appropriated for | 14 |
| game prize purposes. The
Department shall be authorized to | 15 |
| share in the ordinary operating expenses
of any such | 16 |
| multi-state lottery game, from funds appropriated by the | 17 |
| General Assembly,
and in the event the multi-state game control | 18 |
| offices are physically
located within the State of Illinois, | 19 |
| the Department is authorized to
advance start-up operating | 20 |
| costs not to exceed $150,000, subject to
proportionate | 21 |
| reimbursement of such costs by the other participating state
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| lotteries. The Department shall be authorized to share | 23 |
| proportionately in
the costs of establishing a liability | 24 |
| reserve fund from funds appropriated
by the General Assembly. | 25 |
| The Department is authorized to transfer prize
award funds | 26 |
| attributable to Illinois sales of multi-state lottery game |
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| tickets to
the multi-state control office, or its designated | 2 |
| depository, for deposit
to such game pool account or accounts | 3 |
| as may be established by the
multi-state game directors, the | 4 |
| records of which account or accounts shall
be available at all | 5 |
| times for inspection in an audit by the Auditor General
of | 6 |
| Illinois and any other auditors pursuant to the laws of the | 7 |
| State of
Illinois.
No multi-state game prize awarded to a | 8 |
| nonresident of Illinois, with
respect to a ticket or share | 9 |
| purchased in a state other than the State of
Illinois, shall be | 10 |
| deemed to be a prize awarded under this Act for the
purpose of | 11 |
| taxation under the Illinois Income Tax Act.
All of the net | 12 |
| revenues accruing from the sale of multi-state lottery
tickets | 13 |
| or shares shall be transferred into the Common School Fund | 14 |
| pursuant
to Section 7.2.
The Department shall promulgate such | 15 |
| rules as may be appropriate to
implement the provisions of this | 16 |
| Section.
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| (h-1) In the event that the State enters into a Management | 18 |
| and Concession Agreement, to authorize a Concessionaire to | 19 |
| enter into an agreement or agreements with the management of | 20 |
| state
lotteries operated pursuant to the laws of other states | 21 |
| for the purpose of
creating and operating a multi-state lottery | 22 |
| game wherein a separate and
distinct prize pool would be | 23 |
| combined to award larger prizes to the public
than could be | 24 |
| offered by the several state lotteries individually. The | 25 |
| Superintendent shall not authorize the Concessionaire to take | 26 |
| such action unless the Illinois Gaming Board verifies that the |
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| authorization derived from the agreement conforms to the | 2 |
| provisions of the Illinois Procurement Code and the State | 3 |
| Officials and Employees Ethics Act. No
tickets or shares | 4 |
| offered in connection with a multi-state lottery game
shall be | 5 |
| sold within the State of Illinois, except those offered by and
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| through the Concessionaire or technical operator pursuant to | 7 |
| the terms of the Management and Concession Agreement and this | 8 |
| amendatory Act of the 95th General Assembly. No such agreement | 9 |
| shall purport to pledge the full
faith and credit of the State | 10 |
| of Illinois or to waive the sovereign immunity of the State of | 11 |
| Illinois, nor shall the Department expend
State funds on a | 12 |
| contractual basis in connection with any such game unless
such | 13 |
| expenditures are expressly authorized by the General Assembly. | 14 |
| To the extent authorized pursuant to the terms of a Management | 15 |
| and Concession Agreement, the Concessionaire shall be | 16 |
| authorized to share in the ordinary operating expenses
of any | 17 |
| such multi-state lottery game,
and in the event the multi-state | 18 |
| game control offices are physically
located within the State of | 19 |
| Illinois, the Concessionaire is authorized to
advance start-up | 20 |
| operating costs, subject to
proportionate reimbursement of | 21 |
| such costs by the other participating state
lotteries. The | 22 |
| Concessionaire shall be authorized to share proportionately in
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| the costs of establishing a liability reserve fund. The | 24 |
| Concessionaire is authorized to transfer prize
award funds | 25 |
| attributable to Illinois sales of multi-state lottery game | 26 |
| tickets to
the multi-state control office, or its designated |
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| depository, for deposit
to such game pool account or accounts | 2 |
| as may be established by the
multi-state game directors, the | 3 |
| records of which account or accounts shall
be available at all | 4 |
| times for inspection in an audit by the Illinois Gaming Board | 5 |
| and any auditors pursuant to the laws of the State of
Illinois.
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| No multi-state game prize awarded to a nonresident of Illinois, | 7 |
| with
respect to a ticket or share purchased in a state other | 8 |
| than the State of
Illinois, shall be deemed to be a prize | 9 |
| awarded under this Act for the
purpose of taxation under the | 10 |
| Illinois Income Tax Act. The Illinois Gaming Board and the | 11 |
| Department shall promulgate such rules as may be appropriate to
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| implement the provisions of this Section. | 13 |
| i. To make a continuous study and investigation of (1) the | 14 |
| operation and
the administration of similar laws which may be | 15 |
| in effect in other states
or countries, (2) any literature on | 16 |
| the subject which from time to time
may be published or | 17 |
| available, (3) any Federal laws which may affect the
operation | 18 |
| of the
lottery, and (4) the reaction of Illinois citizens to | 19 |
| existing and potential
features of the lottery with a view to | 20 |
| recommending or effecting changes
that will tend to serve the | 21 |
| purposes of this Act.
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| j. To report monthly to the State Treasurer and the Lottery | 23 |
| Control Board
a full and complete statement of lottery | 24 |
| revenues, prize disbursements and
other expenses for each month | 25 |
| and the amounts to be transferred to the Common
School Fund | 26 |
| pursuant to Section 7.2 or such other funds as are otherwise
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| authorized by Sections 20.2 and Section 21.2 of this Act, and | 2 |
| to
make an annual report, which shall include a full and | 3 |
| complete statement
of lottery revenues, prize disbursements | 4 |
| and other expenses, to the Governor
and the Board. All reports | 5 |
| required by this subsection shall be public
and copies of all
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| such reports shall be sent to the Speaker of the House, the | 7 |
| President of
the Senate, and the minority leaders of both | 8 |
| houses.
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| k. If the State enters into a Management and Concession | 10 |
| Agreement, the Illinois Gaming Board shall assume the powers | 11 |
| and duties in this Section 9 to the extent they are applicable. | 12 |
| (Source: P.A. 94-776, eff. 5-19-06; 95SB2595, HAM4.)
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| (20 ILCS 1605/19) (from Ch. 120, par. 1169)
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| Sec. 19. Claiming prizes. The Division shall establish an | 15 |
| appropriate period for the
claiming of prizes for each lottery | 16 |
| game offered. Each claim period shall
be stated in game rules | 17 |
| and written play
instructions issued by the Superintendent in | 18 |
| accordance with Section 7.1 of
this Act or, if the State enters | 19 |
| into a Management and Concession Agreement pursuant to which a | 20 |
| Concessionaire shall manage or operate the Lottery, such rules | 21 |
| and written play instructions as may be issued in accordance | 22 |
| with the terms of the Management and Concession Agreement, but | 23 |
| subject to change by rule of the Illinois Gaming Board. Written | 24 |
| play instructions shall be made available to all players
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| through sales agents licensed to sell game tickets or shares.
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| Prizes for lottery games which involve the purchase of a | 2 |
| physical lottery
ticket may be claimed only by presentation of | 3 |
| a valid winning lottery
ticket that matches validation records | 4 |
| on file with the Lottery or, if the State enters into a | 5 |
| Management and Concession Agreement pursuant to which a | 6 |
| Concessionaire manages or operates the Lottery, the records on | 7 |
| file with that Concessionaire or technical operator, its | 8 |
| contractors and licensees; no
claim may be honored which is | 9 |
| based on the assertion that the ticket was
lost or stolen. No | 10 |
| lottery ticket which has been altered, mutilated, or
fails to | 11 |
| pass validation tests shall be deemed to be a winning ticket.
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| If no claim
is made for the money within the established | 13 |
| claim period, the prize may
be included in the prize pool of | 14 |
| such special drawing or drawings as the
Division may, from time | 15 |
| to time, designate, except, in the event the Lottery is | 16 |
| operated pursuant to the terms of a Management and Concession | 17 |
| Agreement, then the unclaimed prize money shall be transferred | 18 |
| to the Lottery Supports Schools Fund Common School Fund . | 19 |
| Unclaimed
multi-state game prize money may be included in the | 20 |
| multi-state
prize
pool for such special drawing or drawings as | 21 |
| the multi-state game directors
may, from time to time, | 22 |
| designate, unless the lottery is operated pursuant to the terms | 23 |
| of a Management and Concession Agreement, in which case all | 24 |
| unclaimed prize money not included in the prize pool of a | 25 |
| special drawing shall be transferred to the Lottery Supports | 26 |
| Schools Fund Common School Fund . Unless the lottery is operated |
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| pursuant to the terms of a Management and Concession Agreement, | 2 |
| any bonuses offered by the Department
to sales agents who sell | 3 |
| winning tickets or shares shall be
payable to such agents | 4 |
| regardless of whether or not the prize money on the
ticket or | 5 |
| share is claimed, provided that the agent can be identified as
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| the vendor of the winning ticket or share, and
that the winning | 7 |
| ticket or share was sold on or after January 1, 1984.
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| (Source: P.A. 94-776, eff. 5-19-06; 95SB2595, HAM4.)
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| (20 ILCS 1605/20) (from Ch. 120, par. 1170)
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| Sec. 20. State Lottery Fund.
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| (a) There is created in the State Treasury a special fund | 12 |
| to be
known as the "State Lottery Fund". Such fund shall | 13 |
| consist of all revenues
received from (1) the sale of lottery | 14 |
| tickets or shares, (net of
commissions, fees
representing those | 15 |
| expenses that are directly proportionate to the
sale of tickets | 16 |
| or shares at the agent location, and prizes of less
than
$600 | 17 |
| which
have been validly paid at the agent
level), (2) | 18 |
| application fees,
and (3) all other sources including moneys | 19 |
| credited or transferred thereto
from
any other fund
or source | 20 |
| pursuant to law and, if the State enters into a Management and | 21 |
| Concession Agreement, any moneys accruing to the State pursuant | 22 |
| to the terms of that Agreement. Interest earnings of the State | 23 |
| Lottery Fund
shall be credited to the Common School Fund unless | 24 |
| the State enters into a Management and Concession Agreement. If | 25 |
| the State enters into a Management and Concession Agreement, |
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| interest earnings of the State Lottery Fund shall be credited | 2 |
| to the Lottery Supports Schools Fund .
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| (b) The receipt and distribution of moneys under Section | 4 |
| 21.5 of this Act shall be in accordance with Section 21.5.
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| (c) The receipt and distribution of moneys under Section | 6 |
| 21.6 of this Act shall be in accordance with Section 21.6. | 7 |
| (d) The receipt and distribution of moneys under Section | 8 |
| 21.7 of this Act shall be in accordance with Section 21.7.
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| (e) The receipt and distribution of moneys under Section | 10 |
| 21.8 of this Act shall be in accordance with Section 21.8.
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| (Source: P.A. 94-120, eff. 7-6-05; 94-585, eff. 8-15-05; | 12 |
| 95-331, eff. 8-21-07; 95-673, eff. 10-11-07; 95-674, eff. | 13 |
| 10-11-07; 95SB2595, HAM4.)
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| (20 ILCS 1605/20.1) (from Ch. 120, par. 1170.1)
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| Sec. 20.1. Department account.
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| (a) The Department is authorized to pay validated prizes
up | 17 |
| to $25,000 from funds held by the Department in an account | 18 |
| separate and
apart from all public moneys of the State. Moneys | 19 |
| in this account shall be
administered by the Director | 20 |
| exclusively for the purposes of issuing payments
to prize | 21 |
| winners authorized by this Section. Moneys in this account | 22 |
| shall be
deposited by the Department into the Public | 23 |
| Treasurers' Investment Pool
established under Section 17 of the | 24 |
| State Treasurer Act. The Department shall
submit vouchers from | 25 |
| time to time as needed for reimbursement of this account
from |
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| moneys appropriated for prizes from the State Lottery Fund. | 2 |
| Investment
income earned from this account shall be deposited | 3 |
| monthly by the Department
into the Common School Fund. If the | 4 |
| State enters into a Management and Concession Agreement, then | 5 |
| investment income from the account shall be deposited into the | 6 |
| Lottery Supports Schools Fund. The Department shall file | 7 |
| quarterly fiscal
reports specifying the activity of this | 8 |
| account as required under Section 16 of
the State Comptroller | 9 |
| Act, and shall file quarterly with the General Assembly,
the | 10 |
| Auditor General, the Comptroller, and the State Treasurer a | 11 |
| report
indicating the costs associated with this activity.
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| (b) The Department is authorized to enter into an | 13 |
| interagency agreement
with the Office of the Comptroller or any | 14 |
| other State agency to establish
responsibilities, duties, and | 15 |
| procedures for complying with the Comptroller's
Offset System | 16 |
| under Section 10.05 of the State Comptroller Act. All federal
| 17 |
| and State tax reporting and withholding requirements relating | 18 |
| to prize winners
under this Section shall be the responsibility | 19 |
| of the Department. Moneys from
this account may not be used to | 20 |
| pay amounts to deferred prize winners. Moneys
may not be | 21 |
| transferred from the State Lottery Fund to this account for | 22 |
| payment
of prizes under this Section until procedures are | 23 |
| implemented to comply with
the Comptroller's Offset System and | 24 |
| sufficient internal controls are in place
to validate prizes.
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| (Source: P.A. 87-1197; 88-676, eff. 12-14-94.)
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| (20 ILCS 1605/20.2)
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| Sec. 20.2. Transfer of moneys from State Lottery Fund to | 3 |
| Common School Fund. If the State enters into a Management and | 4 |
| Concession Agreement, then notwithstanding Notwithstanding any | 5 |
| provision set forth in this Act or State law to the contrary, | 6 |
| on or before the last day of each fiscal year the State | 7 |
| Comptroller shall direct and the State Treasurer shall transfer | 8 |
| moneys in and revenues received by the State Lottery Fund to | 9 |
| the Lottery Supports Schools Fund, in accordance with Section | 10 |
| 2.5 of this Act Common School Fund .
| 11 |
| (Source: 95SB2595, HAM4.) | 12 |
| (20 ILCS 1605/20.3 new)
| 13 |
| Sec. 20.3. Lottery Supports Schools Fund. There is created | 14 |
| a Fund to be known as the Lottery Supports Schools Fund, which | 15 |
| is a non-appropriated trust fund held outside of the State | 16 |
| treasury. The Fund shall consist of moneys paid into it by the | 17 |
| Division as provided in this Law. The Illinois Gaming Board | 18 |
| shall certify each month to the State Board of Education the | 19 |
| proportion of lottery sales in each school district in relation | 20 |
| to statewide lottery sales. The moneys in the Lottery Supports | 21 |
| Schools Fund must be distributed monthly by the State Board of | 22 |
| Education to each school district based upon that school | 23 |
| district's portion of statewide lottery sales.
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| (20 ILCS 1605/27) (from Ch. 120, par. 1177)
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| Sec. 27. Contracts; investments; proceeds; Deferred | 2 |
| Lottery Prize Winners Trust Fund; disbursements; State Lottery | 3 |
| Fund; Lottery Concession Fund; Lottery Escrow Account. | 4 |
| (a) The State Treasurer may, with the consent of the | 5 |
| Director,
contract with any person or corporation, including, | 6 |
| without limitation,
a bank, banking house, trust company or | 7 |
| investment banking firm, to perform
such financial functions, | 8 |
| activities or services in connection with operation
of the | 9 |
| lottery as the State Treasurer and the Director may prescribe.
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| (b) All proceeds from investments made pursuant to | 11 |
| contracts executed by
the State Treasurer, with the consent of | 12 |
| the Director,
to perform financial functions, activities or | 13 |
| services in connection with
operation of the lottery, shall be | 14 |
| deposited and held by the State Treasurer
as ex-officio | 15 |
| custodian thereof, separate and apart from all
public money or | 16 |
| funds of this State in a special trust fund outside the
State | 17 |
| treasury. Such trust fund shall be known as the "Deferred | 18 |
| Lottery
Prize Winners Trust Fund", and shall be administered by | 19 |
| the Director.
| 20 |
| The Director shall, at such times and in such amounts as | 21 |
| shall be
necessary, prepare and send to the State Comptroller | 22 |
| vouchers requesting
payment from the Deferred Lottery Prize | 23 |
| Winners Trust Fund to deferred
prize winners, in a manner that | 24 |
| will insure the timely
payment of such amounts owed.
| 25 |
| This Act shall constitute an irrevocable appropriation of | 26 |
| all amounts
necessary for that purpose, and the irrevocable and |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| continuing authority
for and direction to the Director and the | 2 |
| State Treasurer to
make the necessary payments out of such | 3 |
| trust fund for that purpose. In the event that the State shall | 4 |
| enter into a Management and Concession Agreement, this Section | 5 |
| 27(b) shall not apply to any prizes awarded after the closing | 6 |
| date of the Management and Concession Agreement.
| 7 |
| (c) Moneys invested pursuant to subsection (a) of this | 8 |
| Section may be
invested only in bonds, notes, certificates of | 9 |
| indebtedness, treasury
bills, or other securities constituting | 10 |
| direct obligations of the United
States of America and all | 11 |
| securities or obligations the prompt payment of
principal and | 12 |
| interest of which is guaranteed by a pledge of the full faith
| 13 |
| and credit of the United States of America. Interest earnings | 14 |
| on moneys in
the Deferred Lottery Prize Winners Trust Fund | 15 |
| shall remain in such fund
and be used to pay the winners of | 16 |
| lottery prizes deferred as to payment
until such obligations | 17 |
| are discharged.
Proceeds from bonds purchased and interest | 18 |
| accumulated as a result of a grand
prize multi-state game | 19 |
| ticket that goes unclaimed will be transferred after the
| 20 |
| termination of the relevant claim period directly from the | 21 |
| lottery's Deferred
Lottery Prize Winners Trust Fund to each | 22 |
| respective multi-state partner state
according to its | 23 |
| contribution ratio. All moneys invested pursuant to the terms | 24 |
| of any Management and Concession Agreement into which the State | 25 |
| may enter shall be subject to the provisions of this | 26 |
| subsection.
|
|
|
|
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LRB095 22629 HLH 53036 b |
|
| 1 |
| (c-5) If a deferred lottery prize is not claimed within the | 2 |
| claim
period established by game rule, then the securities or | 3 |
| other instruments
purchased to fund the prize shall be | 4 |
| liquidated and the liquidated amount
shall be transferred to | 5 |
| the State Lottery Fund for disposition pursuant to
Section 19 | 6 |
| of
this Act. In the event that the State shall enter into a | 7 |
| Management and Concession Agreement, this Section 27(c-5) | 8 |
| shall not apply to any prizes awarded after the closing date of | 9 |
| the Management and Concession Agreement.
| 10 |
| (c-10) The Director may use a portion of the moneys in the
| 11 |
| Deferred
Lottery Prize Winners Trust Fund to purchase bonds
to | 12 |
| pay a lifetime prize if the prize duration exceeds the length | 13 |
| of available
securities. If the winner of a lifetime prize | 14 |
| exceeds his or her life
expectancy as determined using | 15 |
| actuarial assumptions and the securities or
moneys set aside to | 16 |
| pay the prize have been exhausted, moneys in the State
Lottery | 17 |
| Fund shall be used to make payments to the winner
for the | 18 |
| duration of the winner's life. In the event that the State | 19 |
| shall enter into a Management and Concession Agreement, this | 20 |
| Section 27(c-10) shall not apply to any prizes awarded after | 21 |
| the closing date of the Management and Concession Agreement.
| 22 |
| (c-15) From time to time, the Director may
request that the | 23 |
| State Comptroller transfer any excess moneys in the Deferred
| 24 |
| Lottery Prize Winners Trust Fund to the Lottery Fund. In the | 25 |
| event that the State shall enter into a Management and | 26 |
| Concession Agreement, this Section 27(c-15) shall not apply to |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| any prizes awarded after the closing date of the Management and | 2 |
| Concession Agreement.
| 3 |
| (c-20) In the event that the State shall enter into a | 4 |
| Management and Concession Agreement pursuant to which a | 5 |
| Concessionaire is authorized to manage or operate the Lottery, | 6 |
| there shall be created a fund to be known as the Lottery | 7 |
| Concession Trust Fund, which shall be a special | 8 |
| non-appropriated trust fund held outside of the State Treasury | 9 |
| and separate and apart from all public money and funds of this | 10 |
| State for the purpose of holding Concession revenues for the | 11 |
| purpose of transferring to the State its 20% share of gross | 12 |
| revenues after prize payouts. All proceeds from the sale of | 13 |
| Lottery tickets or shares and all other revenue from the | 14 |
| State's conduct of the Lottery as authorized under this | 15 |
| amendatory Act of the 95th General Assembly, including Lottery | 16 |
| revenues a Concessionaire may be eligible to receive under a | 17 |
| Management and Concession Agreement, with the exception of the | 18 |
| initial consideration distributed pursuant to Section 2.4, | 19 |
| shall be paid into the Fund. Within the Lottery Concession | 20 |
| Trust Fund, there shall be created sub-trusts for the purpose | 21 |
| of holding moneys for the exclusive benefit of the State and | 22 |
| recipients of Prize Claims. | 23 |
| The Fund shall begin to receive lottery proceeds and | 24 |
| revenues on the date that a Management and Concession Agreement | 25 |
| first becomes effective, and moneys in the Fund shall not at | 26 |
| any time during the term of such an agreement be appropriated |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| or diverted to any other use or purpose. The Fund shall be held | 2 |
| by an Illinois trustee designated pursuant to the Concession | 3 |
| and Management Agreement. All interest or other earnings | 4 |
| accruing or received on amounts in the Fund shall be credited | 5 |
| to and retained by the Fund. The Fund shall be held, | 6 |
| administered, invested, and disbursed in accordance with the | 7 |
| trust agreement and the Management and Concession Agreement. | 8 |
| The Illinois Gaming Board shall report quarterly to the | 9 |
| State Treasurer and the Governor a full and complete statement | 10 |
| of revenues into and expenses from the Lottery Concession Trust | 11 |
| Fund, which may be included in the reports required pursuant to | 12 |
| subsection (j) (j-1) of Section 9 of this Act. The statement | 13 |
| shall be public and copies shall be sent to the Speaker of the | 14 |
| House, the President of the Senate, and the Minority Leaders of | 15 |
| both houses. | 16 |
| (d) This amendatory Act of 1985 shall be construed | 17 |
| liberally to effect
the purposes of the Illinois Lottery Law.
| 18 |
| (Source: P.A. 89-466, eff. 6-13-96; 90-346, eff. 8-8-97; | 19 |
| 95SB2595, HAM4.)
| 20 |
| Section 10. If and only if Senate Bill 2595 of the 95th | 21 |
| General Assembly, as amended by House Amendment No. 4, becomes | 22 |
| law, then the Illinois Income Tax Act is amended by changing | 23 |
| Sections 201 and 901 as follows:
| 24 |
| (35 ILCS 5/201) (from Ch. 120, par. 2-201)
|
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| Sec. 201. Tax Imposed.
| 2 |
| (a) In general. A tax measured by net income is hereby | 3 |
| imposed on every
individual, corporation, trust and estate for | 4 |
| each taxable year ending
after July 31, 1969 on the privilege | 5 |
| of earning or receiving income in or
as a resident of this | 6 |
| State. Such tax shall be in addition to all other
occupation or | 7 |
| privilege taxes imposed by this State or by any municipal
| 8 |
| corporation or political subdivision thereof.
| 9 |
| (b) Rates. The tax imposed by subsection (a) of this | 10 |
| Section shall be
determined as follows, except as adjusted by | 11 |
| subsection (d-1):
| 12 |
| (1) In the case of an individual, trust or estate, for | 13 |
| taxable years
ending prior to July 1, 1989, an amount equal | 14 |
| to 2 1/2% of the taxpayer's
net income for the taxable | 15 |
| year.
| 16 |
| (2) In the case of an individual, trust or estate, for | 17 |
| taxable years
beginning prior to July 1, 1989 and ending | 18 |
| after June 30, 1989, an amount
equal to the sum of (i) 2 | 19 |
| 1/2% of the taxpayer's net income for the period
prior to | 20 |
| July 1, 1989, as calculated under Section 202.3, and (ii) | 21 |
| 3% of the
taxpayer's net income for the period after June | 22 |
| 30, 1989, as calculated
under Section 202.3.
| 23 |
| (3) In the case of an individual, trust or estate, for | 24 |
| taxable years
beginning after June 30, 1989 and through the | 25 |
| taxable year in which a Management and Concession Agreement | 26 |
| is entered into under the Illinois Lottery Law , an amount |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| equal to 3% of the taxpayer's net
income for the taxable | 2 |
| year.
| 3 |
| (4) In the case of an individual, trust, or estate, for | 4 |
| taxable years beginning with the first taxable year after | 5 |
| the taxable year in which a Management and Concession | 6 |
| Agreement is entered into under the Illinois Lottery Law, | 7 |
| an amount equal to 3.25% of the taxpayer's net income for | 8 |
| the taxable year (Blank) .
| 9 |
| (5) (Blank).
| 10 |
| (6) In the case of a corporation, for taxable years
| 11 |
| ending prior to July 1, 1989, an amount equal to 4% of the
| 12 |
| taxpayer's net income for the taxable year.
| 13 |
| (7) In the case of a corporation, for taxable years | 14 |
| beginning prior to
July 1, 1989 and ending after June 30, | 15 |
| 1989, an amount equal to the sum of
(i) 4% of the | 16 |
| taxpayer's net income for the period prior to July 1, 1989,
| 17 |
| as calculated under Section 202.3, and (ii) 4.8% of the | 18 |
| taxpayer's net
income for the period after June 30, 1989, | 19 |
| as calculated under Section
202.3.
| 20 |
| (8) In the case of a corporation, for taxable years | 21 |
| beginning after
June 30, 1989 and through the taxable year | 22 |
| in which a Management and Concession Agreement is entered | 23 |
| into under the Illinois Lottery Law , an amount equal to | 24 |
| 4.8% of the taxpayer's net income for the
taxable year.
| 25 |
| (9) In the case of a corporation, for taxable years | 26 |
| beginning with the first taxable year after the taxable |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| year in which a Management and Concession Agreement is | 2 |
| entered into under the Illinois Lottery Law, an amount | 3 |
| equal to 5.2% of the taxpayer's net income for the taxable | 4 |
| year. | 5 |
| (c) Personal Property Tax Replacement Income Tax.
| 6 |
| Beginning on July 1, 1979 and thereafter, in addition to such | 7 |
| income
tax, there is also hereby imposed the Personal Property | 8 |
| Tax Replacement
Income Tax measured by net income on every | 9 |
| corporation (including Subchapter
S corporations), partnership | 10 |
| and trust, for each taxable year ending after
June 30, 1979. | 11 |
| Such taxes are imposed on the privilege of earning or
receiving | 12 |
| income in or as a resident of this State. The Personal Property
| 13 |
| Tax Replacement Income Tax shall be in addition to the income | 14 |
| tax imposed
by subsections (a) and (b) of this Section and in | 15 |
| addition to all other
occupation or privilege taxes imposed by | 16 |
| this State or by any municipal
corporation or political | 17 |
| subdivision thereof.
| 18 |
| (d) Additional Personal Property Tax Replacement Income | 19 |
| Tax Rates.
The personal property tax replacement income tax | 20 |
| imposed by this subsection
and subsection (c) of this Section | 21 |
| in the case of a corporation, other
than a Subchapter S | 22 |
| corporation and except as adjusted by subsection (d-1),
shall | 23 |
| be an additional amount equal to
2.85% of such taxpayer's net | 24 |
| income for the taxable year, except that
beginning on January | 25 |
| 1, 1981, and thereafter, the rate of 2.85% specified
in this | 26 |
| subsection shall be reduced to 2.5%, and in the case of a
|
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| partnership, trust or a Subchapter S corporation shall be an | 2 |
| additional
amount equal to 1.5% of such taxpayer's net income | 3 |
| for the taxable year.
| 4 |
| (d-1) Rate reduction for certain foreign insurers. In the | 5 |
| case of a
foreign insurer, as defined by Section 35A-5 of the | 6 |
| Illinois Insurance Code,
whose state or country of domicile | 7 |
| imposes on insurers domiciled in Illinois
a retaliatory tax | 8 |
| (excluding any insurer
whose premiums from reinsurance assumed | 9 |
| are 50% or more of its total insurance
premiums as determined | 10 |
| under paragraph (2) of subsection (b) of Section 304,
except | 11 |
| that for purposes of this determination premiums from | 12 |
| reinsurance do
not include premiums from inter-affiliate | 13 |
| reinsurance arrangements),
beginning with taxable years ending | 14 |
| on or after December 31, 1999,
the sum of
the rates of tax | 15 |
| imposed by subsections (b) and (d) shall be reduced (but not
| 16 |
| increased) to the rate at which the total amount of tax imposed | 17 |
| under this Act,
net of all credits allowed under this Act, | 18 |
| shall equal (i) the total amount of
tax that would be imposed | 19 |
| on the foreign insurer's net income allocable to
Illinois for | 20 |
| the taxable year by such foreign insurer's state or country of
| 21 |
| domicile if that net income were subject to all income taxes | 22 |
| and taxes
measured by net income imposed by such foreign | 23 |
| insurer's state or country of
domicile, net of all credits | 24 |
| allowed or (ii) a rate of zero if no such tax is
imposed on such | 25 |
| income by the foreign insurer's state of domicile.
For the | 26 |
| purposes of this subsection (d-1), an inter-affiliate includes |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| a
mutual insurer under common management.
| 2 |
| (1) For the purposes of subsection (d-1), in no event | 3 |
| shall the sum of the
rates of tax imposed by subsections | 4 |
| (b) and (d) be reduced below the rate at
which the sum of:
| 5 |
| (A) the total amount of tax imposed on such foreign | 6 |
| insurer under
this Act for a taxable year, net of all | 7 |
| credits allowed under this Act, plus
| 8 |
| (B) the privilege tax imposed by Section 409 of the | 9 |
| Illinois Insurance
Code, the fire insurance company | 10 |
| tax imposed by Section 12 of the Fire
Investigation | 11 |
| Act, and the fire department taxes imposed under | 12 |
| Section 11-10-1
of the Illinois Municipal Code,
| 13 |
| equals 1.25% for taxable years ending prior to December 31, | 14 |
| 2003, or
1.75% for taxable years ending on or after | 15 |
| December 31, 2003, of the net
taxable premiums written for | 16 |
| the taxable year,
as described by subsection (1) of Section | 17 |
| 409 of the Illinois Insurance Code.
This paragraph will in | 18 |
| no event increase the rates imposed under subsections
(b) | 19 |
| and (d).
| 20 |
| (2) Any reduction in the rates of tax imposed by this | 21 |
| subsection shall be
applied first against the rates imposed | 22 |
| by subsection (b) and only after the
tax imposed by | 23 |
| subsection (a) net of all credits allowed under this | 24 |
| Section
other than the credit allowed under subsection (i) | 25 |
| has been reduced to zero,
against the rates imposed by | 26 |
| subsection (d).
|
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| This subsection (d-1) is exempt from the provisions of | 2 |
| Section 250.
| 3 |
| (e) Investment credit. A taxpayer shall be allowed a credit
| 4 |
| against the Personal Property Tax Replacement Income Tax for
| 5 |
| investment in qualified property.
| 6 |
| (1) A taxpayer shall be allowed a credit equal to .5% | 7 |
| of
the basis of qualified property placed in service during | 8 |
| the taxable year,
provided such property is placed in | 9 |
| service on or after
July 1, 1984. There shall be allowed an | 10 |
| additional credit equal
to .5% of the basis of qualified | 11 |
| property placed in service during the
taxable year, | 12 |
| provided such property is placed in service on or
after | 13 |
| July 1, 1986, and the taxpayer's base employment
within | 14 |
| Illinois has increased by 1% or more over the preceding | 15 |
| year as
determined by the taxpayer's employment records | 16 |
| filed with the
Illinois Department of Employment Security. | 17 |
| Taxpayers who are new to
Illinois shall be deemed to have | 18 |
| met the 1% growth in base employment for
the first year in | 19 |
| which they file employment records with the Illinois
| 20 |
| Department of Employment Security. The provisions added to | 21 |
| this Section by
Public Act 85-1200 (and restored by Public | 22 |
| Act 87-895) shall be
construed as declaratory of existing | 23 |
| law and not as a new enactment. If,
in any year, the | 24 |
| increase in base employment within Illinois over the
| 25 |
| preceding year is less than 1%, the additional credit shall | 26 |
| be limited to that
percentage times a fraction, the |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| numerator of which is .5% and the denominator
of which is | 2 |
| 1%, but shall not exceed .5%. The investment credit shall | 3 |
| not be
allowed to the extent that it would reduce a | 4 |
| taxpayer's liability in any tax
year below zero, nor may | 5 |
| any credit for qualified property be allowed for any
year | 6 |
| other than the year in which the property was placed in | 7 |
| service in
Illinois. For tax years ending on or after | 8 |
| December 31, 1987, and on or
before December 31, 1988, the | 9 |
| credit shall be allowed for the tax year in
which the | 10 |
| property is placed in service, or, if the amount of the | 11 |
| credit
exceeds the tax liability for that year, whether it | 12 |
| exceeds the original
liability or the liability as later | 13 |
| amended, such excess may be carried
forward and applied to | 14 |
| the tax liability of the 5 taxable years following
the | 15 |
| excess credit years if the taxpayer (i) makes investments | 16 |
| which cause
the creation of a minimum of 2,000 full-time | 17 |
| equivalent jobs in Illinois,
(ii) is located in an | 18 |
| enterprise zone established pursuant to the Illinois
| 19 |
| Enterprise Zone Act and (iii) is certified by the | 20 |
| Department of Commerce
and Community Affairs (now | 21 |
| Department of Commerce and Economic Opportunity) as | 22 |
| complying with the requirements specified in
clause (i) and | 23 |
| (ii) by July 1, 1986. The Department of Commerce and
| 24 |
| Community Affairs (now Department of Commerce and Economic | 25 |
| Opportunity) shall notify the Department of Revenue of all | 26 |
| such
certifications immediately. For tax years ending |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| after December 31, 1988,
the credit shall be allowed for | 2 |
| the tax year in which the property is
placed in service, | 3 |
| or, if the amount of the credit exceeds the tax
liability | 4 |
| for that year, whether it exceeds the original liability or | 5 |
| the
liability as later amended, such excess may be carried | 6 |
| forward and applied
to the tax liability of the 5 taxable | 7 |
| years following the excess credit
years. The credit shall | 8 |
| be applied to the earliest year for which there is
a | 9 |
| liability. If there is credit from more than one tax year | 10 |
| that is
available to offset a liability, earlier credit | 11 |
| shall be applied first.
| 12 |
| (2) The term "qualified property" means property | 13 |
| which:
| 14 |
| (A) is tangible, whether new or used, including | 15 |
| buildings and structural
components of buildings and | 16 |
| signs that are real property, but not including
land or | 17 |
| improvements to real property that are not a structural | 18 |
| component of a
building such as landscaping, sewer | 19 |
| lines, local access roads, fencing, parking
lots, and | 20 |
| other appurtenances;
| 21 |
| (B) is depreciable pursuant to Section 167 of the | 22 |
| Internal Revenue Code,
except that "3-year property" | 23 |
| as defined in Section 168(c)(2)(A) of that
Code is not | 24 |
| eligible for the credit provided by this subsection | 25 |
| (e);
| 26 |
| (C) is acquired by purchase as defined in Section |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| 179(d) of
the Internal Revenue Code;
| 2 |
| (D) is used in Illinois by a taxpayer who is | 3 |
| primarily engaged in
manufacturing, or in mining coal | 4 |
| or fluorite, or in retailing, or was placed in service | 5 |
| on or after July 1, 2006 in a River Edge Redevelopment | 6 |
| Zone established pursuant to the River Edge | 7 |
| Redevelopment Zone Act; and
| 8 |
| (E) has not previously been used in Illinois in | 9 |
| such a manner and by
such a person as would qualify for | 10 |
| the credit provided by this subsection
(e) or | 11 |
| subsection (f).
| 12 |
| (3) For purposes of this subsection (e), | 13 |
| "manufacturing" means
the material staging and production | 14 |
| of tangible personal property by
procedures commonly | 15 |
| regarded as manufacturing, processing, fabrication, or
| 16 |
| assembling which changes some existing material into new | 17 |
| shapes, new
qualities, or new combinations. For purposes of | 18 |
| this subsection
(e) the term "mining" shall have the same | 19 |
| meaning as the term "mining" in
Section 613(c) of the | 20 |
| Internal Revenue Code. For purposes of this subsection
(e), | 21 |
| the term "retailing" means the sale of tangible personal | 22 |
| property or
services rendered in conjunction with the sale | 23 |
| of tangible consumer goods
or commodities.
| 24 |
| (4) The basis of qualified property shall be the basis
| 25 |
| used to compute the depreciation deduction for federal | 26 |
| income tax purposes.
|
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| (5) If the basis of the property for federal income tax | 2 |
| depreciation
purposes is increased after it has been placed | 3 |
| in service in Illinois by
the taxpayer, the amount of such | 4 |
| increase shall be deemed property placed
in service on the | 5 |
| date of such increase in basis.
| 6 |
| (6) The term "placed in service" shall have the same
| 7 |
| meaning as under Section 46 of the Internal Revenue Code.
| 8 |
| (7) If during any taxable year, any property ceases to
| 9 |
| be qualified property in the hands of the taxpayer within | 10 |
| 48 months after
being placed in service, or the situs of | 11 |
| any qualified property is
moved outside Illinois within 48 | 12 |
| months after being placed in service, the
Personal Property | 13 |
| Tax Replacement Income Tax for such taxable year shall be
| 14 |
| increased. Such increase shall be determined by (i) | 15 |
| recomputing the
investment credit which would have been | 16 |
| allowed for the year in which
credit for such property was | 17 |
| originally allowed by eliminating such
property from such | 18 |
| computation and, (ii) subtracting such recomputed credit
| 19 |
| from the amount of credit previously allowed. For the | 20 |
| purposes of this
paragraph (7), a reduction of the basis of | 21 |
| qualified property resulting
from a redetermination of the | 22 |
| purchase price shall be deemed a disposition
of qualified | 23 |
| property to the extent of such reduction.
| 24 |
| (8) Unless the investment credit is extended by law, | 25 |
| the
basis of qualified property shall not include costs | 26 |
| incurred after
December 31, 2008, except for costs incurred |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| pursuant to a binding
contract entered into on or before | 2 |
| December 31, 2008.
| 3 |
| (9) Each taxable year ending before December 31, 2000, | 4 |
| a partnership may
elect to pass through to its
partners the | 5 |
| credits to which the partnership is entitled under this | 6 |
| subsection
(e) for the taxable year. A partner may use the | 7 |
| credit allocated to him or her
under this paragraph only | 8 |
| against the tax imposed in subsections (c) and (d) of
this | 9 |
| Section. If the partnership makes that election, those | 10 |
| credits shall be
allocated among the partners in the | 11 |
| partnership in accordance with the rules
set forth in | 12 |
| Section 704(b) of the Internal Revenue Code, and the rules
| 13 |
| promulgated under that Section, and the allocated amount of | 14 |
| the credits shall
be allowed to the partners for that | 15 |
| taxable year. The partnership shall make
this election on | 16 |
| its Personal Property Tax Replacement Income Tax return for
| 17 |
| that taxable year. The election to pass through the credits | 18 |
| shall be
irrevocable.
| 19 |
| For taxable years ending on or after December 31, 2000, | 20 |
| a
partner that qualifies its
partnership for a subtraction | 21 |
| under subparagraph (I) of paragraph (2) of
subsection (d) | 22 |
| of Section 203 or a shareholder that qualifies a Subchapter | 23 |
| S
corporation for a subtraction under subparagraph (S) of | 24 |
| paragraph (2) of
subsection (b) of Section 203 shall be | 25 |
| allowed a credit under this subsection
(e) equal to its | 26 |
| share of the credit earned under this subsection (e) during
|
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| the taxable year by the partnership or Subchapter S | 2 |
| corporation, determined in
accordance with the | 3 |
| determination of income and distributive share of
income | 4 |
| under Sections 702 and 704 and Subchapter S of the Internal | 5 |
| Revenue
Code. This paragraph is exempt from the provisions | 6 |
| of Section 250.
| 7 |
| (f) Investment credit; Enterprise Zone; River Edge | 8 |
| Redevelopment Zone.
| 9 |
| (1) A taxpayer shall be allowed a credit against the | 10 |
| tax imposed
by subsections (a) and (b) of this Section for | 11 |
| investment in qualified
property which is placed in service | 12 |
| in an Enterprise Zone created
pursuant to the Illinois | 13 |
| Enterprise Zone Act or, for property placed in service on | 14 |
| or after July 1, 2006, a River Edge Redevelopment Zone | 15 |
| established pursuant to the River Edge Redevelopment Zone | 16 |
| Act. For partners, shareholders
of Subchapter S | 17 |
| corporations, and owners of limited liability companies,
| 18 |
| if the liability company is treated as a partnership for | 19 |
| purposes of
federal and State income taxation, there shall | 20 |
| be allowed a credit under
this subsection (f) to be | 21 |
| determined in accordance with the determination
of income | 22 |
| and distributive share of income under Sections 702 and 704 | 23 |
| and
Subchapter S of the Internal Revenue Code. The credit | 24 |
| shall be .5% of the
basis for such property. The credit | 25 |
| shall be available only in the taxable
year in which the | 26 |
| property is placed in service in the Enterprise Zone or |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| River Edge Redevelopment Zone and
shall not be allowed to | 2 |
| the extent that it would reduce a taxpayer's
liability for | 3 |
| the tax imposed by subsections (a) and (b) of this Section | 4 |
| to
below zero. For tax years ending on or after December | 5 |
| 31, 1985, the credit
shall be allowed for the tax year in | 6 |
| which the property is placed in
service, or, if the amount | 7 |
| of the credit exceeds the tax liability for that
year, | 8 |
| whether it exceeds the original liability or the liability | 9 |
| as later
amended, such excess may be carried forward and | 10 |
| applied to the tax
liability of the 5 taxable years | 11 |
| following the excess credit year.
The credit shall be | 12 |
| applied to the earliest year for which there is a
| 13 |
| liability. If there is credit from more than one tax year | 14 |
| that is available
to offset a liability, the credit | 15 |
| accruing first in time shall be applied
first.
| 16 |
| (2) The term qualified property means property which:
| 17 |
| (A) is tangible, whether new or used, including | 18 |
| buildings and
structural components of buildings;
| 19 |
| (B) is depreciable pursuant to Section 167 of the | 20 |
| Internal Revenue
Code, except that "3-year property" | 21 |
| as defined in Section 168(c)(2)(A) of
that Code is not | 22 |
| eligible for the credit provided by this subsection | 23 |
| (f);
| 24 |
| (C) is acquired by purchase as defined in Section | 25 |
| 179(d) of
the Internal Revenue Code;
| 26 |
| (D) is used in the Enterprise Zone or River Edge |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| Redevelopment Zone by the taxpayer; and
| 2 |
| (E) has not been previously used in Illinois in | 3 |
| such a manner and by
such a person as would qualify for | 4 |
| the credit provided by this subsection
(f) or | 5 |
| subsection (e).
| 6 |
| (3) The basis of qualified property shall be the basis | 7 |
| used to compute
the depreciation deduction for federal | 8 |
| income tax purposes.
| 9 |
| (4) If the basis of the property for federal income tax | 10 |
| depreciation
purposes is increased after it has been placed | 11 |
| in service in the Enterprise
Zone or River Edge | 12 |
| Redevelopment Zone by the taxpayer, the amount of such | 13 |
| increase shall be deemed property
placed in service on the | 14 |
| date of such increase in basis.
| 15 |
| (5) The term "placed in service" shall have the same | 16 |
| meaning as under
Section 46 of the Internal Revenue Code.
| 17 |
| (6) If during any taxable year, any property ceases to | 18 |
| be qualified
property in the hands of the taxpayer within | 19 |
| 48 months after being placed
in service, or the situs of | 20 |
| any qualified property is moved outside the
Enterprise Zone | 21 |
| or River Edge Redevelopment Zone within 48 months after | 22 |
| being placed in service, the tax
imposed under subsections | 23 |
| (a) and (b) of this Section for such taxable year
shall be | 24 |
| increased. Such increase shall be determined by (i) | 25 |
| recomputing
the investment credit which would have been | 26 |
| allowed for the year in which
credit for such property was |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| originally allowed by eliminating such
property from such | 2 |
| computation, and (ii) subtracting such recomputed credit
| 3 |
| from the amount of credit previously allowed. For the | 4 |
| purposes of this
paragraph (6), a reduction of the basis of | 5 |
| qualified property resulting
from a redetermination of the | 6 |
| purchase price shall be deemed a disposition
of qualified | 7 |
| property to the extent of such reduction.
| 8 |
| (7) There shall be allowed an additional credit equal | 9 |
| to 0.5% of the basis of qualified property placed in | 10 |
| service during the taxable year in a River Edge | 11 |
| Redevelopment Zone, provided such property is placed in | 12 |
| service on or after July 1, 2006, and the taxpayer's base | 13 |
| employment within Illinois has increased by 1% or more over | 14 |
| the preceding year as determined by the taxpayer's | 15 |
| employment records filed with the Illinois Department of | 16 |
| Employment Security. Taxpayers who are new to Illinois | 17 |
| shall be deemed to have met the 1% growth in base | 18 |
| employment for the first year in which they file employment | 19 |
| records with the Illinois Department of Employment | 20 |
| Security. If, in any year, the increase in base employment | 21 |
| within Illinois over the preceding year is less than 1%, | 22 |
| the additional credit shall be limited to that percentage | 23 |
| times a fraction, the numerator of which is 0.5% and the | 24 |
| denominator of which is 1%, but shall not exceed 0.5%.
| 25 |
| (g) Jobs Tax Credit; Enterprise Zone, River Edge | 26 |
| Redevelopment Zone, and Foreign Trade Zone or Sub-Zone.
|
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
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| 1 |
| (1) A taxpayer conducting a trade or business in an | 2 |
| enterprise zone
or a High Impact Business designated by the | 3 |
| Department of Commerce and
Economic Opportunity or for | 4 |
| taxable years ending on or after December 31, 2006, in a | 5 |
| River Edge Redevelopment Zone conducting a trade or | 6 |
| business in a federally designated
Foreign Trade Zone or | 7 |
| Sub-Zone shall be allowed a credit against the tax
imposed | 8 |
| by subsections (a) and (b) of this Section in the amount of | 9 |
| $500
per eligible employee hired to work in the zone during | 10 |
| the taxable year.
| 11 |
| (2) To qualify for the credit:
| 12 |
| (A) the taxpayer must hire 5 or more eligible | 13 |
| employees to work in an
enterprise zone, River Edge | 14 |
| Redevelopment Zone, or federally designated Foreign | 15 |
| Trade Zone or Sub-Zone
during the taxable year;
| 16 |
| (B) the taxpayer's total employment within the | 17 |
| enterprise zone, River Edge Redevelopment Zone, or
| 18 |
| federally designated Foreign Trade Zone or Sub-Zone | 19 |
| must
increase by 5 or more full-time employees beyond | 20 |
| the total employed in that
zone at the end of the | 21 |
| previous tax year for which a jobs tax
credit under | 22 |
| this Section was taken, or beyond the total employed by | 23 |
| the
taxpayer as of December 31, 1985, whichever is | 24 |
| later; and
| 25 |
| (C) the eligible employees must be employed 180 | 26 |
| consecutive days in
order to be deemed hired for |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| purposes of this subsection.
| 2 |
| (3) An "eligible employee" means an employee who is:
| 3 |
| (A) Certified by the Department of Commerce and | 4 |
| Economic Opportunity
as "eligible for services" | 5 |
| pursuant to regulations promulgated in
accordance with | 6 |
| Title II of the Job Training Partnership Act, Training
| 7 |
| Services for the Disadvantaged or Title III of the Job | 8 |
| Training Partnership
Act, Employment and Training | 9 |
| Assistance for Dislocated Workers Program.
| 10 |
| (B) Hired after the enterprise zone, River Edge | 11 |
| Redevelopment Zone, or federally designated Foreign
| 12 |
| Trade Zone or Sub-Zone was designated or the trade or
| 13 |
| business was located in that zone, whichever is later.
| 14 |
| (C) Employed in the enterprise zone, River Edge | 15 |
| Redevelopment Zone, or Foreign Trade Zone or
Sub-Zone. | 16 |
| An employee is employed in an
enterprise zone or | 17 |
| federally designated Foreign Trade Zone or Sub-Zone
if | 18 |
| his services are rendered there or it is the base of
| 19 |
| operations for the services performed.
| 20 |
| (D) A full-time employee working 30 or more hours | 21 |
| per week.
| 22 |
| (4) For tax years ending on or after December 31, 1985 | 23 |
| and prior to
December 31, 1988, the credit shall be allowed | 24 |
| for the tax year in which
the eligible employees are hired. | 25 |
| For tax years ending on or after
December 31, 1988, the | 26 |
| credit shall be allowed for the tax year immediately
|
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| following the tax year in which the eligible employees are | 2 |
| hired. If the
amount of the credit exceeds the tax | 3 |
| liability for that year, whether it
exceeds the original | 4 |
| liability or the liability as later amended, such
excess | 5 |
| may be carried forward and applied to the tax liability of | 6 |
| the 5
taxable years following the excess credit year. The | 7 |
| credit shall be
applied to the earliest year for which | 8 |
| there is a liability. If there is
credit from more than one | 9 |
| tax year that is available to offset a liability,
earlier | 10 |
| credit shall be applied first.
| 11 |
| (5) The Department of Revenue shall promulgate such | 12 |
| rules and regulations
as may be deemed necessary to carry | 13 |
| out the purposes of this subsection (g).
| 14 |
| (6) The credit shall be available for eligible | 15 |
| employees hired on or
after January 1, 1986.
| 16 |
| (h) Investment credit; High Impact Business.
| 17 |
| (1) Subject to subsections (b) and (b-5) of Section
5.5 | 18 |
| of the Illinois Enterprise Zone Act, a taxpayer shall be | 19 |
| allowed a credit
against the tax imposed by subsections (a) | 20 |
| and (b) of this Section for
investment in qualified
| 21 |
| property which is placed in service by a Department of | 22 |
| Commerce and Economic Opportunity
designated High Impact | 23 |
| Business. The credit shall be .5% of the basis
for such | 24 |
| property. The credit shall not be available (i) until the | 25 |
| minimum
investments in qualified property set forth in | 26 |
| subdivision (a)(3)(A) of
Section 5.5 of the Illinois
|
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| Enterprise Zone Act have been satisfied
or (ii) until the | 2 |
| time authorized in subsection (b-5) of the Illinois
| 3 |
| Enterprise Zone Act for entities designated as High Impact | 4 |
| Businesses under
subdivisions (a)(3)(B), (a)(3)(C), and | 5 |
| (a)(3)(D) of Section 5.5 of the Illinois
Enterprise Zone | 6 |
| Act, and shall not be allowed to the extent that it would
| 7 |
| reduce a taxpayer's liability for the tax imposed by | 8 |
| subsections (a) and (b) of
this Section to below zero. The | 9 |
| credit applicable to such investments shall be
taken in the | 10 |
| taxable year in which such investments have been completed. | 11 |
| The
credit for additional investments beyond the minimum | 12 |
| investment by a designated
high impact business authorized | 13 |
| under subdivision (a)(3)(A) of Section 5.5 of
the Illinois | 14 |
| Enterprise Zone Act shall be available only in the taxable | 15 |
| year in
which the property is placed in service and shall | 16 |
| not be allowed to the extent
that it would reduce a | 17 |
| taxpayer's liability for the tax imposed by subsections
(a) | 18 |
| and (b) of this Section to below zero.
For tax years ending | 19 |
| on or after December 31, 1987, the credit shall be
allowed | 20 |
| for the tax year in which the property is placed in | 21 |
| service, or, if
the amount of the credit exceeds the tax | 22 |
| liability for that year, whether
it exceeds the original | 23 |
| liability or the liability as later amended, such
excess | 24 |
| may be carried forward and applied to the tax liability of | 25 |
| the 5
taxable years following the excess credit year. The | 26 |
| credit shall be
applied to the earliest year for which |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| there is a liability. If there is
credit from more than one | 2 |
| tax year that is available to offset a liability,
the | 3 |
| credit accruing first in time shall be applied first.
| 4 |
| Changes made in this subdivision (h)(1) by Public Act | 5 |
| 88-670
restore changes made by Public Act 85-1182 and | 6 |
| reflect existing law.
| 7 |
| (2) The term qualified property means property which:
| 8 |
| (A) is tangible, whether new or used, including | 9 |
| buildings and
structural components of buildings;
| 10 |
| (B) is depreciable pursuant to Section 167 of the | 11 |
| Internal Revenue
Code, except that "3-year property" | 12 |
| as defined in Section 168(c)(2)(A) of
that Code is not | 13 |
| eligible for the credit provided by this subsection | 14 |
| (h);
| 15 |
| (C) is acquired by purchase as defined in Section | 16 |
| 179(d) of the
Internal Revenue Code; and
| 17 |
| (D) is not eligible for the Enterprise Zone | 18 |
| Investment Credit provided
by subsection (f) of this | 19 |
| Section.
| 20 |
| (3) The basis of qualified property shall be the basis | 21 |
| used to compute
the depreciation deduction for federal | 22 |
| income tax purposes.
| 23 |
| (4) If the basis of the property for federal income tax | 24 |
| depreciation
purposes is increased after it has been placed | 25 |
| in service in a federally
designated Foreign Trade Zone or | 26 |
| Sub-Zone located in Illinois by the taxpayer,
the amount of |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| such increase shall be deemed property placed in service on
| 2 |
| the date of such increase in basis.
| 3 |
| (5) The term "placed in service" shall have the same | 4 |
| meaning as under
Section 46 of the Internal Revenue Code.
| 5 |
| (6) If during any taxable year ending on or before | 6 |
| December 31, 1996,
any property ceases to be qualified
| 7 |
| property in the hands of the taxpayer within 48 months | 8 |
| after being placed
in service, or the situs of any | 9 |
| qualified property is moved outside
Illinois within 48 | 10 |
| months after being placed in service, the tax imposed
under | 11 |
| subsections (a) and (b) of this Section for such taxable | 12 |
| year shall
be increased. Such increase shall be determined | 13 |
| by (i) recomputing the
investment credit which would have | 14 |
| been allowed for the year in which
credit for such property | 15 |
| was originally allowed by eliminating such
property from | 16 |
| such computation, and (ii) subtracting such recomputed | 17 |
| credit
from the amount of credit previously allowed. For | 18 |
| the purposes of this
paragraph (6), a reduction of the | 19 |
| basis of qualified property resulting
from a | 20 |
| redetermination of the purchase price shall be deemed a | 21 |
| disposition
of qualified property to the extent of such | 22 |
| reduction.
| 23 |
| (7) Beginning with tax years ending after December 31, | 24 |
| 1996, if a
taxpayer qualifies for the credit under this | 25 |
| subsection (h) and thereby is
granted a tax abatement and | 26 |
| the taxpayer relocates its entire facility in
violation of |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| the explicit terms and length of the contract under Section
| 2 |
| 18-183 of the Property Tax Code, the tax imposed under | 3 |
| subsections
(a) and (b) of this Section shall be increased | 4 |
| for the taxable year
in which the taxpayer relocated its | 5 |
| facility by an amount equal to the
amount of credit | 6 |
| received by the taxpayer under this subsection (h).
| 7 |
| (i) Credit for Personal Property Tax Replacement Income | 8 |
| Tax.
For tax years ending prior to December 31, 2003, a credit | 9 |
| shall be allowed
against the tax imposed by
subsections (a) and | 10 |
| (b) of this Section for the tax imposed by subsections (c)
and | 11 |
| (d) of this Section. This credit shall be computed by | 12 |
| multiplying the tax
imposed by subsections (c) and (d) of this | 13 |
| Section by a fraction, the numerator
of which is base income | 14 |
| allocable to Illinois and the denominator of which is
Illinois | 15 |
| base income, and further multiplying the product by the tax | 16 |
| rate
imposed by subsections (a) and (b) of this Section.
| 17 |
| Any credit earned on or after December 31, 1986 under
this | 18 |
| subsection which is unused in the year
the credit is computed | 19 |
| because it exceeds the tax liability imposed by
subsections (a) | 20 |
| and (b) for that year (whether it exceeds the original
| 21 |
| liability or the liability as later amended) may be carried | 22 |
| forward and
applied to the tax liability imposed by subsections | 23 |
| (a) and (b) of the 5
taxable years following the excess credit | 24 |
| year, provided that no credit may
be carried forward to any | 25 |
| year ending on or
after December 31, 2003. This credit shall be
| 26 |
| applied first to the earliest year for which there is a |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| liability. If
there is a credit under this subsection from more | 2 |
| than one tax year that is
available to offset a liability the | 3 |
| earliest credit arising under this
subsection shall be applied | 4 |
| first.
| 5 |
| If, during any taxable year ending on or after December 31, | 6 |
| 1986, the
tax imposed by subsections (c) and (d) of this | 7 |
| Section for which a taxpayer
has claimed a credit under this | 8 |
| subsection (i) is reduced, the amount of
credit for such tax | 9 |
| shall also be reduced. Such reduction shall be
determined by | 10 |
| recomputing the credit to take into account the reduced tax
| 11 |
| imposed by subsections (c) and (d). If any portion of the
| 12 |
| reduced amount of credit has been carried to a different | 13 |
| taxable year, an
amended return shall be filed for such taxable | 14 |
| year to reduce the amount of
credit claimed.
| 15 |
| (j) Training expense credit. Beginning with tax years | 16 |
| ending on or
after December 31, 1986 and prior to December 31, | 17 |
| 2003, a taxpayer shall be
allowed a credit against the
tax | 18 |
| imposed by subsections (a) and (b) under this Section
for all | 19 |
| amounts paid or accrued, on behalf of all persons
employed by | 20 |
| the taxpayer in Illinois or Illinois residents employed
outside | 21 |
| of Illinois by a taxpayer, for educational or vocational | 22 |
| training in
semi-technical or technical fields or semi-skilled | 23 |
| or skilled fields, which
were deducted from gross income in the | 24 |
| computation of taxable income. The
credit against the tax | 25 |
| imposed by subsections (a) and (b) shall be 1.6% of
such | 26 |
| training expenses. For partners, shareholders of subchapter S
|
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| corporations, and owners of limited liability companies, if the | 2 |
| liability
company is treated as a partnership for purposes of | 3 |
| federal and State income
taxation, there shall be allowed a | 4 |
| credit under this subsection (j) to be
determined in accordance | 5 |
| with the determination of income and distributive
share of | 6 |
| income under Sections 702 and 704 and subchapter S of the | 7 |
| Internal
Revenue Code.
| 8 |
| Any credit allowed under this subsection which is unused in | 9 |
| the year
the credit is earned may be carried forward to each of | 10 |
| the 5 taxable
years following the year for which the credit is | 11 |
| first computed until it is
used. This credit shall be applied | 12 |
| first to the earliest year for which
there is a liability. If | 13 |
| there is a credit under this subsection from more
than one tax | 14 |
| year that is available to offset a liability the earliest
| 15 |
| credit arising under this subsection shall be applied first. No | 16 |
| carryforward
credit may be claimed in any tax year ending on or | 17 |
| after
December 31, 2003.
| 18 |
| (k) Research and development credit.
| 19 |
| For tax years ending after July 1, 1990 and prior to
| 20 |
| December 31, 2003, and beginning again for tax years ending on | 21 |
| or after December 31, 2004, a taxpayer shall be
allowed a | 22 |
| credit against the tax imposed by subsections (a) and (b) of | 23 |
| this
Section for increasing research activities in this State. | 24 |
| The credit
allowed against the tax imposed by subsections (a) | 25 |
| and (b) shall be equal
to 6 1/2% of the qualifying expenditures | 26 |
| for increasing research activities
in this State. For partners, |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| shareholders of subchapter S corporations, and
owners of | 2 |
| limited liability companies, if the liability company is | 3 |
| treated as a
partnership for purposes of federal and State | 4 |
| income taxation, there shall be
allowed a credit under this | 5 |
| subsection to be determined in accordance with the
| 6 |
| determination of income and distributive share of income under | 7 |
| Sections 702 and
704 and subchapter S of the Internal Revenue | 8 |
| Code.
| 9 |
| For purposes of this subsection, "qualifying expenditures" | 10 |
| means the
qualifying expenditures as defined for the federal | 11 |
| credit for increasing
research activities which would be | 12 |
| allowable under Section 41 of the
Internal Revenue Code and | 13 |
| which are conducted in this State, "qualifying
expenditures for | 14 |
| increasing research activities in this State" means the
excess | 15 |
| of qualifying expenditures for the taxable year in which | 16 |
| incurred
over qualifying expenditures for the base period, | 17 |
| "qualifying expenditures
for the base period" means the average | 18 |
| of the qualifying expenditures for
each year in the base | 19 |
| period, and "base period" means the 3 taxable years
immediately | 20 |
| preceding the taxable year for which the determination is
being | 21 |
| made.
| 22 |
| Any credit in excess of the tax liability for the taxable | 23 |
| year
may be carried forward. A taxpayer may elect to have the
| 24 |
| unused credit shown on its final completed return carried over | 25 |
| as a credit
against the tax liability for the following 5 | 26 |
| taxable years or until it has
been fully used, whichever occurs |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| first; provided that no credit earned in a tax year ending | 2 |
| prior to December 31, 2003 may be carried forward to any year | 3 |
| ending on or after December 31, 2003.
| 4 |
| If an unused credit is carried forward to a given year from | 5 |
| 2 or more
earlier years, that credit arising in the earliest | 6 |
| year will be applied
first against the tax liability for the | 7 |
| given year. If a tax liability for
the given year still | 8 |
| remains, the credit from the next earliest year will
then be | 9 |
| applied, and so on, until all credits have been used or no tax
| 10 |
| liability for the given year remains. Any remaining unused | 11 |
| credit or
credits then will be carried forward to the next | 12 |
| following year in which a
tax liability is incurred, except | 13 |
| that no credit can be carried forward to
a year which is more | 14 |
| than 5 years after the year in which the expense for
which the | 15 |
| credit is given was incurred.
| 16 |
| No inference shall be drawn from this amendatory Act of the | 17 |
| 91st General
Assembly in construing this Section for taxable | 18 |
| years beginning before January
1, 1999.
| 19 |
| (l) Environmental Remediation Tax Credit.
| 20 |
| (i) For tax years ending after December 31, 1997 and on | 21 |
| or before
December 31, 2001, a taxpayer shall be allowed a | 22 |
| credit against the tax
imposed by subsections (a) and (b) | 23 |
| of this Section for certain amounts paid
for unreimbursed | 24 |
| eligible remediation costs, as specified in this | 25 |
| subsection.
For purposes of this Section, "unreimbursed | 26 |
| eligible remediation costs" means
costs approved by the |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| Illinois Environmental Protection Agency ("Agency") under
| 2 |
| Section 58.14 of the Environmental Protection Act that were | 3 |
| paid in performing
environmental remediation at a site for | 4 |
| which a No Further Remediation Letter
was issued by the | 5 |
| Agency and recorded under Section 58.10 of the | 6 |
| Environmental
Protection Act. The credit must be claimed | 7 |
| for the taxable year in which
Agency approval of the | 8 |
| eligible remediation costs is granted. The credit is
not | 9 |
| available to any taxpayer if the taxpayer or any related | 10 |
| party caused or
contributed to, in any material respect, a | 11 |
| release of regulated substances on,
in, or under the site | 12 |
| that was identified and addressed by the remedial
action | 13 |
| pursuant to the Site Remediation Program of the | 14 |
| Environmental Protection
Act. After the Pollution Control | 15 |
| Board rules are adopted pursuant to the
Illinois | 16 |
| Administrative Procedure Act for the administration and | 17 |
| enforcement of
Section 58.9 of the Environmental | 18 |
| Protection Act, determinations as to credit
availability | 19 |
| for purposes of this Section shall be made consistent with | 20 |
| those
rules. For purposes of this Section, "taxpayer" | 21 |
| includes a person whose tax
attributes the taxpayer has | 22 |
| succeeded to under Section 381 of the Internal
Revenue Code | 23 |
| and "related party" includes the persons disallowed a | 24 |
| deduction
for losses by paragraphs (b), (c), and (f)(1) of | 25 |
| Section 267 of the Internal
Revenue Code by virtue of being | 26 |
| a related taxpayer, as well as any of its
partners. The |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| credit allowed against the tax imposed by subsections (a) | 2 |
| and
(b) shall be equal to 25% of the unreimbursed eligible | 3 |
| remediation costs in
excess of $100,000 per site, except | 4 |
| that the $100,000 threshold shall not apply
to any site | 5 |
| contained in an enterprise zone as determined by the | 6 |
| Department of
Commerce and Community Affairs (now | 7 |
| Department of Commerce and Economic Opportunity). The | 8 |
| total credit allowed shall not exceed
$40,000 per year with | 9 |
| a maximum total of $150,000 per site. For partners and
| 10 |
| shareholders of subchapter S corporations, there shall be | 11 |
| allowed a credit
under this subsection to be determined in | 12 |
| accordance with the determination of
income and | 13 |
| distributive share of income under Sections 702 and 704 and
| 14 |
| subchapter S of the Internal Revenue Code.
| 15 |
| (ii) A credit allowed under this subsection that is | 16 |
| unused in the year
the credit is earned may be carried | 17 |
| forward to each of the 5 taxable years
following the year | 18 |
| for which the credit is first earned until it is used.
The | 19 |
| term "unused credit" does not include any amounts of | 20 |
| unreimbursed eligible
remediation costs in excess of the | 21 |
| maximum credit per site authorized under
paragraph (i). | 22 |
| This credit shall be applied first to the earliest year
for | 23 |
| which there is a liability. If there is a credit under this | 24 |
| subsection
from more than one tax year that is available to | 25 |
| offset a liability, the
earliest credit arising under this | 26 |
| subsection shall be applied first. A
credit allowed under |
|
|
|
HB6721 |
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|
| 1 |
| this subsection may be sold to a buyer as part of a sale
of | 2 |
| all or part of the remediation site for which the credit | 3 |
| was granted. The
purchaser of a remediation site and the | 4 |
| tax credit shall succeed to the unused
credit and remaining | 5 |
| carry-forward period of the seller. To perfect the
| 6 |
| transfer, the assignor shall record the transfer in the | 7 |
| chain of title for the
site and provide written notice to | 8 |
| the Director of the Illinois Department of
Revenue of the | 9 |
| assignor's intent to sell the remediation site and the | 10 |
| amount of
the tax credit to be transferred as a portion of | 11 |
| the sale. In no event may a
credit be transferred to any | 12 |
| taxpayer if the taxpayer or a related party would
not be | 13 |
| eligible under the provisions of subsection (i).
| 14 |
| (iii) For purposes of this Section, the term "site" | 15 |
| shall have the same
meaning as under Section 58.2 of the | 16 |
| Environmental Protection Act.
| 17 |
| (m) Education expense credit. Beginning with tax years | 18 |
| ending after
December 31, 1999, a taxpayer who
is the custodian | 19 |
| of one or more qualifying pupils shall be allowed a credit
| 20 |
| against the tax imposed by subsections (a) and (b) of this | 21 |
| Section for
qualified education expenses incurred on behalf of | 22 |
| the qualifying pupils.
The credit shall be equal to 25% of | 23 |
| qualified education expenses, but in no
event may the total | 24 |
| credit under this subsection claimed by a
family that is the
| 25 |
| custodian of qualifying pupils exceed $500. In no event shall a | 26 |
| credit under
this subsection reduce the taxpayer's liability |
|
|
|
HB6721 |
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|
| 1 |
| under this Act to less than
zero. This subsection is exempt | 2 |
| from the provisions of Section 250 of this
Act.
| 3 |
| For purposes of this subsection:
| 4 |
| "Qualifying pupils" means individuals who (i) are | 5 |
| residents of the State of
Illinois, (ii) are under the age of | 6 |
| 21 at the close of the school year for
which a credit is | 7 |
| sought, and (iii) during the school year for which a credit
is | 8 |
| sought were full-time pupils enrolled in a kindergarten through | 9 |
| twelfth
grade education program at any school, as defined in | 10 |
| this subsection.
| 11 |
| "Qualified education expense" means the amount incurred
on | 12 |
| behalf of a qualifying pupil in excess of $250 for tuition, | 13 |
| book fees, and
lab fees at the school in which the pupil is | 14 |
| enrolled during the regular school
year.
| 15 |
| "School" means any public or nonpublic elementary or | 16 |
| secondary school in
Illinois that is in compliance with Title | 17 |
| VI of the Civil Rights Act of 1964
and attendance at which | 18 |
| satisfies the requirements of Section 26-1 of the
School Code, | 19 |
| except that nothing shall be construed to require a child to
| 20 |
| attend any particular public or nonpublic school to qualify for | 21 |
| the credit
under this Section.
| 22 |
| "Custodian" means, with respect to qualifying pupils, an | 23 |
| Illinois resident
who is a parent, the parents, a legal | 24 |
| guardian, or the legal guardians of the
qualifying pupils.
| 25 |
| (n) River Edge Redevelopment Zone site remediation tax | 26 |
| credit.
|
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| (i) For tax years ending on or after December 31, 2006, | 2 |
| a taxpayer shall be allowed a credit against the tax | 3 |
| imposed by subsections (a) and (b) of this Section for | 4 |
| certain amounts paid for unreimbursed eligible remediation | 5 |
| costs, as specified in this subsection. For purposes of | 6 |
| this Section, "unreimbursed eligible remediation costs" | 7 |
| means costs approved by the Illinois Environmental | 8 |
| Protection Agency ("Agency") under Section 58.14a of the | 9 |
| Environmental Protection Act that were paid in performing | 10 |
| environmental remediation at a site within a River Edge | 11 |
| Redevelopment Zone for which a No Further Remediation | 12 |
| Letter was issued by the Agency and recorded under Section | 13 |
| 58.10 of the Environmental Protection Act. The credit must | 14 |
| be claimed for the taxable year in which Agency approval of | 15 |
| the eligible remediation costs is granted. The credit is | 16 |
| not available to any taxpayer if the taxpayer or any | 17 |
| related party caused or contributed to, in any material | 18 |
| respect, a release of regulated substances on, in, or under | 19 |
| the site that was identified and addressed by the remedial | 20 |
| action pursuant to the Site Remediation Program of the | 21 |
| Environmental Protection Act. Determinations as to credit | 22 |
| availability for purposes of this Section shall be made | 23 |
| consistent with rules adopted by the Pollution Control | 24 |
| Board pursuant to the Illinois Administrative Procedure | 25 |
| Act for the administration and enforcement of Section 58.9 | 26 |
| of the Environmental Protection Act. For purposes of this |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| Section, "taxpayer" includes a person whose tax attributes | 2 |
| the taxpayer has succeeded to under Section 381 of the | 3 |
| Internal Revenue Code and "related party" includes the | 4 |
| persons disallowed a deduction for losses by paragraphs | 5 |
| (b), (c), and (f)(1) of Section 267 of the Internal Revenue | 6 |
| Code by virtue of being a related taxpayer, as well as any | 7 |
| of its partners. The credit allowed against the tax imposed | 8 |
| by subsections (a) and (b) shall be equal to 25% of the | 9 |
| unreimbursed eligible remediation costs in excess of | 10 |
| $100,000 per site. | 11 |
| (ii) A credit allowed under this subsection that is | 12 |
| unused in the year the credit is earned may be carried | 13 |
| forward to each of the 5 taxable years following the year | 14 |
| for which the credit is first earned until it is used. This | 15 |
| credit shall be applied first to the earliest year for | 16 |
| which there is a liability. If there is a credit under this | 17 |
| subsection from more than one tax year that is available to | 18 |
| offset a liability, the earliest credit arising under this | 19 |
| subsection shall be applied first. A credit allowed under | 20 |
| this subsection may be sold to a buyer as part of a sale of | 21 |
| all or part of the remediation site for which the credit | 22 |
| was granted. The purchaser of a remediation site and the | 23 |
| tax credit shall succeed to the unused credit and remaining | 24 |
| carry-forward period of the seller. To perfect the | 25 |
| transfer, the assignor shall record the transfer in the | 26 |
| chain of title for the site and provide written notice to |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| the Director of the Illinois Department of Revenue of the | 2 |
| assignor's intent to sell the remediation site and the | 3 |
| amount of the tax credit to be transferred as a portion of | 4 |
| the sale. In no event may a credit be transferred to any | 5 |
| taxpayer if the taxpayer or a related party would not be | 6 |
| eligible under the provisions of subsection (i). | 7 |
| (iii) For purposes of this Section, the term "site" | 8 |
| shall have the same meaning as under Section 58.2 of the | 9 |
| Environmental Protection Act. | 10 |
| (iv) This subsection is exempt from the provisions of | 11 |
| Section 250.
| 12 |
| (Source: P.A. 94-1021, eff. 7-12-06; 95-454, eff. 8-27-07.)
| 13 |
| (35 ILCS 5/901) (from Ch. 120, par. 9-901)
| 14 |
| Sec. 901. Collection Authority.
| 15 |
| (a) In general.
| 16 |
| The Department shall collect the taxes imposed by this Act. | 17 |
| The Department
shall collect certified past due child support | 18 |
| amounts under Section 2505-650
of the Department of Revenue Law | 19 |
| (20 ILCS 2505/2505-650). Except as
provided in subsections (c) | 20 |
| and (e) of this Section, money collected
pursuant to | 21 |
| subsections (a) and (b) of Section 201 of this Act shall be
| 22 |
| paid into the General Revenue Fund in the State treasury; money
| 23 |
| collected pursuant to subsections (c) and (d) of Section 201 of | 24 |
| this Act
shall be paid into the Personal Property Tax | 25 |
| Replacement Fund, a special
fund in the State Treasury; and |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| money collected under Section 2505-650 of the
Department of | 2 |
| Revenue Law (20 ILCS 2505/2505-650) shall be paid
into the
| 3 |
| Child Support Enforcement Trust Fund, a special fund outside | 4 |
| the State
Treasury, or
to the State
Disbursement Unit | 5 |
| established under Section 10-26 of the Illinois Public Aid
| 6 |
| Code, as directed by the Department of Healthcare and Family | 7 |
| Services.
| 8 |
| (b) Local Governmental Distributive Fund.
| 9 |
| Beginning August 1, 1969, and continuing through June 30, | 10 |
| 1994, the Treasurer
shall transfer each month from the General | 11 |
| Revenue Fund to a special fund in
the State treasury, to be | 12 |
| known as the "Local Government Distributive Fund", an
amount | 13 |
| equal to 1/12 of the net revenue realized from the tax imposed | 14 |
| by
subsections (a) and (b) of Section 201 of this Act during | 15 |
| the preceding month.
Beginning July 1, 1994, and continuing | 16 |
| through June 30, 1995, the Treasurer
shall transfer each month | 17 |
| from the General Revenue Fund to the Local Government
| 18 |
| Distributive Fund an amount equal to 1/11 of the net revenue | 19 |
| realized from the
tax imposed by subsections (a) and (b) of | 20 |
| Section 201 of this Act during the
preceding month. Beginning | 21 |
| July 1, 1995, the Treasurer shall transfer each
month from the | 22 |
| General Revenue Fund to the Local Government Distributive Fund
| 23 |
| an amount equal to the net of (i) 1/10 of the net revenue | 24 |
| realized from the
tax imposed by
subsections (a) and (b) of | 25 |
| Section 201 of the Illinois Income Tax Act during
the preceding | 26 |
| month , except that the net revenue attributable to the increase |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| in the income tax imposed by subsections (a) and (b) of Section | 2 |
| 201 of this Act in accordance with this amendatory Act of the | 3 |
| 95th General Assembly shall not be used to calculate the amount | 4 |
| transferred to the Local Governmental Distributive Fund
(ii) | 5 |
| minus, beginning July 1, 2003 and ending June 30, 2004, | 6 |
| $6,666,666, and
beginning July 1,
2004,
zero. Net revenue | 7 |
| realized for a month shall be defined as the
revenue from the | 8 |
| tax imposed by subsections (a) and (b) of Section 201 of this
| 9 |
| Act which is deposited in the General Revenue Fund, the | 10 |
| Educational Assistance
Fund and the Income Tax Surcharge Local | 11 |
| Government Distributive Fund during the
month minus the amount | 12 |
| paid out of the General Revenue Fund in State warrants
during | 13 |
| that same month as refunds to taxpayers for overpayment of | 14 |
| liability
under the tax imposed by subsections (a) and (b) of | 15 |
| Section 201 of this Act.
| 16 |
| (c) Deposits Into Income Tax Refund Fund.
| 17 |
| (1) Beginning on January 1, 1989 and thereafter, the | 18 |
| Department shall
deposit a percentage of the amounts | 19 |
| collected pursuant to subsections (a)
and (b)(1), (2), and | 20 |
| (3), of Section 201 of this Act into a fund in the State
| 21 |
| treasury known as the Income Tax Refund Fund. The | 22 |
| Department shall deposit 6%
of such amounts during the | 23 |
| period beginning January 1, 1989 and ending on June
30, | 24 |
| 1989. Beginning with State fiscal year 1990 and for each | 25 |
| fiscal year
thereafter, the percentage deposited into the | 26 |
| Income Tax Refund Fund during a
fiscal year shall be the |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| Annual Percentage. For fiscal years 1999 through
2001, the | 2 |
| Annual Percentage shall be 7.1%.
For fiscal year 2003, the | 3 |
| Annual Percentage shall be 8%.
For fiscal year 2004, the | 4 |
| Annual Percentage shall be 11.7%. Upon the effective date | 5 |
| of this amendatory Act of the 93rd General Assembly, the | 6 |
| Annual Percentage shall be 10% for fiscal year 2005. For | 7 |
| fiscal year 2006, the Annual Percentage shall be 9.75%. For | 8 |
| fiscal
year 2007, the Annual Percentage shall be 9.75%. For | 9 |
| fiscal year 2008, the Annual Percentage shall be 7.75%. For | 10 |
| fiscal year 2009, the Annual Percentage shall be 9.75%. For | 11 |
| all other
fiscal years, the
Annual Percentage shall be | 12 |
| calculated as a fraction, the numerator of which
shall be | 13 |
| the amount of refunds approved for payment by the | 14 |
| Department during
the preceding fiscal year as a result of | 15 |
| overpayment of tax liability under
subsections (a) and | 16 |
| (b)(1), (2), and (3) of Section 201 of this Act plus the
| 17 |
| amount of such refunds remaining approved but unpaid at the | 18 |
| end of the
preceding fiscal year, minus the amounts | 19 |
| transferred into the Income Tax
Refund Fund from the | 20 |
| Tobacco Settlement Recovery Fund, and
the denominator of | 21 |
| which shall be the amounts which will be collected pursuant
| 22 |
| to subsections (a) and (b)(1), (2), and (3) of Section 201 | 23 |
| of this Act during
the preceding fiscal year; except that | 24 |
| in State fiscal year 2002, the Annual
Percentage shall in | 25 |
| no event exceed 7.6%. The Director of Revenue shall
certify | 26 |
| the Annual Percentage to the Comptroller on the last |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| business day of
the fiscal year immediately preceding the | 2 |
| fiscal year for which it is to be
effective.
| 3 |
| (2) Beginning on January 1, 1989 and thereafter, the | 4 |
| Department shall
deposit a percentage of the amounts | 5 |
| collected pursuant to subsections (a)
and (b)(6), (7), and | 6 |
| (8), (c) and (d) of Section 201
of this Act into a fund in | 7 |
| the State treasury known as the Income Tax
Refund Fund. The | 8 |
| Department shall deposit 18% of such amounts during the
| 9 |
| period beginning January 1, 1989 and ending on June 30, | 10 |
| 1989. Beginning
with State fiscal year 1990 and for each | 11 |
| fiscal year thereafter, the
percentage deposited into the | 12 |
| Income Tax Refund Fund during a fiscal year
shall be the | 13 |
| Annual Percentage. For fiscal years 1999, 2000, and 2001, | 14 |
| the
Annual Percentage shall be 19%.
For fiscal year 2003, | 15 |
| the Annual Percentage shall be 27%. For fiscal year
2004, | 16 |
| the Annual Percentage shall be 32%.
Upon the effective date | 17 |
| of this amendatory Act of the 93rd General Assembly, the | 18 |
| Annual Percentage shall be 24% for fiscal year 2005.
For | 19 |
| fiscal year 2006, the Annual Percentage shall be 20%. For | 20 |
| fiscal
year 2007, the Annual Percentage shall be 17.5%. For | 21 |
| fiscal year 2008, the Annual Percentage shall be 15.5%. For | 22 |
| fiscal year 2009, the Annual Percentage shall be 17.5%. For | 23 |
| all other fiscal years, the Annual
Percentage shall be | 24 |
| calculated
as a fraction, the numerator of which shall be | 25 |
| the amount of refunds
approved for payment by the | 26 |
| Department during the preceding fiscal year as
a result of |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| overpayment of tax liability under subsections (a) and | 2 |
| (b)(6),
(7), and (8), (c) and (d) of Section 201 of this | 3 |
| Act plus the
amount of such refunds remaining approved but | 4 |
| unpaid at the end of the
preceding fiscal year, and the | 5 |
| denominator of
which shall be the amounts which will be | 6 |
| collected pursuant to subsections (a)
and (b)(6), (7), and | 7 |
| (8), (c) and (d) of Section 201 of this Act during the
| 8 |
| preceding fiscal year; except that in State fiscal year | 9 |
| 2002, the Annual
Percentage shall in no event exceed 23%. | 10 |
| The Director of Revenue shall
certify the Annual Percentage | 11 |
| to the Comptroller on the last business day of
the fiscal | 12 |
| year immediately preceding the fiscal year for which it is | 13 |
| to be
effective.
| 14 |
| (3) The Comptroller shall order transferred and the | 15 |
| Treasurer shall
transfer from the Tobacco Settlement | 16 |
| Recovery Fund to the Income Tax Refund
Fund (i) $35,000,000 | 17 |
| in January, 2001, (ii) $35,000,000 in January, 2002, and
| 18 |
| (iii) $35,000,000 in January, 2003.
| 19 |
| (d) Expenditures from Income Tax Refund Fund.
| 20 |
| (1) Beginning January 1, 1989, money in the Income Tax | 21 |
| Refund Fund
shall be expended exclusively for the purpose | 22 |
| of paying refunds resulting
from overpayment of tax | 23 |
| liability under Section 201 of this Act, for paying
rebates | 24 |
| under Section 208.1 in the event that the amounts in the | 25 |
| Homeowners'
Tax Relief Fund are insufficient for that | 26 |
| purpose,
and for
making transfers pursuant to this |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| subsection (d).
| 2 |
| (2) The Director shall order payment of refunds | 3 |
| resulting from
overpayment of tax liability under Section | 4 |
| 201 of this Act from the
Income Tax Refund Fund only to the | 5 |
| extent that amounts collected pursuant
to Section 201 of | 6 |
| this Act and transfers pursuant to this subsection (d)
and | 7 |
| item (3) of subsection (c) have been deposited and retained | 8 |
| in the
Fund.
| 9 |
| (3) As soon as possible after the end of each fiscal | 10 |
| year, the Director
shall
order transferred and the State | 11 |
| Treasurer and State Comptroller shall
transfer from the | 12 |
| Income Tax Refund Fund to the Personal Property Tax
| 13 |
| Replacement Fund an amount, certified by the Director to | 14 |
| the Comptroller,
equal to the excess of the amount | 15 |
| collected pursuant to subsections (c) and
(d) of Section | 16 |
| 201 of this Act deposited into the Income Tax Refund Fund
| 17 |
| during the fiscal year over the amount of refunds resulting | 18 |
| from
overpayment of tax liability under subsections (c) and | 19 |
| (d) of Section 201
of this Act paid from the Income Tax | 20 |
| Refund Fund during the fiscal year.
| 21 |
| (4) As soon as possible after the end of each fiscal | 22 |
| year, the Director shall
order transferred and the State | 23 |
| Treasurer and State Comptroller shall
transfer from the | 24 |
| Personal Property Tax Replacement Fund to the Income Tax
| 25 |
| Refund Fund an amount, certified by the Director to the | 26 |
| Comptroller, equal
to the excess of the amount of refunds |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| resulting from overpayment of tax
liability under | 2 |
| subsections (c) and (d) of Section 201 of this Act paid
| 3 |
| from the Income Tax Refund Fund during the fiscal year over | 4 |
| the amount
collected pursuant to subsections (c) and (d) of | 5 |
| Section 201 of this Act
deposited into the Income Tax | 6 |
| Refund Fund during the fiscal year.
| 7 |
| (4.5) As soon as possible after the end of fiscal year | 8 |
| 1999 and of each
fiscal year
thereafter, the Director shall | 9 |
| order transferred and the State Treasurer and
State | 10 |
| Comptroller shall transfer from the Income Tax Refund Fund | 11 |
| to the General
Revenue Fund any surplus remaining in the | 12 |
| Income Tax Refund Fund as of the end
of such fiscal year; | 13 |
| excluding for fiscal years 2000, 2001, and 2002
amounts | 14 |
| attributable to transfers under item (3) of subsection (c) | 15 |
| less refunds
resulting from the earned income tax credit.
| 16 |
| (5) This Act shall constitute an irrevocable and | 17 |
| continuing
appropriation from the Income Tax Refund Fund | 18 |
| for the purpose of paying
refunds upon the order of the | 19 |
| Director in accordance with the provisions of
this Section.
| 20 |
| (e) Deposits into the Education Assistance Fund and the | 21 |
| Income Tax
Surcharge Local Government Distributive Fund.
| 22 |
| On July 1, 1991, and thereafter, of the amounts collected | 23 |
| pursuant to
subsections (a) and (b) of Section 201 of this Act, | 24 |
| minus deposits into the
Income Tax Refund Fund, the Department | 25 |
| shall deposit 7.3% into the
Education Assistance Fund in the | 26 |
| State Treasury. Beginning July 1, 1991,
and continuing through |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| January 31, 1993, of the amounts collected pursuant to
| 2 |
| subsections (a) and (b) of Section 201 of the Illinois Income | 3 |
| Tax Act, minus
deposits into the Income Tax Refund Fund, the | 4 |
| Department shall deposit 3.0%
into the Income Tax Surcharge | 5 |
| Local Government Distributive Fund in the State
Treasury. | 6 |
| Beginning February 1, 1993 and continuing through June 30, | 7 |
| 1993, of
the amounts collected pursuant to subsections (a) and | 8 |
| (b) of Section 201 of the
Illinois Income Tax Act, minus | 9 |
| deposits into the Income Tax Refund Fund, the
Department shall | 10 |
| deposit 4.4% into the Income Tax Surcharge Local Government
| 11 |
| Distributive Fund in the State Treasury. Beginning July 1, | 12 |
| 1993, and
continuing through June 30, 1994, of the amounts | 13 |
| collected under subsections
(a) and (b) of Section 201 of this | 14 |
| Act, minus deposits into the Income Tax
Refund Fund, the | 15 |
| Department shall deposit 1.475% into the Income Tax Surcharge
| 16 |
| Local Government Distributive Fund in the State Treasury.
| 17 |
| (f) Deposits into the Common School Fund. On January 1 of | 18 |
| the first taxable year after the taxable year in which a | 19 |
| Management and Concession Agreement is entered into under the | 20 |
| Illinois Lottery Law and thereafter, of the amounts collected | 21 |
| pursuant to subsections (a) and (b) of Section 201 of this Act, | 22 |
| minus deposits into the Income Tax Refund Fund, the Department | 23 |
| shall deposit into the Common School Fund in the State treasury | 24 |
| 100% of the amount attributable to the increase in the amounts | 25 |
| collected pursuant to subsections (a) and (b) of Section 201 of | 26 |
| this Act under this amendatory Act of the 95th General |
|
|
|
HB6721 |
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LRB095 22629 HLH 53036 b |
|
| 1 |
| Assembly. | 2 |
| (Source: P.A. 94-91, eff. 7-1-05; 94-839, eff. 6-6-06; 95-707, | 3 |
| eff. 1-11-08; 95-744, eff. 7-18-08.)
| 4 |
| Section 15. If and only if Senate Bill 2595 of the 95th | 5 |
| General Assembly, as amended by House Amendment No. 4, becomes | 6 |
| law, then the School Code is amended by adding Section 2-3.148 | 7 |
| as follows: | 8 |
| (105 ILCS 5/2-3.148 new)
| 9 |
| Sec. 2-3.148. Distributions from the Lottery Supports | 10 |
| Schools Fund. The State Board of Education shall make | 11 |
| distributions from the Lottery Supports Schools Fund as | 12 |
| provided in Section 20.2 of the Illinois Lottery Law; however, | 13 |
| the State Board of Education shall not take into account these | 14 |
| distributions when computing State aid under Section 18-8.05 of | 15 |
| this Code.
| 16 |
| Section 99. Effective date. This Act takes effect upon | 17 |
| becoming law.
|
|