(35 ILCS 615/2a.1) (from Ch. 120, par. 467.17a.1)
Sec. 2a.1.
Imposition of tax on invested capital.
In addition to the
taxes imposed by the Illinois
Income Tax Act and Section 2 of this Act, there is hereby imposed upon persons
engaged in the business of distributing, supplying, furnishing or selling
gas and subject to the tax imposed by this Act (other than a school district
or unit of local government as defined in Section 1 of Article VII of the
Illinois Constitution of 1970),
an additional tax in an amount equal to .8% of such persons' invested
capital for the taxable period. If such persons are not liable for such
additional tax for the entire taxable period, such additional tax shall
be computed on the portion of the taxable period during which such persons
were liable for such additional tax.
The invested capital tax imposed by this Section shall not be imposed
upon persons who are not regulated by the Illinois Commerce Commission.
Provided, in the case of
any person which is subject to the invested capital tax
imposed by this Section and which is also subject to the tax
on the distribution of electricity imposed by Section 2a.1 of
the Public Utilities Revenue Act, for taxable periods beginning on or after
January 1, 1998,
the invested capital tax imposed by this Section shall be the lesser of (i)
an amount equal to
0.8% of such person's invested capital for the taxable period multiplied by a
fraction the numerator of which is the average of the beginning and ending
balances of such person's gross gas utility plant in service and the
denominator
of which is the average of the beginning and ending balances of such person's
gross electric and gas utility plant in service, as set forth in such person's
annual report to the Illinois Commerce Commission for the taxable period, or
(ii) an amount equal to 0.8% of the person's invested capital for the taxable
period ended December 31, 1996 multiplied by a fraction the numerator of which
is the average of the beginning and ending balances of the person's gross gas
utility plant in service and the denominator of which is the average of the
beginning and ending balances of the person's gross electric and gas utility
plant in service as set
forth in the person's annual report to the Illinois Commerce Commission for the
taxable period ended December 31, 1996 modified by an adjustment factor. The
adjustment factor is a ratio the numerator of which is the average of the
beginning and ending balances
of the person's gross gas plant in service
for the taxable period
and the denominator of which is the average
of the beginning and ending balances of the person's gross gas plant in service
for the taxable period
ended December 31, 1996, as set forth in the person's annual reports to the
Illinois Commerce Commission for such taxable periods.
(Source: P.A. 90-561, eff. 1-1-98; 91-596, eff. 1-1-00.)
|