State of Illinois
92nd General Assembly
Legislation

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92_SB0052eng

 
SB52 Engrossed                                 LRB9202839SMdv

 1        AN ACT concerning taxation.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  Illinois  Income Tax Act is amended by
 5    changing Section 203 as follows:

 6        (35 ILCS 5/203) (from Ch. 120, par. 2-203)
 7        Sec. 203.  Base income defined.
 8        (a)  Individuals.
 9             (1)  In general.  In the case of an individual, base
10        income means an amount equal to the  taxpayer's  adjusted
11        gross   income  for  the  taxable  year  as  modified  by
12        paragraph (2).
13             (2)  Modifications.   The  adjusted   gross   income
14        referred  to in paragraph (1) shall be modified by adding
15        thereto the sum of the following amounts:
16                  (A)  An amount equal to  all  amounts  paid  or
17             accrued  to  the  taxpayer  as interest or dividends
18             during the taxable year to the extent excluded  from
19             gross  income  in  the computation of adjusted gross
20             income, except stock dividends of  qualified  public
21             utilities   described   in  Section  305(e)  of  the
22             Internal Revenue Code;
23                  (B)  An amount  equal  to  the  amount  of  tax
24             imposed  by  this  Act  to  the extent deducted from
25             gross income in the computation  of  adjusted  gross
26             income for the taxable year;
27                  (C)  An  amount  equal  to  the amount received
28             during the taxable year as a recovery or  refund  of
29             real   property  taxes  paid  with  respect  to  the
30             taxpayer's principal residence under the Revenue Act
31             of 1939 and for which  a  deduction  was  previously
 
SB52 Engrossed              -2-                LRB9202839SMdv
 1             taken  under  subparagraph (L) of this paragraph (2)
 2             prior to July 1, 1991, the retrospective application
 3             date of Article 4 of Public Act 87-17.  In the  case
 4             of  multi-unit  or  multi-use  structures  and  farm
 5             dwellings,  the  taxes  on  the taxpayer's principal
 6             residence shall be that portion of the  total  taxes
 7             for  the  entire  property  which is attributable to
 8             such principal residence;
 9                  (D)  An amount  equal  to  the  amount  of  the
10             capital  gain deduction allowable under the Internal
11             Revenue Code, to  the  extent  deducted  from  gross
12             income in the computation of adjusted gross income;
13                  (D-5)  An amount, to the extent not included in
14             adjusted  gross income, equal to the amount of money
15             withdrawn by the taxpayer in the taxable year from a
16             medical care savings account and the interest earned
17             on the account in the taxable year of  a  withdrawal
18             pursuant  to  subsection  (b)  of  Section 20 of the
19             Medical Care Savings Account Act or  subsection  (b)
20             of  Section  20  of the Medical Care Savings Account
21             Act of 2000; and
22                  (D-10)  For taxable years ending after December
23             31,  1997,  an  amount   equal   to   any   eligible
24             remediation  costs  that  the individual deducted in
25             computing adjusted gross income and  for  which  the
26             individual  claims  a credit under subsection (l) of
27             Section 201;
28        and by deducting from the total so obtained  the  sum  of
29        the following amounts:
30                  (E)  For  taxable  years ending before December
31             31, 2001, any  amount  included  in  such  total  in
32             respect  of  any  compensation  (including  but  not
33             limited  to  any  compensation  paid or accrued to a
34             serviceman while a prisoner of  war  or  missing  in
 
SB52 Engrossed              -3-                LRB9202839SMdv
 1             action)  paid  to  a  resident by reason of being on
 2             active duty in the Armed Forces of the United States
 3             and in respect of any compensation paid  or  accrued
 4             to  a  resident who as a governmental employee was a
 5             prisoner of war or missing in action, and in respect
 6             of any compensation paid to a resident  in  1971  or
 7             thereafter for annual training performed pursuant to
 8             Sections  502  and 503, Title 32, United States Code
 9             as a member of  the  Illinois  National  Guard.  For
10             taxable  years ending on or after December 31, 2001,
11             any amount included in such total in respect of  any
12             compensation  (including  but  not  limited  to  any
13             compensation paid or accrued to a serviceman while a
14             prisoner  of  war  or  missing  in action) paid to a
15             resident  by  reason  of  being  a  member  of   any
16             component  of  the Armed Forces of the United States
17             and in respect of any compensation paid  or  accrued
18             to  a  resident who as a governmental employee was a
19             prisoner of war or missing in action, and in respect
20             of any compensation paid to a resident  in  2001  or
21             thereafter  by  reason  of  being  a  member  of the
22             Illinois National  Guard.  The  provisions  of  this
23             amendatory  Act  of  the  92nd  General Assembly are
24             exempt from the provisions of Section 250;
25                  (F)  An amount equal to all amounts included in
26             such total pursuant to the  provisions  of  Sections
27             402(a),  402(c), 403(a), 403(b), 406(a), 407(a), and
28             408 of the Internal Revenue  Code,  or  included  in
29             such  total as distributions under the provisions of
30             any retirement or disability plan for  employees  of
31             any  governmental  agency  or  unit,  or  retirement
32             payments  to  retired  partners,  which payments are
33             excluded  in  computing  net  earnings   from   self
34             employment  by  Section 1402 of the Internal Revenue
 
SB52 Engrossed              -4-                LRB9202839SMdv
 1             Code and regulations adopted pursuant thereto;
 2                  (G)  The valuation limitation amount;
 3                  (H)  An amount equal to the amount of  any  tax
 4             imposed  by  this  Act  which  was  refunded  to the
 5             taxpayer and included in such total for the  taxable
 6             year;
 7                  (I)  An amount equal to all amounts included in
 8             such total pursuant to the provisions of Section 111
 9             of  the Internal Revenue Code as a recovery of items
10             previously deducted from adjusted  gross  income  in
11             the computation of taxable income;
12                  (J)  An   amount   equal   to  those  dividends
13             included  in  such  total  which  were  paid  by   a
14             corporation which conducts business operations in an
15             Enterprise  Zone or zones created under the Illinois
16             Enterprise Zone Act, and conducts substantially  all
17             of its operations in an Enterprise Zone or zones;
18                  (K)  An   amount   equal   to  those  dividends
19             included  in  such  total  that  were  paid   by   a
20             corporation  that  conducts business operations in a
21             federally designated Foreign Trade Zone or  Sub-Zone
22             and  that  is  designated  a  High  Impact  Business
23             located   in   Illinois;   provided  that  dividends
24             eligible for the deduction provided in  subparagraph
25             (J) of paragraph (2) of this subsection shall not be
26             eligible  for  the  deduction  provided  under  this
27             subparagraph (K);
28                  (L)  For  taxable  years  ending after December
29             31, 1983, an amount equal  to  all  social  security
30             benefits  and  railroad retirement benefits included
31             in such total pursuant to Sections 72(r) and  86  of
32             the Internal Revenue Code;
33                  (M)  With   the   exception   of   any  amounts
34             subtracted under subparagraph (N), an  amount  equal
 
SB52 Engrossed              -5-                LRB9202839SMdv
 1             to  the  sum of all amounts disallowed as deductions
 2             by (i)  Sections  171(a)  (2),  and  265(2)  of  the
 3             Internal  Revenue  Code of 1954, as now or hereafter
 4             amended, and all amounts of  expenses  allocable  to
 5             interest  and   disallowed  as deductions by Section
 6             265(1) of the Internal Revenue Code of 1954, as  now
 7             or  hereafter  amended;  and  (ii) for taxable years
 8             ending  on  or  after  August  13,  1999,   Sections
 9             171(a)(2),  265,  280C,  and  832(b)(5)(B)(i) of the
10             Internal  Revenue  Code;  the  provisions  of   this
11             subparagraph  are  exempt  from  the  provisions  of
12             Section 250;
13                  (N)  An amount equal to all amounts included in
14             such  total  which  are exempt from taxation by this
15             State  either  by  reason   of   its   statutes   or
16             Constitution  or  by  reason  of  the  Constitution,
17             treaties  or statutes of the United States; provided
18             that, in the case of any statute of this State  that
19             exempts   income   derived   from   bonds  or  other
20             obligations from the tax imposed under this Act, the
21             amount exempted shall be the interest  net  of  bond
22             premium amortization;
23                  (O)  An  amount  equal to any contribution made
24             to a job training project  established  pursuant  to
25             the Tax Increment Allocation Redevelopment Act;
26                  (P)  An  amount  equal  to  the  amount  of the
27             deduction used to compute  the  federal  income  tax
28             credit  for  restoration of substantial amounts held
29             under claim of right for the taxable  year  pursuant
30             to  Section  1341  of  the  Internal Revenue Code of
31             1986;
32                  (Q)  An amount equal to any amounts included in
33             such  total,  received  by  the   taxpayer   as   an
34             acceleration  in  the  payment of life, endowment or
 
SB52 Engrossed              -6-                LRB9202839SMdv
 1             annuity benefits in advance of the time  they  would
 2             otherwise  be payable as an indemnity for a terminal
 3             illness;
 4                  (R)  An amount  equal  to  the  amount  of  any
 5             federal  or  State  bonus  paid  to  veterans of the
 6             Persian Gulf War;
 7                  (S)  An  amount,  to  the  extent  included  in
 8             adjusted gross income, equal  to  the  amount  of  a
 9             contribution  made  in the taxable year on behalf of
10             the taxpayer  to  a  medical  care  savings  account
11             established  under  the Medical Care Savings Account
12             Act or the Medical Care Savings Account Act of  2000
13             to  the  extent  the contribution is accepted by the
14             account administrator as provided in that Act;
15                  (T)  An  amount,  to  the  extent  included  in
16             adjusted  gross  income,  equal  to  the  amount  of
17             interest earned in the taxable  year  on  a  medical
18             care  savings  account established under the Medical
19             Care Savings Account Act or the Medical Care Savings
20             Account Act of 2000 on behalf of the taxpayer, other
21             than interest added pursuant to item (D-5)  of  this
22             paragraph (2);
23                  (U)  For one taxable year beginning on or after
24             January 1, 1994, an amount equal to the total amount
25             of  tax  imposed  and paid under subsections (a) and
26             (b) of Section 201 of  this  Act  on  grant  amounts
27             received  by  the  taxpayer  under  the Nursing Home
28             Grant Assistance Act during the  taxpayer's  taxable
29             years 1992 and 1993;
30                  (V)  Beginning  with  tax  years  ending  on or
31             after December 31, 1995 and ending  with  tax  years
32             ending  on  or  before  December 31, 2004, an amount
33             equal to the amount paid by  a  taxpayer  who  is  a
34             self-employed  taxpayer, a partner of a partnership,
 
SB52 Engrossed              -7-                LRB9202839SMdv
 1             or a shareholder in a Subchapter S  corporation  for
 2             health  insurance  or  long-term  care insurance for
 3             that  taxpayer  or   that   taxpayer's   spouse   or
 4             dependents,  to  the extent that the amount paid for
 5             that health insurance or  long-term  care  insurance
 6             may  be  deducted  under Section 213 of the Internal
 7             Revenue Code of 1986, has not been deducted  on  the
 8             federal  income tax return of the taxpayer, and does
 9             not exceed the taxable income attributable  to  that
10             taxpayer's   income,   self-employment   income,  or
11             Subchapter S  corporation  income;  except  that  no
12             deduction  shall  be  allowed under this item (V) if
13             the taxpayer  is  eligible  to  participate  in  any
14             health insurance or long-term care insurance plan of
15             an  employer  of  the  taxpayer  or  the  taxpayer's
16             spouse.   The  amount  of  the  health insurance and
17             long-term care insurance subtracted under this  item
18             (V)  shall be determined by multiplying total health
19             insurance and long-term care insurance premiums paid
20             by the taxpayer times a number that  represents  the
21             fractional  percentage  of eligible medical expenses
22             under Section 213 of the Internal  Revenue  Code  of
23             1986 not actually deducted on the taxpayer's federal
24             income tax return;
25                  (W)  For  taxable  years  beginning on or after
26             January  1,  1998,  all  amounts  included  in   the
27             taxpayer's  federal gross income in the taxable year
28             from amounts converted from a regular IRA to a  Roth
29             IRA. This paragraph is exempt from the provisions of
30             Section 250; and
31                  (X)  For  taxable  year 1999 and thereafter, an
32             amount equal to the amount of any (i) distributions,
33             to the extent includible in gross income for federal
34             income tax purposes, made to the taxpayer because of
 
SB52 Engrossed              -8-                LRB9202839SMdv
 1             his or her status as a  victim  of  persecution  for
 2             racial  or  religious reasons by Nazi Germany or any
 3             other Axis regime or as an heir of  the  victim  and
 4             (ii)  items  of  income, to the extent includible in
 5             gross  income  for  federal  income  tax   purposes,
 6             attributable  to, derived from or in any way related
 7             to assets stolen from,  hidden  from,  or  otherwise
 8             lost  to  a  victim  of  persecution  for  racial or
 9             religious reasons by Nazi Germany or any other  Axis
10             regime immediately prior to, during, and immediately
11             after  World  War II, including, but not limited to,
12             interest on the  proceeds  receivable  as  insurance
13             under policies issued to a victim of persecution for
14             racial  or  religious reasons by Nazi Germany or any
15             other Axis regime by  European  insurance  companies
16             immediately  prior  to  and  during  World  War  II;
17             provided,  however,  this  subtraction  from federal
18             adjusted gross  income  does  not  apply  to  assets
19             acquired  with such assets or with the proceeds from
20             the sale of such  assets;  provided,  further,  this
21             paragraph shall only apply to a taxpayer who was the
22             first  recipient of such assets after their recovery
23             and who is a victim of  persecution  for  racial  or
24             religious  reasons by Nazi Germany or any other Axis
25             regime or as an heir of the victim.  The  amount  of
26             and  the  eligibility  for  any  public  assistance,
27             benefit,  or  similar entitlement is not affected by
28             the  inclusion  of  items  (i)  and  (ii)  of   this
29             paragraph  in  gross  income  for federal income tax
30             purposes.    This  paragraph  is  exempt  from   the
31             provisions of Section 250.

32        (b)  Corporations.
33             (1)  In general.  In the case of a corporation, base
34        income  means  an  amount equal to the taxpayer's taxable
 
SB52 Engrossed              -9-                LRB9202839SMdv
 1        income for the taxable year as modified by paragraph (2).
 2             (2)  Modifications.  The taxable income referred  to
 3        in  paragraph (1) shall be modified by adding thereto the
 4        sum of the following amounts:
 5                  (A)  An amount equal to  all  amounts  paid  or
 6             accrued   to   the  taxpayer  as  interest  and  all
 7             distributions  received  from  regulated  investment
 8             companies during the  taxable  year  to  the  extent
 9             excluded  from  gross  income  in the computation of
10             taxable income;
11                  (B)  An amount  equal  to  the  amount  of  tax
12             imposed  by  this  Act  to  the extent deducted from
13             gross income in the computation  of  taxable  income
14             for the taxable year;
15                  (C)  In  the  case  of  a  regulated investment
16             company, an amount equal to the excess  of  (i)  the
17             net  long-term  capital  gain  for the taxable year,
18             over (ii) the amount of the capital  gain  dividends
19             designated   as  such  in  accordance  with  Section
20             852(b)(3)(C) of the Internal Revenue  Code  and  any
21             amount  designated under Section 852(b)(3)(D) of the
22             Internal Revenue Code, attributable to  the  taxable
23             year (this amendatory Act of 1995 (Public Act 89-89)
24             is  declarative  of  existing  law  and is not a new
25             enactment);
26                  (D)  The  amount  of  any  net  operating  loss
27             deduction taken in arriving at taxable income, other
28             than a net operating loss  carried  forward  from  a
29             taxable year ending prior to December 31, 1986;
30                  (E)  For taxable years in which a net operating
31             loss  carryback  or carryforward from a taxable year
32             ending prior to December 31, 1986 is an  element  of
33             taxable income under paragraph (1) of subsection (e)
34             or  subparagraph  (E) of paragraph (2) of subsection
 
SB52 Engrossed              -10-               LRB9202839SMdv
 1             (e), the  amount  by  which  addition  modifications
 2             other  than  those provided by this subparagraph (E)
 3             exceeded subtraction modifications in  such  earlier
 4             taxable year, with the following limitations applied
 5             in the order that they are listed:
 6                       (i)  the addition modification relating to
 7                  the  net operating loss carried back or forward
 8                  to the  taxable  year  from  any  taxable  year
 9                  ending  prior  to  December  31,  1986 shall be
10                  reduced by the amount of addition  modification
11                  under  this  subparagraph  (E) which related to
12                  that net operating loss  and  which  was  taken
13                  into  account in calculating the base income of
14                  an earlier taxable year, and
15                       (ii)  the addition  modification  relating
16                  to  the  net  operating  loss  carried  back or
17                  forward to the taxable year  from  any  taxable
18                  year  ending  prior  to December 31, 1986 shall
19                  not exceed the  amount  of  such  carryback  or
20                  carryforward;
21                  For  taxable  years  in  which  there  is a net
22             operating loss carryback or carryforward  from  more
23             than one other taxable year ending prior to December
24             31, 1986, the addition modification provided in this
25             subparagraph  (E)  shall  be  the sum of the amounts
26             computed   independently   under    the    preceding
27             provisions  of  this  subparagraph (E) for each such
28             taxable year; and
29                  (E-5)  For taxable years ending after  December
30             31,   1997,   an   amount   equal  to  any  eligible
31             remediation costs that the corporation  deducted  in
32             computing  adjusted  gross  income and for which the
33             corporation claims a credit under subsection (l)  of
34             Section 201;
 
SB52 Engrossed              -11-               LRB9202839SMdv
 1        and  by  deducting  from the total so obtained the sum of
 2        the following amounts:
 3                  (F)  An amount equal to the amount of  any  tax
 4             imposed  by  this  Act  which  was  refunded  to the
 5             taxpayer and included in such total for the  taxable
 6             year;
 7                  (G)  An  amount equal to any amount included in
 8             such total under Section 78 of the Internal  Revenue
 9             Code;
10                  (H)  In  the  case  of  a  regulated investment
11             company, an amount equal to  the  amount  of  exempt
12             interest  dividends as defined in subsection (b) (5)
13             of Section 852 of the Internal Revenue Code, paid to
14             shareholders for the taxable year;
15                  (I)  With  the   exception   of   any   amounts
16             subtracted  under  subparagraph (J), an amount equal
17             to the sum of all amounts disallowed  as  deductions
18             by  (i)  Sections  171(a)  (2),  and  265(a)(2)  and
19             amounts  disallowed  as  interest expense by Section
20             291(a)(3) of the Internal Revenue Code,  as  now  or
21             hereafter  amended,  and  all  amounts  of  expenses
22             allocable  to  interest and disallowed as deductions
23             by Section 265(a)(1) of the Internal  Revenue  Code,
24             as  now  or  hereafter amended; and (ii) for taxable
25             years ending on or after August 13,  1999,  Sections
26             171(a)(2), 265, 280C, 291(a)(3), and 832(b)(5)(B)(i)
27             of the Internal Revenue Code; the provisions of this
28             subparagraph  are  exempt  from  the  provisions  of
29             Section 250;
30                  (J)  An amount equal to all amounts included in
31             such  total  which  are exempt from taxation by this
32             State  either  by  reason   of   its   statutes   or
33             Constitution  or  by  reason  of  the  Constitution,
34             treaties  or statutes of the United States; provided
 
SB52 Engrossed              -12-               LRB9202839SMdv
 1             that, in the case of any statute of this State  that
 2             exempts   income   derived   from   bonds  or  other
 3             obligations from the tax imposed under this Act, the
 4             amount exempted shall be the interest  net  of  bond
 5             premium amortization;
 6                  (K)  An   amount   equal   to  those  dividends
 7             included  in  such  total  which  were  paid  by   a
 8             corporation which conducts business operations in an
 9             Enterprise  Zone or zones created under the Illinois
10             Enterprise Zone Act and conducts  substantially  all
11             of its operations in an Enterprise Zone or zones;
12                  (L)  An   amount   equal   to  those  dividends
13             included  in  such  total  that  were  paid   by   a
14             corporation  that  conducts business operations in a
15             federally designated Foreign Trade Zone or  Sub-Zone
16             and  that  is  designated  a  High  Impact  Business
17             located   in   Illinois;   provided  that  dividends
18             eligible for the deduction provided in  subparagraph
19             (K)  of  paragraph 2 of this subsection shall not be
20             eligible  for  the  deduction  provided  under  this
21             subparagraph (L);
22                  (M)  For  any  taxpayer  that  is  a  financial
23             organization within the meaning of Section 304(c) of
24             this Act,  an  amount  included  in  such  total  as
25             interest  income  from  a loan or loans made by such
26             taxpayer to a borrower, to the extent  that  such  a
27             loan  is  secured  by property which is eligible for
28             the Enterprise Zone Investment Credit.  To determine
29             the portion of a loan or loans that  is  secured  by
30             property   eligible  for  a  Section  201(f)  201(h)
31             investment  credit  to  the  borrower,  the   entire
32             principal  amount  of  the loan or loans between the
33             taxpayer and the borrower should be divided into the
34             basis of the Section 201(f) 201(h) investment credit
 
SB52 Engrossed              -13-               LRB9202839SMdv
 1             property which secures the loan or loans, using  for
 2             this  purpose the original basis of such property on
 3             the date that  it  was  placed  in  service  in  the
 4             Enterprise   Zone.    The  subtraction  modification
 5             available  to  taxpayer  in  any  year  under   this
 6             subsection  shall  be  that  portion  of  the  total
 7             interest  paid  by the borrower with respect to such
 8             loan  attributable  to  the  eligible  property   as
 9             calculated under the previous sentence;
10                  (M-1)  For  any  taxpayer  that  is a financial
11             organization within the meaning of Section 304(c) of
12             this Act,  an  amount  included  in  such  total  as
13             interest  income  from  a loan or loans made by such
14             taxpayer to a borrower, to the extent  that  such  a
15             loan  is  secured  by property which is eligible for
16             the High  Impact  Business  Investment  Credit.   To
17             determine  the  portion  of  a loan or loans that is
18             secured by property eligible for  a  Section  201(h)
19             201(i) investment credit to the borrower, the entire
20             principal  amount  of  the loan or loans between the
21             taxpayer and the borrower should be divided into the
22             basis of the Section 201(h) 201(i) investment credit
23             property which secures the loan or loans, using  for
24             this  purpose the original basis of such property on
25             the  date  that  it  was  placed  in  service  in  a
26             federally designated Foreign Trade Zone or  Sub-Zone
27             located  in  Illinois.  No taxpayer that is eligible
28             for the deduction provided in  subparagraph  (M)  of
29             paragraph  (2)  of this subsection shall be eligible
30             for the deduction provided under  this  subparagraph
31             (M-1).   The  subtraction  modification available to
32             taxpayers in any year under this subsection shall be
33             that portion of  the  total  interest  paid  by  the
34             borrower  with  respect to such loan attributable to
 
SB52 Engrossed              -14-               LRB9202839SMdv
 1             the  eligible  property  as  calculated  under   the
 2             previous sentence;
 3                  (N)  Two times any contribution made during the
 4             taxable  year  to  a designated zone organization to
 5             the extent that the contribution (i) qualifies as  a
 6             charitable  contribution  under  subsection  (c)  of
 7             Section  170  of  the Internal Revenue Code and (ii)
 8             must, by its terms, be used for a  project  approved
 9             by  the Department of Commerce and Community Affairs
10             under Section 11 of  the  Illinois  Enterprise  Zone
11             Act;
12                  (O)  An  amount  equal  to: (i) 85% for taxable
13             years ending on or before December 31, 1992,  or,  a
14             percentage  equal  to the percentage allowable under
15             Section 243(a)(1) of the Internal  Revenue  Code  of
16             1986  for  taxable  years  ending after December 31,
17             1992, of the amount by which dividends  included  in
18             taxable  income and received from a corporation that
19             is not created or organized under the  laws  of  the
20             United  States or any state or political subdivision
21             thereof, including, for taxable years ending  on  or
22             after  December  31,  1988,  dividends  received  or
23             deemed   received  or  paid  or  deemed  paid  under
24             Sections 951 through 964  of  the  Internal  Revenue
25             Code, exceed the amount of the modification provided
26             under  subparagraph  (G)  of  paragraph  (2) of this
27             subsection (b) which is related to  such  dividends;
28             plus  (ii)  100%  of  the amount by which dividends,
29             included in taxable income and received,  including,
30             for  taxable  years  ending on or after December 31,
31             1988, dividends received or deemed received or  paid
32             or deemed paid under Sections 951 through 964 of the
33             Internal  Revenue  Code,  from  any such corporation
34             specified in clause  (i)  that  would  but  for  the
 
SB52 Engrossed              -15-               LRB9202839SMdv
 1             provisions  of  Section 1504 (b) (3) of the Internal
 2             Revenue  Code  be  treated  as  a  member   of   the
 3             affiliated   group   which   includes  the  dividend
 4             recipient, exceed the  amount  of  the  modification
 5             provided  under subparagraph (G) of paragraph (2) of
 6             this  subsection  (b)  which  is  related  to   such
 7             dividends;
 8                  (P)  An  amount  equal to any contribution made
 9             to a job training project  established  pursuant  to
10             the Tax Increment Allocation Redevelopment Act;
11                  (Q)  An  amount  equal  to  the  amount  of the
12             deduction used to compute  the  federal  income  tax
13             credit  for  restoration of substantial amounts held
14             under claim of right for the taxable  year  pursuant
15             to  Section  1341  of  the  Internal Revenue Code of
16             1986;
17                  (R)  In the case of  an  attorney-in-fact  with
18             respect  to  whom  an  interinsurer  or a reciprocal
19             insurer has made the election under Section  835  of
20             the  Internal Revenue Code, 26 U.S.C. 835, an amount
21             equal to the excess, if any, of the amounts paid  or
22             incurred  by that interinsurer or reciprocal insurer
23             in the taxable year to the attorney-in-fact over the
24             deduction allowed to that interinsurer or reciprocal
25             insurer with respect to the  attorney-in-fact  under
26             Section  835(b) of the Internal Revenue Code for the
27             taxable year; and
28                  (S)  For  taxable  years  ending  on  or  after
29             December 31, 1997, in the case  of  a  Subchapter  S
30             corporation,  an  amount  equal  to  all  amounts of
31             income allocable to a  shareholder  subject  to  the
32             Personal Property Tax Replacement Income Tax imposed
33             by  subsections  (c)  and (d) of Section 201 of this
34             Act, including amounts  allocable  to  organizations
 
SB52 Engrossed              -16-               LRB9202839SMdv
 1             exempt  from federal income tax by reason of Section
 2             501(a)  of  the   Internal   Revenue   Code.    This
 3             subparagraph  (S)  is  exempt from the provisions of
 4             Section 250.
 5             (3)  Special rule.  For purposes  of  paragraph  (2)
 6        (A),  "gross  income"  in  the  case  of a life insurance
 7        company, for tax years ending on and after  December  31,
 8        1994,  shall  mean  the  gross  investment income for the
 9        taxable year.

10        (c)  Trusts and estates.
11             (1)  In general.  In the case of a trust or  estate,
12        base  income  means  an  amount  equal  to the taxpayer's
13        taxable income  for  the  taxable  year  as  modified  by
14        paragraph (2).
15             (2)  Modifications.   Subject  to  the provisions of
16        paragraph  (3),  the  taxable  income  referred   to   in
17        paragraph (1) shall be modified by adding thereto the sum
18        of the following amounts:
19                  (A)  An  amount  equal  to  all amounts paid or
20             accrued to the taxpayer  as  interest  or  dividends
21             during  the taxable year to the extent excluded from
22             gross income in the computation of taxable income;
23                  (B)  In the case of (i) an estate, $600; (ii) a
24             trust which,  under  its  governing  instrument,  is
25             required  to distribute all of its income currently,
26             $300; and (iii) any other trust, $100, but  in  each
27             such  case,  only  to  the  extent  such  amount was
28             deducted in the computation of taxable income;
29                  (C)  An amount  equal  to  the  amount  of  tax
30             imposed  by  this  Act  to  the extent deducted from
31             gross income in the computation  of  taxable  income
32             for the taxable year;
33                  (D)  The  amount  of  any  net  operating  loss
34             deduction taken in arriving at taxable income, other
 
SB52 Engrossed              -17-               LRB9202839SMdv
 1             than  a  net  operating  loss carried forward from a
 2             taxable year ending prior to December 31, 1986;
 3                  (E)  For taxable years in which a net operating
 4             loss carryback or carryforward from a  taxable  year
 5             ending  prior  to December 31, 1986 is an element of
 6             taxable income under paragraph (1) of subsection (e)
 7             or subparagraph (E) of paragraph (2)  of  subsection
 8             (e),  the  amount  by  which  addition modifications
 9             other than those provided by this  subparagraph  (E)
10             exceeded  subtraction  modifications in such taxable
11             year, with the following limitations applied in  the
12             order that they are listed:
13                       (i)  the addition modification relating to
14                  the  net operating loss carried back or forward
15                  to the  taxable  year  from  any  taxable  year
16                  ending  prior  to  December  31,  1986 shall be
17                  reduced by the amount of addition  modification
18                  under  this  subparagraph  (E) which related to
19                  that net operating loss  and  which  was  taken
20                  into  account in calculating the base income of
21                  an earlier taxable year, and
22                       (ii)  the addition  modification  relating
23                  to  the  net  operating  loss  carried  back or
24                  forward to the taxable year  from  any  taxable
25                  year  ending  prior  to December 31, 1986 shall
26                  not exceed the  amount  of  such  carryback  or
27                  carryforward;
28                  For  taxable  years  in  which  there  is a net
29             operating loss carryback or carryforward  from  more
30             than one other taxable year ending prior to December
31             31, 1986, the addition modification provided in this
32             subparagraph  (E)  shall  be  the sum of the amounts
33             computed   independently   under    the    preceding
34             provisions  of  this  subparagraph (E) for each such
 
SB52 Engrossed              -18-               LRB9202839SMdv
 1             taxable year;
 2                  (F)  For  taxable  years  ending  on  or  after
 3             January 1, 1989, an amount equal to the tax deducted
 4             pursuant to Section 164 of the Internal Revenue Code
 5             if the trust or estate is claiming the same tax  for
 6             purposes  of  the  Illinois foreign tax credit under
 7             Section 601 of this Act;
 8                  (G)  An amount  equal  to  the  amount  of  the
 9             capital  gain deduction allowable under the Internal
10             Revenue Code, to  the  extent  deducted  from  gross
11             income in the computation of taxable income; and
12                  (G-5)  For  taxable years ending after December
13             31,  1997,  an  amount   equal   to   any   eligible
14             remediation  costs that the trust or estate deducted
15             in computing adjusted gross income and for which the
16             trust or estate claims a credit under subsection (l)
17             of Section 201;
18        and by deducting from the total so obtained  the  sum  of
19        the following amounts:
20                  (H)  An amount equal to all amounts included in
21             such  total  pursuant  to the provisions of Sections
22             402(a), 402(c), 403(a), 403(b), 406(a),  407(a)  and
23             408 of the Internal Revenue Code or included in such
24             total  as  distributions under the provisions of any
25             retirement or disability plan for employees  of  any
26             governmental  agency or unit, or retirement payments
27             to retired partners, which payments are excluded  in
28             computing  net  earnings  from  self  employment  by
29             Section  1402  of  the  Internal  Revenue  Code  and
30             regulations adopted pursuant thereto;
31                  (I)  The valuation limitation amount;
32                  (J)  An  amount  equal to the amount of any tax
33             imposed by  this  Act  which  was  refunded  to  the
34             taxpayer  and included in such total for the taxable
 
SB52 Engrossed              -19-               LRB9202839SMdv
 1             year;
 2                  (K)  An amount equal to all amounts included in
 3             taxable income as  modified  by  subparagraphs  (A),
 4             (B),  (C),  (D),  (E),  (F) and (G) which are exempt
 5             from taxation by this State either by reason of  its
 6             statutes   or  Constitution  or  by  reason  of  the
 7             Constitution, treaties or  statutes  of  the  United
 8             States; provided that, in the case of any statute of
 9             this State that exempts income derived from bonds or
10             other  obligations  from  the tax imposed under this
11             Act, the amount exempted shall be the  interest  net
12             of bond premium amortization;
13                  (L)  With   the   exception   of   any  amounts
14             subtracted under subparagraph (K), an  amount  equal
15             to  the  sum of all amounts disallowed as deductions
16             by (i) Sections 171(a)  (2)  and  265(a)(2)  of  the
17             Internal  Revenue Code, as now or hereafter amended,
18             and all amounts of expenses  allocable  to  interest
19             and  disallowed  as  deductions by Section 265(1) of
20             the  Internal  Revenue  Code  of  1954,  as  now  or
21             hereafter amended; and (ii) for taxable years ending
22             on or after August  13,  1999,  Sections  171(a)(2),
23             265,  280C,  and  832(b)(5)(B)(i)  of  the  Internal
24             Revenue  Code;  the  provisions of this subparagraph
25             are exempt from the provisions of Section 250;
26                  (M)  An  amount  equal   to   those   dividends
27             included   in  such  total  which  were  paid  by  a
28             corporation which conducts business operations in an
29             Enterprise Zone or zones created under the  Illinois
30             Enterprise  Zone  Act and conducts substantially all
31             of its operations in an Enterprise Zone or Zones;
32                  (N)  An amount equal to any  contribution  made
33             to  a  job  training project established pursuant to
34             the Tax Increment Allocation Redevelopment Act;
 
SB52 Engrossed              -20-               LRB9202839SMdv
 1                  (O)  An  amount  equal   to   those   dividends
 2             included   in   such  total  that  were  paid  by  a
 3             corporation that conducts business operations  in  a
 4             federally  designated Foreign Trade Zone or Sub-Zone
 5             and  that  is  designated  a  High  Impact  Business
 6             located  in  Illinois;   provided   that   dividends
 7             eligible  for the deduction provided in subparagraph
 8             (M) of paragraph (2) of this subsection shall not be
 9             eligible  for  the  deduction  provided  under  this
10             subparagraph (O);
11                  (P)  An amount  equal  to  the  amount  of  the
12             deduction  used  to  compute  the federal income tax
13             credit for restoration of substantial  amounts  held
14             under  claim  of right for the taxable year pursuant
15             to Section 1341 of  the  Internal  Revenue  Code  of
16             1986; and
17                  (Q)  For  taxable  year 1999 and thereafter, an
18             amount equal to the amount of any (i) distributions,
19             to the extent includible in gross income for federal
20             income tax purposes, made to the taxpayer because of
21             his or her status as a  victim  of  persecution  for
22             racial  or  religious reasons by Nazi Germany or any
23             other Axis regime or as an heir of  the  victim  and
24             (ii)  items  of  income, to the extent includible in
25             gross  income  for  federal  income  tax   purposes,
26             attributable  to, derived from or in any way related
27             to assets stolen from,  hidden  from,  or  otherwise
28             lost  to  a  victim  of  persecution  for  racial or
29             religious reasons by Nazi Germany or any other  Axis
30             regime immediately prior to, during, and immediately
31             after  World  War II, including, but not limited to,
32             interest on the  proceeds  receivable  as  insurance
33             under policies issued to a victim of persecution for
34             racial  or  religious reasons by Nazi Germany or any
 
SB52 Engrossed              -21-               LRB9202839SMdv
 1             other Axis regime by  European  insurance  companies
 2             immediately  prior  to  and  during  World  War  II;
 3             provided,  however,  this  subtraction  from federal
 4             adjusted gross  income  does  not  apply  to  assets
 5             acquired  with such assets or with the proceeds from
 6             the sale of such  assets;  provided,  further,  this
 7             paragraph shall only apply to a taxpayer who was the
 8             first  recipient of such assets after their recovery
 9             and who is a victim of  persecution  for  racial  or
10             religious  reasons by Nazi Germany or any other Axis
11             regime or as an heir of the victim.  The  amount  of
12             and  the  eligibility  for  any  public  assistance,
13             benefit,  or  similar entitlement is not affected by
14             the  inclusion  of  items  (i)  and  (ii)  of   this
15             paragraph  in  gross  income  for federal income tax
16             purposes.  This  paragraph  is   exempt   from   the
17             provisions of Section 250.
18             (3)  Limitation.   The  amount  of  any modification
19        otherwise required under  this  subsection  shall,  under
20        regulations  prescribed by the Department, be adjusted by
21        any amounts included therein which  were  properly  paid,
22        credited,  or  required to be distributed, or permanently
23        set aside for charitable purposes pursuant   to  Internal
24        Revenue Code Section 642(c) during the taxable year.

25        (d)  Partnerships.
26             (1)  In  general. In the case of a partnership, base
27        income means an amount equal to  the  taxpayer's  taxable
28        income for the taxable year as modified by paragraph (2).
29             (2)  Modifications.  The  taxable income referred to
30        in paragraph (1) shall be modified by adding thereto  the
31        sum of the following amounts:
32                  (A)  An  amount  equal  to  all amounts paid or
33             accrued to the taxpayer  as  interest  or  dividends
34             during  the taxable year to the extent excluded from
 
SB52 Engrossed              -22-               LRB9202839SMdv
 1             gross income in the computation of taxable income;
 2                  (B)  An amount  equal  to  the  amount  of  tax
 3             imposed  by  this  Act  to  the extent deducted from
 4             gross income for the taxable year;
 5                  (C)  The amount of deductions  allowed  to  the
 6             partnership  pursuant  to  Section  707  (c)  of the
 7             Internal Revenue Code  in  calculating  its  taxable
 8             income; and
 9                  (D)  An  amount  equal  to  the  amount  of the
10             capital gain deduction allowable under the  Internal
11             Revenue  Code,  to  the  extent  deducted from gross
12             income in the computation of taxable income;
13        and by deducting from the total so obtained the following
14        amounts:
15                  (E)  The valuation limitation amount;
16                  (F)  An amount equal to the amount of  any  tax
17             imposed  by  this  Act  which  was  refunded  to the
18             taxpayer and included in such total for the  taxable
19             year;
20                  (G)  An amount equal to all amounts included in
21             taxable  income  as  modified  by subparagraphs (A),
22             (B), (C) and (D) which are exempt from  taxation  by
23             this  State  either  by  reason  of  its statutes or
24             Constitution  or  by  reason  of  the  Constitution,
25             treaties or statutes of the United States;  provided
26             that,  in the case of any statute of this State that
27             exempts  income  derived   from   bonds   or   other
28             obligations from the tax imposed under this Act, the
29             amount  exempted  shall  be the interest net of bond
30             premium amortization;
31                  (H)  Any  income  of  the   partnership   which
32             constitutes  personal  service  income as defined in
33             Section 1348 (b) (1) of the  Internal  Revenue  Code
34             (as  in  effect  December  31, 1981) or a reasonable
 
SB52 Engrossed              -23-               LRB9202839SMdv
 1             allowance  for  compensation  paid  or  accrued  for
 2             services rendered by partners  to  the  partnership,
 3             whichever is greater;
 4                  (I)  An  amount  equal to all amounts of income
 5             distributable to an entity subject to  the  Personal
 6             Property  Tax  Replacement  Income  Tax  imposed  by
 7             subsections  (c)  and (d) of Section 201 of this Act
 8             including  amounts  distributable  to  organizations
 9             exempt from federal income tax by reason of  Section
10             501(a) of the Internal Revenue Code;
11                  (J)  With   the   exception   of   any  amounts
12             subtracted under subparagraph (G), an  amount  equal
13             to  the  sum of all amounts disallowed as deductions
14             by (i)  Sections  171(a)  (2),  and  265(2)  of  the
15             Internal  Revenue  Code of 1954, as now or hereafter
16             amended, and all amounts of  expenses  allocable  to
17             interest  and  disallowed  as  deductions by Section
18             265(1) of the  Internal  Revenue  Code,  as  now  or
19             hereafter amended; and (ii) for taxable years ending
20             on  or  after  August  13, 1999, Sections 171(a)(2),
21             265,  280C,  and  832(b)(5)(B)(i)  of  the  Internal
22             Revenue Code; the provisions  of  this  subparagraph
23             are exempt from the provisions of Section 250;
24                  (K)  An   amount   equal   to  those  dividends
25             included  in  such  total  which  were  paid  by   a
26             corporation which conducts business operations in an
27             Enterprise  Zone or zones created under the Illinois
28             Enterprise Zone Act, enacted  by  the  82nd  General
29             Assembly, and which does not conduct such operations
30             other than in an Enterprise Zone or Zones;
31                  (L)  An  amount  equal to any contribution made
32             to a job training project  established  pursuant  to
33             the   Real   Property   Tax   Increment   Allocation
34             Redevelopment Act;
 
SB52 Engrossed              -24-               LRB9202839SMdv
 1                  (M)  An   amount   equal   to  those  dividends
 2             included  in  such  total  that  were  paid   by   a
 3             corporation  that  conducts business operations in a
 4             federally designated Foreign Trade Zone or  Sub-Zone
 5             and  that  is  designated  a  High  Impact  Business
 6             located   in   Illinois;   provided  that  dividends
 7             eligible for the deduction provided in  subparagraph
 8             (K) of paragraph (2) of this subsection shall not be
 9             eligible  for  the  deduction  provided  under  this
10             subparagraph (M); and
11                  (N)  An  amount  equal  to  the  amount  of the
12             deduction used to compute  the  federal  income  tax
13             credit  for  restoration of substantial amounts held
14             under claim of right for the taxable  year  pursuant
15             to  Section  1341  of  the  Internal Revenue Code of
16             1986.

17        (e)  Gross income; adjusted gross income; taxable income.
18             (1)  In  general.   Subject  to  the  provisions  of
19        paragraph (2) and subsection (b)  (3),  for  purposes  of
20        this  Section  and  Section  803(e),  a  taxpayer's gross
21        income, adjusted gross income, or taxable income for  the
22        taxable  year  shall  mean  the  amount  of gross income,
23        adjusted  gross  income  or   taxable   income   properly
24        reportable  for  federal  income  tax  purposes  for  the
25        taxable year under the provisions of the Internal Revenue
26        Code.  Taxable income may be less than zero. However, for
27        taxable years ending on or after December 31,  1986,  net
28        operating  loss  carryforwards  from taxable years ending
29        prior to December 31, 1986, may not  exceed  the  sum  of
30        federal  taxable  income  for the taxable year before net
31        operating loss deduction, plus  the  excess  of  addition
32        modifications  over  subtraction  modifications  for  the
33        taxable year.  For taxable years ending prior to December
34        31, 1986, taxable income may never be an amount in excess
 
SB52 Engrossed              -25-               LRB9202839SMdv
 1        of the net operating loss for the taxable year as defined
 2        in subsections (c) and (d) of Section 172 of the Internal
 3        Revenue  Code,  provided  that  when  taxable income of a
 4        corporation (other  than  a  Subchapter  S  corporation),
 5        trust,   or   estate  is  less  than  zero  and  addition
 6        modifications, other than those provided by  subparagraph
 7        (E)  of  paragraph (2) of subsection (b) for corporations
 8        or subparagraph (E) of paragraph (2)  of  subsection  (c)
 9        for trusts and estates, exceed subtraction modifications,
10        an   addition  modification  must  be  made  under  those
11        subparagraphs for any other taxable  year  to  which  the
12        taxable  income  less  than  zero (net operating loss) is
13        applied under Section 172 of the Internal Revenue Code or
14        under  subparagraph  (E)  of  paragraph   (2)   of   this
15        subsection (e) applied in conjunction with Section 172 of
16        the Internal Revenue Code.
17             (2)  Special rule.  For purposes of paragraph (1) of
18        this  subsection,  the taxable income properly reportable
19        for federal income tax purposes shall mean:
20                  (A)  Certain life insurance companies.  In  the
21             case  of a life insurance company subject to the tax
22             imposed by Section 801 of the Internal Revenue Code,
23             life insurance  company  taxable  income,  plus  the
24             amount  of  distribution  from pre-1984 policyholder
25             surplus accounts as calculated under Section 815a of
26             the Internal Revenue Code;
27                  (B)  Certain other insurance companies.  In the
28             case of mutual insurance companies  subject  to  the
29             tax  imposed  by Section 831 of the Internal Revenue
30             Code, insurance company taxable income;
31                  (C)  Regulated investment  companies.   In  the
32             case  of  a  regulated investment company subject to
33             the tax imposed  by  Section  852  of  the  Internal
34             Revenue Code, investment company taxable income;
 
SB52 Engrossed              -26-               LRB9202839SMdv
 1                  (D)  Real  estate  investment  trusts.   In the
 2             case of a real estate investment  trust  subject  to
 3             the  tax  imposed  by  Section  857  of the Internal
 4             Revenue Code, real estate investment  trust  taxable
 5             income;
 6                  (E)  Consolidated corporations.  In the case of
 7             a  corporation  which  is  a member of an affiliated
 8             group of corporations filing a  consolidated  income
 9             tax  return  for the taxable year for federal income
10             tax purposes, taxable income determined as  if  such
11             corporation  had filed a separate return for federal
12             income tax purposes for the taxable  year  and  each
13             preceding  taxable year for which it was a member of
14             an  affiliated   group.   For   purposes   of   this
15             subparagraph, the taxpayer's separate taxable income
16             shall  be  determined as if the election provided by
17             Section 243(b) (2) of the Internal Revenue Code  had
18             been in effect for all such years;
19                  (F)  Cooperatives.     In   the   case   of   a
20             cooperative corporation or association, the  taxable
21             income of such organization determined in accordance
22             with  the provisions of Section 1381 through 1388 of
23             the Internal Revenue Code;
24                  (G)  Subchapter S corporations.   In  the  case
25             of:  (i)  a Subchapter S corporation for which there
26             is in effect an election for the taxable year  under
27             Section  1362  of  the  Internal  Revenue  Code, the
28             taxable income of  such  corporation  determined  in
29             accordance  with  Section  1363(b)  of  the Internal
30             Revenue Code, except that taxable income shall  take
31             into  account  those  items  which  are  required by
32             Section 1363(b)(1) of the Internal Revenue  Code  to
33             be  separately  stated;  and  (ii)  a  Subchapter  S
34             corporation  for  which there is in effect a federal
 
SB52 Engrossed              -27-               LRB9202839SMdv
 1             election  to  opt  out  of  the  provisions  of  the
 2             Subchapter S Revision Act of 1982 and  have  applied
 3             instead  the  prior federal Subchapter S rules as in
 4             effect on July 1, 1982, the taxable income  of  such
 5             corporation   determined   in  accordance  with  the
 6             federal Subchapter S rules as in effect on  July  1,
 7             1982; and
 8                  (H)  Partnerships.     In   the   case   of   a
 9             partnership, taxable income determined in accordance
10             with Section  703  of  the  Internal  Revenue  Code,
11             except  that  taxable income shall take into account
12             those items which are required by Section  703(a)(1)
13             to  be  separately  stated  but which would be taken
14             into account by an  individual  in  calculating  his
15             taxable income.

16        (f)  Valuation limitation amount.
17             (1)  In  general.   The  valuation limitation amount
18        referred to in subsections (a) (2) (G), (c) (2)  (I)  and
19        (d)(2) (E) is an amount equal to:
20                  (A)  The   sum   of   the  pre-August  1,  1969
21             appreciation amounts (to the  extent  consisting  of
22             gain reportable under the provisions of Section 1245
23             or  1250  of  the  Internal  Revenue  Code)  for all
24             property in respect of which such gain was  reported
25             for the taxable year; plus
26                  (B)  The   lesser   of   (i)  the  sum  of  the
27             pre-August 1,  1969  appreciation  amounts  (to  the
28             extent  consisting of capital gain) for all property
29             in respect of  which  such  gain  was  reported  for
30             federal income tax purposes for the taxable year, or
31             (ii)  the  net  capital  gain  for the taxable year,
32             reduced in either case by any amount  of  such  gain
33             included  in  the amount determined under subsection
34             (a) (2) (F) or (c) (2) (H).
 
SB52 Engrossed              -28-               LRB9202839SMdv
 1             (2)  Pre-August 1, 1969 appreciation amount.
 2                  (A)  If  the  fair  market  value  of  property
 3             referred   to   in   paragraph   (1)   was   readily
 4             ascertainable on August 1, 1969, the  pre-August  1,
 5             1969  appreciation  amount  for such property is the
 6             lesser of (i) the excess of such fair  market  value
 7             over the taxpayer's basis (for determining gain) for
 8             such  property  on  that  date (determined under the
 9             Internal Revenue Code as in effect on that date), or
10             (ii) the total  gain  realized  and  reportable  for
11             federal  income tax purposes in respect of the sale,
12             exchange or other disposition of such property.
13                  (B)  If  the  fair  market  value  of  property
14             referred  to  in  paragraph  (1)  was  not   readily
15             ascertainable  on  August 1, 1969, the pre-August 1,
16             1969 appreciation amount for such property  is  that
17             amount  which bears the same ratio to the total gain
18             reported in respect  of  the  property  for  federal
19             income  tax  purposes  for  the taxable year, as the
20             number of full calendar months in that part  of  the
21             taxpayer's  holding  period  for the property ending
22             July 31, 1969 bears to the number of  full  calendar
23             months  in  the taxpayer's entire holding period for
24             the property.
25                  (C)  The  Department   shall   prescribe   such
26             regulations  as  may  be  necessary to carry out the
27             purposes of this paragraph.

28        (g)  Double  deductions.   Unless  specifically  provided
29    otherwise, nothing in this Section shall permit the same item
30    to be deducted more than once.

31        (h)  Legislative intention.  Except as expressly provided
32    by  this  Section  there  shall  be   no   modifications   or
33    limitations on the amounts of income, gain, loss or deduction
 
SB52 Engrossed              -29-               LRB9202839SMdv
 1    taken  into  account  in  determining  gross income, adjusted
 2    gross  income  or  taxable  income  for  federal  income  tax
 3    purposes for the taxable year, or in the amount of such items
 4    entering into the computation of base income and  net  income
 5    under  this  Act for such taxable year, whether in respect of
 6    property values as of August 1, 1969 or otherwise.
 7    (Source: P.A.  90-491,  eff.  1-1-98;  90-717,  eff.  8-7-98;
 8    90-770,  eff.  8-14-98;  91-192,  eff.  7-20-99; 91-205, eff.
 9    7-20-99; 91-357, eff. 7-29-99; 91-541, eff. 8-13-99;  91-676,
10    eff.  12-23-99;  91-845,  eff.  6-22-00; 91-913, eff. 1-1-01;
11    revised 10-24-00)

12        Section 99.  Effective date.  This Act takes effect  upon
13    becoming law.

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