State of Illinois
92nd General Assembly
Legislation

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92_SB0971

 
                                               LRB9207983SMdv

 1        AN ACT concerning taxes.

 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
 
                            -2-                LRB9207983SMdv
 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)  Any  amount  included  in  such  total  in
31             respect  of  any  compensation  (including  but  not
32             limited to any compensation paid  or  accrued  to  a
33             serviceman  while  a  prisoner  of war or missing in
34             action) paid to a resident by  reason  of  being  on
 
                            -3-                LRB9207983SMdv
 1             active duty in the Armed Forces of the United States
 2             and  in  respect of any compensation paid or accrued
 3             to a resident who as a governmental employee  was  a
 4             prisoner of war or missing in action, and in respect
 5             of  any  compensation  paid to a resident in 1971 or
 6             thereafter for annual training performed pursuant to
 7             Sections 502 and 503, Title 32, United  States  Code
 8             as a member of the Illinois National Guard;
 9                  (F)  An amount equal to all amounts included in
10             such  total  pursuant  to the provisions of Sections
11             402(a), 402(c), 403(a), 403(b), 406(a), 407(a),  and
12             408  of  the  Internal  Revenue Code, or included in
13             such total as distributions under the provisions  of
14             any  retirement  or disability plan for employees of
15             any  governmental  agency  or  unit,  or  retirement
16             payments to retired  partners,  which  payments  are
17             excluded   in   computing  net  earnings  from  self
18             employment by Section 1402 of the  Internal  Revenue
19             Code and regulations adopted pursuant thereto;
20                  (G)  The valuation limitation amount;
21                  (H)  An  amount  equal to the amount of any tax
22             imposed by  this  Act  which  was  refunded  to  the
23             taxpayer  and included in such total for the taxable
24             year;
25                  (I)  An amount equal to all amounts included in
26             such total pursuant to the provisions of Section 111
27             of the Internal Revenue Code as a recovery of  items
28             previously  deducted  from  adjusted gross income in
29             the computation of taxable income;
30                  (J)  An  amount  equal   to   those   dividends
31             included   in  such  total  which  were  paid  by  a
32             corporation which conducts business operations in an
33             Enterprise Zone or zones created under the  Illinois
34             Enterprise  Zone Act, and conducts substantially all
 
                            -4-                LRB9207983SMdv
 1             of its operations in an Enterprise Zone or zones;
 2                  (K)  An  amount  equal   to   those   dividends
 3             included   in   such  total  that  were  paid  by  a
 4             corporation that conducts business operations  in  a
 5             federally  designated Foreign Trade Zone or Sub-Zone
 6             and  that  is  designated  a  High  Impact  Business
 7             located  in  Illinois;   provided   that   dividends
 8             eligible  for the deduction provided in subparagraph
 9             (J) of paragraph (2) of this subsection shall not be
10             eligible  for  the  deduction  provided  under  this
11             subparagraph (K);
12                  (L)  For taxable years  ending  after  December
13             31,  1983,  an  amount  equal to all social security
14             benefits and railroad retirement  benefits  included
15             in  such  total pursuant to Sections 72(r) and 86 of
16             the Internal Revenue Code;
17                  (M)  With  the   exception   of   any   amounts
18             subtracted  under  subparagraph (N), an amount equal
19             to the sum of all amounts disallowed  as  deductions
20             by  (i)  Sections  171(a)  (2),  and  265(2)  of the
21             Internal Revenue Code of 1954, as now  or  hereafter
22             amended,  and  all  amounts of expenses allocable to
23             interest and  disallowed as  deductions  by  Section
24             265(1)  of the Internal Revenue Code of 1954, as now
25             or hereafter amended; and  (ii)  for  taxable  years
26             ending   on  or  after  August  13,  1999,  Sections
27             171(a)(2), 265, 280C,  and  832(b)(5)(B)(i)  of  the
28             Internal   Revenue  Code;  the  provisions  of  this
29             subparagraph  are  exempt  from  the  provisions  of
30             Section 250;
31                  (N)  An amount equal to all amounts included in
32             such total which are exempt from  taxation  by  this
33             State   either   by   reason   of  its  statutes  or
34             Constitution  or  by  reason  of  the  Constitution,
 
                            -5-                LRB9207983SMdv
 1             treaties or statutes of the United States;  provided
 2             that,  in the case of any statute of this State that
 3             exempts  income  derived   from   bonds   or   other
 4             obligations from the tax imposed under this Act, the
 5             amount  exempted  shall  be the interest net of bond
 6             premium amortization;
 7                  (O)  An amount equal to any  contribution  made
 8             to  a  job  training project established pursuant to
 9             the Tax Increment Allocation Redevelopment Act;
10                  (P)  An amount  equal  to  the  amount  of  the
11             deduction  used  to  compute  the federal income tax
12             credit for restoration of substantial  amounts  held
13             under  claim  of right for the taxable year pursuant
14             to Section 1341 of  the  Internal  Revenue  Code  of
15             1986;
16                  (Q)  An amount equal to any amounts included in
17             such   total,   received   by  the  taxpayer  as  an
18             acceleration in the payment of  life,  endowment  or
19             annuity  benefits  in advance of the time they would
20             otherwise be payable as an indemnity for a  terminal
21             illness;
22                  (R)  An  amount  equal  to  the  amount  of any
23             federal or State  bonus  paid  to  veterans  of  the
24             Persian Gulf War;
25                  (S)  An  amount,  to  the  extent  included  in
26             adjusted  gross  income,  equal  to  the amount of a
27             contribution made in the taxable year on  behalf  of
28             the  taxpayer  to  a  medical  care  savings account
29             established under the Medical Care  Savings  Account
30             Act  or the Medical Care Savings Account Act of 2000
31             to the extent the contribution is  accepted  by  the
32             account administrator as provided in that Act;
33                  (T)  An  amount,  to  the  extent  included  in
34             adjusted  gross  income,  equal  to  the  amount  of
 
                            -6-                LRB9207983SMdv
 1             interest  earned  in  the  taxable year on a medical
 2             care savings account established under  the  Medical
 3             Care Savings Account Act or the Medical Care Savings
 4             Account Act of 2000 on behalf of the taxpayer, other
 5             than  interest  added pursuant to item (D-5) of this
 6             paragraph (2);
 7                  (U)  For one taxable year beginning on or after
 8             January 1, 1994, an amount equal to the total amount
 9             of tax imposed and paid under  subsections  (a)  and
10             (b)  of  Section  201  of  this Act on grant amounts
11             received by the  taxpayer  under  the  Nursing  Home
12             Grant  Assistance  Act during the taxpayer's taxable
13             years 1992 and 1993;
14                  (V)  Beginning with  tax  years  ending  on  or
15             after  December  31,  1995 and ending with tax years
16             ending on or before December  31,  2004,  an  amount
17             equal  to  the  amount  paid  by a taxpayer who is a
18             self-employed taxpayer, a partner of a  partnership,
19             or  a  shareholder in a Subchapter S corporation for
20             health insurance or  long-term  care  insurance  for
21             that   taxpayer   or   that   taxpayer's  spouse  or
22             dependents, to the extent that the amount  paid  for
23             that  health  insurance  or long-term care insurance
24             may be deducted under Section 213  of  the  Internal
25             Revenue  Code  of 1986, has not been deducted on the
26             federal income tax return of the taxpayer, and  does
27             not  exceed  the taxable income attributable to that
28             taxpayer's  income,   self-employment   income,   or
29             Subchapter  S  corporation  income;  except  that no
30             deduction shall be allowed under this  item  (V)  if
31             the  taxpayer  is  eligible  to  participate  in any
32             health insurance or long-term care insurance plan of
33             an  employer  of  the  taxpayer  or  the  taxpayer's
34             spouse.  The amount  of  the  health  insurance  and
 
                            -7-                LRB9207983SMdv
 1             long-term  care insurance subtracted under this item
 2             (V) shall be determined by multiplying total  health
 3             insurance and long-term care insurance premiums paid
 4             by  the  taxpayer times a number that represents the
 5             fractional percentage of eligible  medical  expenses
 6             under  Section  213  of the Internal Revenue Code of
 7             1986 not actually deducted on the taxpayer's federal
 8             income tax return;
 9                  (W)  For taxable years beginning  on  or  after
10             January   1,  1998,  all  amounts  included  in  the
11             taxpayer's federal gross income in the taxable  year
12             from  amounts converted from a regular IRA to a Roth
13             IRA. This paragraph is exempt from the provisions of
14             Section 250; and
15                  (X)  For taxable year 1999 and  thereafter,  an
16             amount equal to the amount of any (i) distributions,
17             to the extent includible in gross income for federal
18             income tax purposes, made to the taxpayer because of
19             his  or  her  status  as a victim of persecution for
20             racial or religious reasons by Nazi Germany  or  any
21             other  Axis  regime  or as an heir of the victim and
22             (ii) items of income, to the  extent  includible  in
23             gross   income  for  federal  income  tax  purposes,
24             attributable to, derived from or in any way  related
25             to  assets  stolen  from,  hidden from, or otherwise
26             lost to  a  victim  of  persecution  for  racial  or
27             religious  reasons by Nazi Germany or any other Axis
28             regime immediately prior to, during, and immediately
29             after World War II, including, but not  limited  to,
30             interest  on  the  proceeds  receivable as insurance
31             under policies issued to a victim of persecution for
32             racial or religious reasons by Nazi Germany  or  any
33             other  Axis  regime  by European insurance companies
34             immediately  prior  to  and  during  World  War  II;
 
                            -8-                LRB9207983SMdv
 1             provided, however,  this  subtraction  from  federal
 2             adjusted  gross  income  does  not  apply  to assets
 3             acquired with such assets or with the proceeds  from
 4             the  sale  of  such  assets; provided, further, this
 5             paragraph shall only apply to a taxpayer who was the
 6             first recipient of such assets after their  recovery
 7             and  who  is  a  victim of persecution for racial or
 8             religious reasons by Nazi Germany or any other  Axis
 9             regime  or  as an heir of the victim.  The amount of
10             and  the  eligibility  for  any  public  assistance,
11             benefit, or similar entitlement is not  affected  by
12             the   inclusion  of  items  (i)  and  (ii)  of  this
13             paragraph in gross income  for  federal  income  tax
14             purposes.     This  paragraph  is  exempt  from  the
15             provisions of Section 250; and
16                  (Y)  Beginning with taxable years ending on  or
17             after  December  31,  2001  and  ending with taxable
18             years ending on or  before  December  30,  2006,  an
19             amount  equal to the amount spent during the taxable
20             year for care at  a  long  term  care  facility,  as
21             defined  in  Section  1-113 of the Nursing Home Care
22             Act.

23        (b)  Corporations.
24             (1)  In general.  In the case of a corporation, base
25        income means an amount equal to  the  taxpayer's  taxable
26        income for the taxable year as modified by paragraph (2).
27             (2)  Modifications.   The taxable income referred to
28        in paragraph (1) shall be modified by adding thereto  the
29        sum of the following amounts:
30                  (A)  An  amount  equal  to  all amounts paid or
31             accrued  to  the  taxpayer  as  interest   and   all
32             distributions  received  from  regulated  investment
33             companies  during  the  taxable  year  to the extent
34             excluded from gross income  in  the  computation  of
 
                            -9-                LRB9207983SMdv
 1             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  in  the computation of taxable income
 5             for the taxable year;
 6                  (C)  In the  case  of  a  regulated  investment
 7             company,  an  amount  equal to the excess of (i) the
 8             net long-term capital gain  for  the  taxable  year,
 9             over  (ii)  the amount of the capital gain dividends
10             designated  as  such  in  accordance  with   Section
11             852(b)(3)(C)  of  the  Internal Revenue Code and any
12             amount designated under Section 852(b)(3)(D) of  the
13             Internal  Revenue  Code, attributable to the taxable
14             year (this amendatory Act of 1995 (Public Act 89-89)
15             is declarative of existing law  and  is  not  a  new
16             enactment);
17                  (D)  The  amount  of  any  net  operating  loss
18             deduction taken in arriving at taxable income, other
19             than  a  net  operating  loss carried forward from a
20             taxable year ending prior to December 31, 1986;
21                  (E)  For taxable years in which a net operating
22             loss carryback or carryforward from a  taxable  year
23             ending  prior  to December 31, 1986 is an element of
24             taxable income under paragraph (1) of subsection (e)
25             or subparagraph (E) of paragraph (2)  of  subsection
26             (e),  the  amount  by  which  addition modifications
27             other than those provided by this  subparagraph  (E)
28             exceeded  subtraction  modifications in such earlier
29             taxable year, with the following limitations applied
30             in the order that they are listed:
31                       (i)  the addition modification relating to
32                  the net operating loss carried back or  forward
33                  to  the  taxable  year  from  any  taxable year
34                  ending prior to  December  31,  1986  shall  be
 
                            -10-               LRB9207983SMdv
 1                  reduced  by the amount of addition modification
 2                  under this subparagraph (E)  which  related  to
 3                  that  net  operating  loss  and which was taken
 4                  into account in calculating the base income  of
 5                  an earlier taxable year, and
 6                       (ii)  the  addition  modification relating
 7                  to the  net  operating  loss  carried  back  or
 8                  forward  to  the  taxable year from any taxable
 9                  year ending prior to December  31,  1986  shall
10                  not  exceed  the  amount  of  such carryback or
11                  carryforward;
12                  For taxable years  in  which  there  is  a  net
13             operating  loss  carryback or carryforward from more
14             than one other taxable year ending prior to December
15             31, 1986, the addition modification provided in this
16             subparagraph (E) shall be the  sum  of  the  amounts
17             computed    independently    under   the   preceding
18             provisions of this subparagraph (E)  for  each  such
19             taxable year; and
20                  (E-5)  For  taxable years ending after December
21             31,  1997,  an  amount   equal   to   any   eligible
22             remediation  costs  that the corporation deducted in
23             computing adjusted gross income and  for  which  the
24             corporation  claims a credit under subsection (l) of
25             Section 201;
26        and by deducting from the total so obtained  the  sum  of
27        the following amounts:
28                  (F)  An  amount  equal to the amount of any tax
29             imposed by  this  Act  which  was  refunded  to  the
30             taxpayer  and included in such total for the taxable
31             year;
32                  (G)  An amount equal to any amount included  in
33             such  total under Section 78 of the Internal Revenue
34             Code;
 
                            -11-               LRB9207983SMdv
 1                  (H)  In the  case  of  a  regulated  investment
 2             company,  an  amount  equal  to the amount of exempt
 3             interest dividends as defined in subsection (b)  (5)
 4             of Section 852 of the Internal Revenue Code, paid to
 5             shareholders for the taxable year;
 6                  (I)  With   the   exception   of   any  amounts
 7             subtracted under subparagraph (J), an  amount  equal
 8             to  the  sum of all amounts disallowed as deductions
 9             by  (i)  Sections  171(a)  (2),  and  265(a)(2)  and
10             amounts disallowed as interest  expense  by  Section
11             291(a)(3)  of  the  Internal Revenue Code, as now or
12             hereafter  amended,  and  all  amounts  of  expenses
13             allocable to interest and disallowed  as  deductions
14             by  Section  265(a)(1) of the Internal Revenue Code,
15             as now or hereafter amended; and  (ii)  for  taxable
16             years  ending  on or after August 13, 1999, Sections
17             171(a)(2), 265, 280C, 291(a)(3), and 832(b)(5)(B)(i)
18             of the Internal Revenue Code; the provisions of this
19             subparagraph  are  exempt  from  the  provisions  of
20             Section 250;
21                  (J)  An amount equal to all amounts included in
22             such total which are exempt from  taxation  by  this
23             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                  (K)  An  amount  equal   to   those   dividends
32             included   in  such  total  which  were  paid  by  a
33             corporation which conducts business operations in an
34             Enterprise Zone or zones created under the  Illinois
 
                            -12-               LRB9207983SMdv
 1             Enterprise  Zone  Act and conducts substantially all
 2             of its operations in an Enterprise Zone or zones;
 3                  (L)  An  amount  equal   to   those   dividends
 4             included   in   such  total  that  were  paid  by  a
 5             corporation that conducts business operations  in  a
 6             federally  designated Foreign Trade Zone or Sub-Zone
 7             and  that  is  designated  a  High  Impact  Business
 8             located  in  Illinois;   provided   that   dividends
 9             eligible  for the deduction provided in subparagraph
10             (K) of paragraph 2 of this subsection shall  not  be
11             eligible  for  the  deduction  provided  under  this
12             subparagraph (L);
13                  (M)  For  any  taxpayer  that  is  a  financial
14             organization within the meaning of Section 304(c) of
15             this  Act,  an  amount  included  in  such  total as
16             interest income from a loan or loans  made  by  such
17             taxpayer  to  a  borrower, to the extent that such a
18             loan is secured by property which  is  eligible  for
19             the Enterprise Zone Investment Credit.  To determine
20             the  portion  of  a loan or loans that is secured by
21             property  eligible  for  a  Section  201(f)   201(h)
22             investment   credit  to  the  borrower,  the  entire
23             principal amount of the loan or  loans  between  the
24             taxpayer and the borrower should be divided into the
25             basis of the Section 201(f) 201(h) investment credit
26             property  which secures the loan or loans, using for
27             this purpose the original basis of such property  on
28             the  date  that  it  was  placed  in  service in the
29             Enterprise  Zone.   The   subtraction   modification
30             available   to  taxpayer  in  any  year  under  this
31             subsection  shall  be  that  portion  of  the  total
32             interest paid by the borrower with respect  to  such
33             loan   attributable  to  the  eligible  property  as
34             calculated under the previous sentence;
 
                            -13-               LRB9207983SMdv
 1                  (M-1)  For any taxpayer  that  is  a  financial
 2             organization within the meaning of Section 304(c) of
 3             this  Act,  an  amount  included  in  such  total as
 4             interest income from a loan or loans  made  by  such
 5             taxpayer  to  a  borrower, to the extent that such a
 6             loan is secured by property which  is  eligible  for
 7             the  High  Impact  Business  Investment  Credit.  To
 8             determine the portion of a loan  or  loans  that  is
 9             secured  by  property  eligible for a Section 201(h)
10             201(i) investment credit to the borrower, the entire
11             principal amount of the loan or  loans  between  the
12             taxpayer and the borrower should be divided into the
13             basis of the Section 201(h) 201(i) investment credit
14             property  which secures the loan or loans, using for
15             this purpose the original basis of such property  on
16             the  date  that  it  was  placed  in  service  in  a
17             federally  designated Foreign Trade Zone or Sub-Zone
18             located in Illinois.  No taxpayer that  is  eligible
19             for  the  deduction  provided in subparagraph (M) of
20             paragraph (2) of this subsection shall  be  eligible
21             for  the  deduction provided under this subparagraph
22             (M-1).  The subtraction  modification  available  to
23             taxpayers in any year under this subsection shall be
24             that  portion  of  the  total  interest  paid by the
25             borrower with respect to such loan  attributable  to
26             the   eligible  property  as  calculated  under  the
27             previous sentence;
28                  (N)  Two times any contribution made during the
29             taxable year to a designated  zone  organization  to
30             the  extent that the contribution (i) qualifies as a
31             charitable  contribution  under  subsection  (c)  of
32             Section 170 of the Internal Revenue  Code  and  (ii)
33             must,  by  its terms, be used for a project approved
34             by the Department of Commerce and Community  Affairs
 
                            -14-               LRB9207983SMdv
 1             under  Section  11  of  the Illinois Enterprise Zone
 2             Act;
 3                  (O)  An amount equal to: (i)  85%  for  taxable
 4             years  ending  on or before December 31, 1992, or, a
 5             percentage equal to the percentage  allowable  under
 6             Section  243(a)(1)  of  the Internal Revenue Code of
 7             1986 for taxable years  ending  after  December  31,
 8             1992,  of  the amount by which dividends included in
 9             taxable income and received from a corporation  that
10             is  not  created  or organized under the laws of the
11             United States or any state or political  subdivision
12             thereof,  including,  for taxable years ending on or
13             after  December  31,  1988,  dividends  received  or
14             deemed  received  or  paid  or  deemed  paid   under
15             Sections  951  through  964  of the Internal Revenue
16             Code, exceed the amount of the modification provided
17             under subparagraph (G)  of  paragraph  (2)  of  this
18             subsection  (b)  which is related to such dividends;
19             plus (ii) 100% of the  amount  by  which  dividends,
20             included  in taxable income and received, including,
21             for taxable years ending on or  after  December  31,
22             1988,  dividends received or deemed received or paid
23             or deemed paid under Sections 951 through 964 of the
24             Internal Revenue Code,  from  any  such  corporation
25             specified  in  clause  (i)  that  would  but for the
26             provisions of Section 1504 (b) (3) of  the  Internal
27             Revenue   Code   be  treated  as  a  member  of  the
28             affiliated  group  which   includes   the   dividend
29             recipient,  exceed  the  amount  of the modification
30             provided under subparagraph (G) of paragraph (2)  of
31             this   subsection  (b)  which  is  related  to  such
32             dividends;
33                  (P)  An amount equal to any  contribution  made
34             to  a  job  training project established pursuant to
 
                            -15-               LRB9207983SMdv
 1             the Tax Increment Allocation Redevelopment Act;
 2                  (Q)  An amount  equal  to  the  amount  of  the
 3             deduction  used  to  compute  the federal income tax
 4             credit for restoration of substantial  amounts  held
 5             under  claim  of right for the taxable year pursuant
 6             to Section 1341 of  the  Internal  Revenue  Code  of
 7             1986;
 8                  (R)  In  the  case  of an attorney-in-fact with
 9             respect to whom  an  interinsurer  or  a  reciprocal
10             insurer  has  made the election under Section 835 of
11             the Internal Revenue Code, 26 U.S.C. 835, an  amount
12             equal  to the excess, if any, of the amounts paid or
13             incurred by that interinsurer or reciprocal  insurer
14             in the taxable year to the attorney-in-fact over the
15             deduction allowed to that interinsurer or reciprocal
16             insurer  with  respect to the attorney-in-fact under
17             Section 835(b) of the Internal Revenue Code for  the
18             taxable year; and
19                  (S)  For  taxable  years  ending  on  or  after
20             December  31,  1997,  in  the case of a Subchapter S
21             corporation, an  amount  equal  to  all  amounts  of
22             income  allocable  to  a  shareholder subject to the
23             Personal Property Tax Replacement Income Tax imposed
24             by subsections (c) and (d) of Section  201  of  this
25             Act,  including  amounts  allocable to organizations
26             exempt from federal income tax by reason of  Section
27             501(a)   of   the   Internal   Revenue  Code.   This
28             subparagraph (S) is exempt from  the  provisions  of
29             Section 250.
30             (3)  Special  rule.   For  purposes of paragraph (2)
31        (A), "gross income" in  the  case  of  a  life  insurance
32        company,  for  tax years ending on and after December 31,
33        1994, shall mean the  gross  investment  income  for  the
34        taxable year.
 
                            -16-               LRB9207983SMdv
 1        (c)  Trusts and estates.
 2             (1)  In  general.  In the case of a trust or estate,
 3        base income means  an  amount  equal  to  the  taxpayer's
 4        taxable  income  for  the  taxable  year  as  modified by
 5        paragraph (2).
 6             (2)  Modifications.  Subject to  the  provisions  of
 7        paragraph   (3),   the  taxable  income  referred  to  in
 8        paragraph (1) shall be modified by adding thereto the sum
 9        of the following amounts:
10                  (A)  An amount equal to  all  amounts  paid  or
11             accrued  to  the  taxpayer  as interest or dividends
12             during the taxable year to the extent excluded  from
13             gross income in the computation of taxable income;
14                  (B)  In the case of (i) an estate, $600; (ii) a
15             trust  which,  under  its  governing  instrument, is
16             required to distribute all of its income  currently,
17             $300;  and  (iii) any other trust, $100, but in each
18             such case,  only  to  the  extent  such  amount  was
19             deducted in the computation of taxable income;
20                  (C)  An  amount  equal  to  the  amount  of tax
21             imposed by this Act  to  the  extent  deducted  from
22             gross  income  in  the computation of taxable income
23             for the taxable year;
24                  (D)  The  amount  of  any  net  operating  loss
25             deduction taken in arriving at taxable income, other
26             than a net operating loss  carried  forward  from  a
27             taxable year ending prior to December 31, 1986;
28                  (E)  For taxable years in which a net operating
29             loss  carryback  or carryforward from a taxable year
30             ending prior to December 31, 1986 is an  element  of
31             taxable income under paragraph (1) of subsection (e)
32             or  subparagraph  (E) of paragraph (2) of subsection
33             (e), the  amount  by  which  addition  modifications
34             other  than  those provided by this subparagraph (E)
 
                            -17-               LRB9207983SMdv
 1             exceeded subtraction modifications in  such  taxable
 2             year,  with the following limitations applied in the
 3             order that they are listed:
 4                       (i)  the addition modification relating to
 5                  the net operating loss carried back or  forward
 6                  to  the  taxable  year  from  any  taxable year
 7                  ending prior to  December  31,  1986  shall  be
 8                  reduced  by the amount of addition modification
 9                  under this subparagraph (E)  which  related  to
10                  that  net  operating  loss  and which was taken
11                  into account in calculating the base income  of
12                  an earlier taxable year, and
13                       (ii)  the  addition  modification relating
14                  to the  net  operating  loss  carried  back  or
15                  forward  to  the  taxable year from any taxable
16                  year ending prior to December  31,  1986  shall
17                  not  exceed  the  amount  of  such carryback or
18                  carryforward;
19                  For taxable years  in  which  there  is  a  net
20             operating  loss  carryback or carryforward from more
21             than one other taxable year ending prior to December
22             31, 1986, the addition modification provided in this
23             subparagraph (E) shall be the  sum  of  the  amounts
24             computed    independently    under   the   preceding
25             provisions of this subparagraph (E)  for  each  such
26             taxable year;
27                  (F)  For  taxable  years  ending  on  or  after
28             January 1, 1989, an amount equal to the tax deducted
29             pursuant to Section 164 of the Internal Revenue Code
30             if  the trust or estate is claiming the same tax for
31             purposes of the Illinois foreign  tax  credit  under
32             Section 601 of this Act;
33                  (G)  An  amount  equal  to  the  amount  of the
34             capital gain deduction allowable under the  Internal
 
                            -18-               LRB9207983SMdv
 1             Revenue  Code,  to  the  extent  deducted from gross
 2             income in the computation of taxable income; and
 3                  (G-5)  For taxable years ending after  December
 4             31,   1997,   an   amount   equal  to  any  eligible
 5             remediation costs that the trust or estate  deducted
 6             in computing adjusted gross income and for which the
 7             trust or estate claims a credit under subsection (l)
 8             of Section 201;
 9        and  by  deducting  from the total so obtained the sum of
10        the following amounts:
11                  (H)  An amount equal to all amounts included in
12             such total pursuant to the  provisions  of  Sections
13             402(a),  402(c),  403(a), 403(b), 406(a), 407(a) and
14             408 of the Internal Revenue Code or included in such
15             total as distributions under the provisions  of  any
16             retirement  or  disability plan for employees of any
17             governmental agency or unit, or retirement  payments
18             to  retired partners, which payments are excluded in
19             computing  net  earnings  from  self  employment  by
20             Section  1402  of  the  Internal  Revenue  Code  and
21             regulations adopted pursuant thereto;
22                  (I)  The valuation limitation amount;
23                  (J)  An amount equal to the amount of  any  tax
24             imposed  by  this  Act  which  was  refunded  to the
25             taxpayer and included in such total for the  taxable
26             year;
27                  (K)  An amount equal to all amounts included in
28             taxable  income  as  modified  by subparagraphs (A),
29             (B), (C), (D), (E), (F) and  (G)  which  are  exempt
30             from  taxation by this State either by reason of its
31             statutes  or  Constitution  or  by  reason  of   the
32             Constitution,  treaties  or  statutes  of the United
33             States; provided that, in the case of any statute of
34             this State that exempts income derived from bonds or
 
                            -19-               LRB9207983SMdv
 1             other obligations from the tax  imposed  under  this
 2             Act,  the  amount exempted shall be the interest net
 3             of bond premium amortization;
 4                  (L)  With  the   exception   of   any   amounts
 5             subtracted  under  subparagraph (K), an amount equal
 6             to the sum of all amounts disallowed  as  deductions
 7             by  (i)  Sections  171(a)  (2)  and 265(a)(2) of the
 8             Internal Revenue Code, as now or hereafter  amended,
 9             and  all  amounts  of expenses allocable to interest
10             and disallowed as deductions by  Section  265(1)  of
11             the  Internal  Revenue  Code  of  1954,  as  now  or
12             hereafter amended; and (ii) for taxable years ending
13             on  or  after  August  13, 1999, Sections 171(a)(2),
14             265,  280C,  and  832(b)(5)(B)(i)  of  the  Internal
15             Revenue Code; the provisions  of  this  subparagraph
16             are exempt from the provisions of Section 250;
17                  (M)  An   amount   equal   to  those  dividends
18             included  in  such  total  which  were  paid  by   a
19             corporation which conducts business operations in an
20             Enterprise  Zone or zones created under the Illinois
21             Enterprise Zone Act and conducts  substantially  all
22             of its operations in an Enterprise Zone or Zones;
23                  (N)  An  amount  equal to any contribution made
24             to a job training project  established  pursuant  to
25             the Tax Increment Allocation Redevelopment Act;
26                  (O)  An   amount   equal   to  those  dividends
27             included  in  such  total  that  were  paid   by   a
28             corporation  that  conducts business operations in a
29             federally designated Foreign Trade Zone or  Sub-Zone
30             and  that  is  designated  a  High  Impact  Business
31             located   in   Illinois;   provided  that  dividends
32             eligible for the deduction provided in  subparagraph
33             (M) of paragraph (2) of this subsection shall not be
34             eligible  for  the  deduction  provided  under  this
 
                            -20-               LRB9207983SMdv
 1             subparagraph (O);
 2                  (P)  An  amount  equal  to  the  amount  of the
 3             deduction used to compute  the  federal  income  tax
 4             credit  for  restoration of substantial amounts held
 5             under claim of right for the taxable  year  pursuant
 6             to  Section  1341  of  the  Internal Revenue Code of
 7             1986; and
 8                  (Q)  For taxable year 1999 and  thereafter,  an
 9             amount equal to the amount of any (i) distributions,
10             to the extent includible in gross income for federal
11             income tax purposes, made to the taxpayer because of
12             his  or  her  status  as a victim of persecution for
13             racial or religious reasons by Nazi Germany  or  any
14             other  Axis  regime  or as an heir of the victim and
15             (ii) items of income, to the  extent  includible  in
16             gross   income  for  federal  income  tax  purposes,
17             attributable to, derived from or in any way  related
18             to  assets  stolen  from,  hidden from, or otherwise
19             lost to  a  victim  of  persecution  for  racial  or
20             religious  reasons by Nazi Germany or any other Axis
21             regime immediately prior to, during, and immediately
22             after World War II, including, but not  limited  to,
23             interest  on  the  proceeds  receivable as insurance
24             under policies issued to a victim of persecution for
25             racial or religious reasons by Nazi Germany  or  any
26             other  Axis  regime  by European insurance companies
27             immediately  prior  to  and  during  World  War  II;
28             provided, however,  this  subtraction  from  federal
29             adjusted  gross  income  does  not  apply  to assets
30             acquired with such assets or with the proceeds  from
31             the  sale  of  such  assets; provided, further, this
32             paragraph shall only apply to a taxpayer who was the
33             first recipient of such assets after their  recovery
34             and  who  is  a victim of  persecution for racial or
 
                            -21-               LRB9207983SMdv
 1             religious reasons by Nazi Germany or any other  Axis
 2             regime  or  as an heir of the victim.  The amount of
 3             and  the  eligibility  for  any  public  assistance,
 4             benefit, or similar entitlement is not  affected  by
 5             the   inclusion  of  items  (i)  and  (ii)  of  this
 6             paragraph in gross income  for  federal  income  tax
 7             purposes.   This   paragraph   is  exempt  from  the
 8             provisions of Section 250.
 9             (3)  Limitation.  The  amount  of  any  modification
10        otherwise  required  under  this  subsection shall, under
11        regulations prescribed by the Department, be adjusted  by
12        any  amounts  included  therein which were properly paid,
13        credited, or required to be distributed,  or  permanently
14        set  aside  for charitable purposes pursuant  to Internal
15        Revenue Code Section 642(c) during the taxable year.

16        (d)  Partnerships.
17             (1)  In general. In the case of a partnership,  base
18        income  means  an  amount equal to the taxpayer's taxable
19        income for the taxable year as modified by paragraph (2).
20             (2)  Modifications. The taxable income  referred  to
21        in  paragraph (1) shall be modified by adding thereto the
22        sum of the following amounts:
23                  (A)  An amount equal to  all  amounts  paid  or
24             accrued  to  the  taxpayer  as interest or dividends
25             during the taxable year to the extent excluded  from
26             gross income in the computation of taxable income;
27                  (B)  An  amount  equal  to  the  amount  of tax
28             imposed by this Act  to  the  extent  deducted  from
29             gross income for the taxable year;
30                  (C)  The  amount  of  deductions allowed to the
31             partnership pursuant  to  Section  707  (c)  of  the
32             Internal  Revenue  Code  in  calculating its taxable
33             income; and
34                  (D)  An amount  equal  to  the  amount  of  the
 
                            -22-               LRB9207983SMdv
 1             capital  gain deduction allowable under the Internal
 2             Revenue Code, to  the  extent  deducted  from  gross
 3             income in the computation of taxable income;
 4        and by deducting from the total so obtained the following
 5        amounts:
 6                  (E)  The valuation limitation amount;
 7                  (F)  An  amount  equal to the amount of any tax
 8             imposed by  this  Act  which  was  refunded  to  the
 9             taxpayer  and included in such total for the taxable
10             year;
11                  (G)  An amount equal to all amounts included in
12             taxable income as  modified  by  subparagraphs  (A),
13             (B),  (C)  and (D) which are exempt from taxation by
14             this State either  by  reason  of  its  statutes  or
15             Constitution  or  by  reason  of  the  Constitution,
16             treaties  or statutes of the United States; provided
17             that, in the case of any statute of this State  that
18             exempts   income   derived   from   bonds  or  other
19             obligations from the tax imposed under this Act, the
20             amount exempted shall be the interest  net  of  bond
21             premium amortization;
22                  (H)  Any   income   of  the  partnership  which
23             constitutes personal service income  as  defined  in
24             Section  1348  (b)  (1) of the Internal Revenue Code
25             (as in effect December 31,  1981)  or  a  reasonable
26             allowance  for  compensation  paid  or  accrued  for
27             services  rendered  by  partners to the partnership,
28             whichever is greater;
29                  (I)  An amount equal to all amounts  of  income
30             distributable  to  an entity subject to the Personal
31             Property  Tax  Replacement  Income  Tax  imposed  by
32             subsections (c) and (d) of Section 201 of  this  Act
33             including  amounts  distributable  to  organizations
34             exempt  from federal income tax by reason of Section
 
                            -23-               LRB9207983SMdv
 1             501(a) of the Internal Revenue Code;
 2                  (J)  With  the   exception   of   any   amounts
 3             subtracted  under  subparagraph (G), an amount equal
 4             to the sum of all amounts disallowed  as  deductions
 5             by  (i)  Sections  171(a)  (2),  and  265(2)  of the
 6             Internal Revenue Code of 1954, as now  or  hereafter
 7             amended,  and  all  amounts of expenses allocable to
 8             interest and disallowed  as  deductions  by  Section
 9             265(1)  of  the  Internal  Revenue  Code,  as now or
10             hereafter amended; and (ii) for taxable years ending
11             on or after August  13,  1999,  Sections  171(a)(2),
12             265,  280C,  and  832(b)(5)(B)(i)  of  the  Internal
13             Revenue  Code;  the  provisions of this subparagraph
14             are exempt from the provisions of Section 250;
15                  (K)  An  amount  equal   to   those   dividends
16             included   in  such  total  which  were  paid  by  a
17             corporation which conducts business operations in an
18             Enterprise Zone or zones created under the  Illinois
19             Enterprise  Zone  Act,  enacted  by the 82nd General
20             Assembly, and which does not conduct such operations
21             other than in an Enterprise Zone or Zones;
22                  (L)  An amount equal to any  contribution  made
23             to  a  job  training project established pursuant to
24             the   Real   Property   Tax   Increment   Allocation
25             Redevelopment Act;
26                  (M)  An  amount  equal   to   those   dividends
27             included   in   such  total  that  were  paid  by  a
28             corporation that conducts business operations  in  a
29             federally  designated Foreign Trade Zone or Sub-Zone
30             and  that  is  designated  a  High  Impact  Business
31             located  in  Illinois;   provided   that   dividends
32             eligible  for the deduction provided in subparagraph
33             (K) of paragraph (2) of this subsection shall not be
34             eligible  for  the  deduction  provided  under  this
 
                            -24-               LRB9207983SMdv
 1             subparagraph (M); and
 2                  (N)  An amount  equal  to  the  amount  of  the
 3             deduction  used  to  compute  the federal income tax
 4             credit for restoration of substantial  amounts  held
 5             under  claim  of right for the taxable year pursuant
 6             to Section 1341 of  the  Internal  Revenue  Code  of
 7             1986.

 8        (e)  Gross income; adjusted gross income; taxable income.
 9             (1)  In  general.   Subject  to  the  provisions  of
10        paragraph  (2)  and  subsection  (b) (3), for purposes of
11        this Section  and  Section  803(e),  a  taxpayer's  gross
12        income,  adjusted gross income, or taxable income for the
13        taxable year shall  mean  the  amount  of  gross  income,
14        adjusted   gross   income   or  taxable  income  properly
15        reportable  for  federal  income  tax  purposes  for  the
16        taxable year under the provisions of the Internal Revenue
17        Code. Taxable income may be less than zero. However,  for
18        taxable  years  ending on or after December 31, 1986, net
19        operating loss carryforwards from  taxable  years  ending
20        prior  to  December  31,  1986, may not exceed the sum of
21        federal taxable income for the taxable  year  before  net
22        operating  loss  deduction,  plus  the excess of addition
23        modifications  over  subtraction  modifications  for  the
24        taxable year.  For taxable years ending prior to December
25        31, 1986, taxable income may never be an amount in excess
26        of the net operating loss for the taxable year as defined
27        in subsections (c) and (d) of Section 172 of the Internal
28        Revenue Code, provided that  when  taxable  income  of  a
29        corporation  (other  than  a  Subchapter  S corporation),
30        trust,  or  estate  is  less  than  zero   and   addition
31        modifications,  other than those provided by subparagraph
32        (E) of paragraph (2) of subsection (b)  for  corporations
33        or  subparagraph  (E)  of paragraph (2) of subsection (c)
34        for trusts and estates, exceed subtraction modifications,
 
                            -25-               LRB9207983SMdv
 1        an  addition  modification  must  be  made  under   those
 2        subparagraphs  for  any  other  taxable year to which the
 3        taxable income less than zero  (net  operating  loss)  is
 4        applied under Section 172 of the Internal Revenue Code or
 5        under   subparagraph   (E)   of  paragraph  (2)  of  this
 6        subsection (e) applied in conjunction with Section 172 of
 7        the Internal Revenue Code.
 8             (2)  Special rule.  For purposes of paragraph (1) of
 9        this subsection, the taxable income  properly  reportable
10        for federal income tax purposes shall mean:
11                  (A)  Certain  life insurance companies.  In the
12             case of a life insurance company subject to the  tax
13             imposed by Section 801 of the Internal Revenue Code,
14             life  insurance  company  taxable  income,  plus the
15             amount of distribution  from  pre-1984  policyholder
16             surplus accounts as calculated under Section 815a of
17             the Internal Revenue Code;
18                  (B)  Certain other insurance companies.  In the
19             case  of  mutual  insurance companies subject to the
20             tax imposed by Section 831 of the  Internal  Revenue
21             Code, insurance company taxable income;
22                  (C)  Regulated  investment  companies.   In the
23             case of a regulated investment  company  subject  to
24             the  tax  imposed  by  Section  852  of the Internal
25             Revenue Code, investment company taxable income;
26                  (D)  Real estate  investment  trusts.   In  the
27             case  of  a  real estate investment trust subject to
28             the tax imposed  by  Section  857  of  the  Internal
29             Revenue  Code,  real estate investment trust taxable
30             income;
31                  (E)  Consolidated corporations.  In the case of
32             a corporation which is a  member  of  an  affiliated
33             group  of  corporations filing a consolidated income
34             tax return for the taxable year for  federal  income
 
                            -26-               LRB9207983SMdv
 1             tax  purposes,  taxable income determined as if such
 2             corporation had filed a separate return for  federal
 3             income  tax  purposes  for the taxable year and each
 4             preceding taxable year for which it was a member  of
 5             an   affiliated   group.   For   purposes   of  this
 6             subparagraph, the taxpayer's separate taxable income
 7             shall be determined as if the election  provided  by
 8             Section  243(b) (2) of the Internal Revenue Code had
 9             been in effect for all such years;
10                  (F)  Cooperatives.    In   the   case   of    a
11             cooperative  corporation or association, the taxable
12             income of such organization determined in accordance
13             with the provisions of Section 1381 through 1388  of
14             the Internal Revenue Code;
15                  (G)  Subchapter  S  corporations.   In the case
16             of: (i) a Subchapter S corporation for  which  there
17             is  in effect an election for the taxable year under
18             Section 1362  of  the  Internal  Revenue  Code,  the
19             taxable  income  of  such  corporation determined in
20             accordance with  Section  1363(b)  of  the  Internal
21             Revenue  Code, except that taxable income shall take
22             into account  those  items  which  are  required  by
23             Section  1363(b)(1)  of the Internal Revenue Code to
24             be  separately  stated;  and  (ii)  a  Subchapter  S
25             corporation for which there is in effect  a  federal
26             election  to  opt  out  of  the  provisions  of  the
27             Subchapter  S  Revision Act of 1982 and have applied
28             instead the prior federal Subchapter S rules  as  in
29             effect  on  July 1, 1982, the taxable income of such
30             corporation  determined  in  accordance   with   the
31             federal  Subchapter  S rules as in effect on July 1,
32             1982; and
33                  (H)  Partnerships.    In   the   case   of    a
34             partnership, taxable income determined in accordance
 
                            -27-               LRB9207983SMdv
 1             with  Section  703  of  the  Internal  Revenue Code,
 2             except that taxable income shall take  into  account
 3             those  items which are required by Section 703(a)(1)
 4             to be separately stated but  which  would  be  taken
 5             into  account  by  an  individual in calculating his
 6             taxable income.

 7        (f)  Valuation limitation amount.
 8             (1)  In general.  The  valuation  limitation  amount
 9        referred  to  in subsections (a) (2) (G), (c) (2) (I) and
10        (d)(2) (E) is an amount equal to:
11                  (A)  The  sum  of  the   pre-August   1,   1969
12             appreciation  amounts  (to  the extent consisting of
13             gain reportable under the provisions of Section 1245
14             or 1250  of  the  Internal  Revenue  Code)  for  all
15             property  in respect of which such gain was reported
16             for the taxable year; plus
17                  (B)  The  lesser  of  (i)  the   sum   of   the
18             pre-August  1,  1969  appreciation  amounts  (to the
19             extent consisting of capital gain) for all  property
20             in  respect  of  which  such  gain  was reported for
21             federal income tax purposes for the taxable year, or
22             (ii) the net capital  gain  for  the  taxable  year,
23             reduced  in  either  case by any amount of such gain
24             included in the amount determined  under  subsection
25             (a) (2) (F) or (c) (2) (H).
26             (2)  Pre-August 1, 1969 appreciation amount.
27                  (A)  If  the  fair  market  value  of  property
28             referred   to   in   paragraph   (1)   was   readily
29             ascertainable  on  August 1, 1969, the pre-August 1,
30             1969 appreciation amount for such  property  is  the
31             lesser  of  (i) the excess of such fair market value
32             over the taxpayer's basis (for determining gain) for
33             such property on that  date  (determined  under  the
34             Internal Revenue Code as in effect on that date), or
 
                            -28-               LRB9207983SMdv
 1             (ii)  the  total  gain  realized  and reportable for
 2             federal income tax purposes in respect of the  sale,
 3             exchange or other disposition of such property.
 4                  (B)  If  the  fair  market  value  of  property
 5             referred   to  in  paragraph  (1)  was  not  readily
 6             ascertainable on August 1, 1969, the  pre-August  1,
 7             1969  appreciation  amount for such property is that
 8             amount which bears the same ratio to the total  gain
 9             reported  in  respect  of  the  property for federal
10             income tax purposes for the  taxable  year,  as  the
11             number  of  full calendar months in that part of the
12             taxpayer's holding period for  the  property  ending
13             July  31,  1969 bears to the number of full calendar
14             months in the taxpayer's entire holding  period  for
15             the property.
16                  (C)  The   Department   shall   prescribe  such
17             regulations as may be necessary  to  carry  out  the
18             purposes of this paragraph.

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

22        (h)  Legislative intention.  Except as expressly provided
23    by   this   Section   there  shall  be  no  modifications  or
24    limitations on the amounts of income, gain, loss or deduction
25    taken into account  in  determining  gross  income,  adjusted
26    gross  income  or  taxable  income  for  federal  income  tax
27    purposes for the taxable year, or in the amount of such items
28    entering  into  the computation of base income and net income
29    under this Act for such taxable year, whether in  respect  of
30    property values as of August 1, 1969 or otherwise.
31    (Source:  P.A.  90-491,  eff.  1-1-98;  90-717,  eff. 8-7-98;
32    90-770, eff. 8-14-98;  91-192,  eff.  7-20-99;  91-205,  eff.
33    7-20-99;  91-357, eff. 7-29-99; 91-541, eff. 8-13-99; 91-676,
 
                            -29-               LRB9207983SMdv
 1    eff. 12-23-99; 91-845, eff.  6-22-00;  91-913,  eff.  1-1-01;
 2    revised 1-15-01.)

 3        Section  99.  Effective date.  This Act takes effect upon
 4    becoming law.

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