Senate Sponsors: WATSON. Short description: INC TAX-PARTNRSHIPS-SUBCHPTR S Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Provides that partnerships or Subchapter S corporations may elect to pay the tax on behalf of the partners or shareholders and that the amount of that tax shall be the average tax rate applicable to the partners or shareholders of the taxpayer. Provides that the average rate shall be computed by weighting the rate applicable to each such partner or shareholder by a fraction equal to that partner's or shareholder's share of the base income of the taxpayer, divided by the sum of the shares of income of all such partners or shareholders. Makes changes with respect to additions to and subtractions from federal adjusted gross income and allocation of income to accommodate this change. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status