92nd General Assembly
Summary of SB2056
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Senate Sponsors:
WELCH-CLAYBORNE.

Short description: 
TAX EXEMPTION SUNSETS                                                      

Synopsis of Bill as introduced:
        Amends the Illinois  Income  Tax  Act.  Provides  that  the  rate      
   reduction for certain foreign insurers applies to taxable years ending      
   on  or  before  June  30,  2004  (now,  no  sunset). Provides that the      
   Economic Development for a Growing Economy  Tax  Credit  is  available      
   only for tax years ending on or before June 30, 2004 (now, no sunset).      
   Amends  the  Use  Tax  Act,  the  Service  Use  Tax  Act,  the Service      
   Occupation Tax Act, and the Retailers' Occupation  Tax  Act.  Provides      
   for  a  sunset  of  June 30, 2004 for exemptions for: certain personal      
   property purchased through fundraising events for  the  benefit  of  a      
   public or private elementary or secondary school; certain machines and      
   parts  for  machines  used  in commercial, coin-operated amusement and      
   vending business; certain medical-related computers and communications      
   equipment sold to a lessor who leases the equipment to a hospital that      
   has  been  issued  an  active  tax  exemption  identification  number;      
   personal property sold to a  lessor  who  leases  the  property  to  a      
   governmental  body  that  has  been  issued  an  active  tax exemption      
   identification number; and tangible personal property  purchased  from      
   an  Illinois  retailer  and  destined  for  use or consumption outside      
   Illinois (now,  no  sunset,  except  for  tangible  personal  property      
   destined for use or consumption outside Illinois which has a statutory      
   sunset   date).  Amends  the  Liquor  Control  Act  of  1934.  Deletes      
   provisions authorizing electronic filing of  the  tax  and  associated      
   report by a manufacturer or distributor of alcoholic liquor. Effective      
   immediately, except that the changes to the Liquor Control Act of 1934      
   take effect on July 1, 2004.                                                
 
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