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Public Act 91-0596
SB946 Enrolled LRB9106128REpk
AN ACT to amend the Gas Revenue Tax Act by changing
Section 2a.1.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Gas Revenue Tax Act is amended by
changing Section 2a.1 as follows:
(35 ILCS 615/2a.1) (from Ch. 120, par. 467.17a.1)
Sec. 2a.1. Imposition of tax on invested capital. In
addition to the taxes imposed by the Illinois Income Tax Act
and Section 2 of this Act, there is hereby imposed upon
persons engaged in the business of distributing, supplying,
furnishing or selling gas and subject to the tax imposed by
this Act (other than a school district or unit of local
government as defined in Section 1 of Article VII of the
Illinois Constitution of 1970), an additional tax in an
amount equal to .8% of such persons' invested capital for the
taxable period. If such persons are not liable for such
additional tax for the entire taxable period, such additional
tax shall be computed on the portion of the taxable period
during which such persons were liable for such additional
tax. The invested capital tax imposed by this Section shall
not be imposed upon persons who are not regulated by the
Illinois Commerce Commission. Provided, in the case of any
person which is subject to the invested capital tax imposed
by this Section and which is also subject to the tax on the
distribution of electricity imposed by Section 2a.1 of the
Public Utilities Revenue Act, for taxable periods beginning
on or after January 1, 1998, the invested capital tax imposed
by this Section shall be the lesser of (i) an amount equal to
0.8% of such person's invested capital for the taxable period
multiplied by a fraction the numerator of which is the
average of the beginning and ending balances of such person's
gross gas utility plant in service and the denominator of
which is the average of the beginning and ending balances of
such person's gross electric and gas utility plant in
service, as set forth in such person's annual report to the
Illinois Commerce Commission for the taxable period, or (ii)
an amount equal to 0.8% of the person's invested capital for
the taxable period ended December 31, 1996 multiplied by a
fraction the numerator of which is the average of the
beginning and ending balances of the person's gross gas
utility plant in service and the denominator of which is the
average of the beginning and ending balances of the person's
gross electric and gas utility plant in service as set forth
in the person's annual report to the Illinois Commerce
Commission for the taxable period ended December 31, 1996
modified by an adjustment factor. The adjustment factor is a
ratio the numerator of which is the average of the beginning
and ending balances of the person's gross gas plant in
service for the taxable period and the denominator of which
is the average of the beginning and ending balances of the
person's gross gas plant in service for the taxable period
ended December 31, 1996, as set forth in the person's annual
reports to the Illinois Commerce Commission for such taxable
periods.
(Source: P.A. 90-561, eff. 1-1-98.).
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