INC TAX-APPORTIONMNT & DISTRIB

Amends the Illinois Income Tax Act. With respect to the apportionment of business income for persons other than residents, provides that for tax years ending on or after December 31, 2003 and before December 31, 2008 the income shall be apportioned using the property factor, payroll factor, and sales factor. Provides that for tax years ending on or after December 31, 2008, the income shall again be apportioned using the sales factor only. Provides that, beginning on January 1, 2004 and thereafter, of the amounts of income tax collected (other than personal property tax replacement income tax) from corporations, minus deposits into the Income Tax Refund Fund, the Department of Revenue shall deposit 14.6% (now, 7.3%) into the Education Assistance Fund in the State treasury. Effective immediately.