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.
Sponsored bills
Appropriates $2 from the General Revenue Fund to the Department of Veterans' Affairs for its FY04 ordinary and contingent expenses. Effective July 1, 2003.
Amends the State aid formula provisions of the School Code. With regard to supplemental general State aid, allows the low-income eligible pupil count from the most recently available federal census to be used to define Low-Income Concentration Level. Effective July 1, 2004.
Appropriates $2 from the General Revenue Fund to the Department on Aging for its FY04 ordinary and contingent expenses. Effective July 1, 2003.
Appropriates $2 from the General Revenue Fund to the Guardianship and Advocacy Commission for its FY04 ordinary and contingent expenses. Effective July 1, 2003.
Appropriates $2 from the General Revenue Fund to the Department of the Lottery for its FY04 ordinary and contingent expenses. Effective July 1, 2003.
Appropriates $2 from the General Revenue Fund to the Illinois Rural Bond Bank Authority for its FY04 ordinary and contingent expenses. Effective July 1, 2003.
Creates the Affordable Standard Electric Service Act. Provides that any residential customer that is not otherwise being served by a competitive electricity supplier shall be automatically provided with standard electric service and any residential customer who is served by a competitive electricity supplier shall have the option to select standard electric service at any time. Provides that each electric distribution company shall procure and provide standard electric service pursuant to a procurement plan for generation supply approved by the Commission and that standard electric service shall be priced based on the underlying costs associated with the provision of this service and shall not be structured to stimulate or force the development of a competitive retail market. Requires that standard electric service be available to residential and small commercial customers at any time and without the imposition of an additional fee or charge for switching to such service. Creates the Residential Advisory Committee. Effective immediately.
Amends the Illinois Income Tax Act. Provides that, for taxable years ending on or after December 31, 2003 and on or before December 30, 2008, net losses shall not be allowed as a carryback and shall be a net operating carryover to each of the 5 taxable years following the taxable year of such loss (now, and beginning again at the end of this period, may carry net losses back for 2 years and carry them forward for 20 years). Effective immediately.
Amends the Telephone Company Act. Sets forth procedures for access by telecommunications carriers to property of public utilities, railways, and pipelines for purposes of installation, maintenance, or removal of telecommunications facilities. Effective immediately.