Descriptor pages for multiple versions of a publication may be retrieved. Users should carefully check the version or date to match publications to their needs.
Document Identification
Title
Illinois Decouples from Federal Law (2002, August) [FY 2003-02]
Access this Publication
Connect to the document
- FY 2003-02 Illinois Decouples from Federal Law (20070205183852_Fy200302.pdf)
The OCLC Open WorldCat number for the electronic document record is '183643422'.
This document is one volume or edition of a serial (recurring) publication. Click here to access the entire series.
Description
Illinois Department of Revenue publication FY 2003-02 Illinois Decouples from Federal Law, Informational Bulletin To: All Income Tax Preparers On March 9, 2002, President George W. Bush signed PL 107-147, the Job Creation and Worker Assistance Act of 2002, also known as the Economic Stimulus package. Under this new federal law, there is a change to individual and business income tax filing for tax years 2001 and after. For federal income tax purposes, taxpayers are able to deduct the bonus depreciation of 30 percent of the cost of capital assets acquired and placed in service between September 10, 2001, and September 11, 2004. Taxpayers depreciate the remaining 70 percent of the cost using their normal depreciation method. For most assets, the normal depreciation is 70 percent of what the amount would be if no bonus depreciation was claimed.
Subject Classification
- Government finance and taxes: Government revenues: Taxes: Tax laws
- Laws and regulations: State statutes
- Laws and regulations: Tax laws
- State government: State agencies
Sample text from the file
.On March 9, 2002, President GeorgeW. Bush signed PL 107-147, the "Job Creation and Worker Assistance Actof 2002," also known as the Economic Stimulus package. Under thisnew federal law, there is change to individual and business income taxfiling for tax years 2001 and after. For federal income tax purposes,taxpayers are able to deduct the "bonus depreciation" of percentof the cost of capital assets acquired and placed in service between Sep-tember 10, 2001, and September 11, 2004. Taxpayers depreciate theremaining percent of the cost using their normal depreciationmethod. For most assets, the normal depreciation is percent of what theamount would be if no bonus depreciation was claimed. How do the new federal andIllinois laws affect Illinois Income Tax? Generally, when federal lawchanges the computation of federal taxable income or adjusted grossincome, the computation of Illinois net income also changes. However, Senate Bill 1543(Public Act 92-603) "decouples" Illinois from the fede
Issuing Agency
Illinois
Dept. of Revenue
Related Materials: tax.illinois.gov
Contact
Organization: Illinois Department of Revenue
P.O. Box 19044
Springfield, IL 62794-9044
Phone: 800 732 8866
Document Descriptive Information
File Data
- MIME Type: application/pdf
- Language(s): EN-English
- Creation Date (from issuing agency): 08 30 2002
- File Modification Date On Web Server: Thu, 21 Jul 2005 22:54:44 GMT
- Document Modification Date (from issuing agency): 08 30 2002
- Date Accepted Into Depository: Wed, 28 Mar 2007 19:27:09 GMT
- Observed Length: 48224 bytes
- Checksum Algorithm: MD5 SHA1
- Document File Checksum:
- 20070205183852_Fy200302.pdf - checksum='e135cac554c5b849d36d90acb8bf89f9' byte count= '48224'
- Web Address On Date Of Deposition: http://www.revenue.state.il.us/publications/bulletins/2003/Fy200302.pdf
Other Results from the Document Acquisition System
- Accept Ranges: bytes
- Connection Parameters: Keep-Alive
- Host Machine Dns Address: 163.191.201.132
- Keep Alive: timeout=15
- Observed Transfer Rate: 71.16 KB/s
- Retained U R L: www.revenue.state.il.us/Fy200302.pdf
- Server Reported Date Of Transfer: Tue, 06 Feb 2007 00:35:27 GMT
- Server Response Code: HTTP/1.1 200 OK
- Server Specification: IBM_HTTP_SERVER/1.3.28.1 Apache/1.3.28 (Win32)
- Transfer Completion Localhost Time HHMMSS: 18:38:52
- Transfer Initiation Localhost Time HHMMSS: 18:38:37