IL HB4920 | 2017-2018 | 100th General Assembly
Status
Completed Legislative Action
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Passed on August 10 2018 - 100% progression
Action: 2018-08-10 - Public Act . . . . . . . . . 100-0761
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Passed on August 10 2018 - 100% progression
Action: 2018-08-10 - Public Act . . . . . . . . . 100-0761
Text: Latest bill text (Chaptered) [HTML]
Summary
Amends the Principal and Income Act. Provides that, only for oil or gas from non-coal formations held in nontrust estates and by legal tenants and remaindermen (instead of "with respect only to nontrust estates, for oil or gas from non-coal formations"), proceeds from the sale of such minerals produced and received as royalty, overriding royalty, limited royalty, working interest, net profit interest, time-limited interest or term interest, or lease bonus shall be deemed income. Deletes language providing that a Section concerning non-trust estates does not apply to life estates and remainder interests in oil or gas from non-coal formations, or royalties or overriding royalties created under leases of such minerals. Makes other changes.
Title
PRINCIPAL & INCOME-OIL & GAS
Sponsors
Roll Calls
2018-05-17 - Senate - Third Reading in Senate (Y: 53 N: 0 NV: 6 Abs: 0) [PASS]
2018-04-24 - House - Third Reading in House (Y: 110 N: 0 NV: 2 Abs: 1) [PASS]
2018-04-24 - House - Third Reading in House (Y: 110 N: 0 NV: 2 Abs: 1) [PASS]
History
Date | Chamber | Action |
---|---|---|
2018-08-10 | House | Public Act . . . . . . . . . 100-0761 |
2018-08-10 | House | Effective Date January 1, 2019 |
2018-08-10 | House | Governor Approved |
2018-06-15 | House | Sent to the Governor |
2018-05-17 | House | Passed Both Houses |
2018-05-17 | Senate | Third Reading - Passed; 053-000-000 |
2018-05-15 | Senate | Placed on Calendar Order of 3rd Reading May 16, 2018 |
2018-05-15 | Senate | Second Reading |
2018-05-10 | Senate | Placed on Calendar Order of 2nd Reading May 15, 2018 |
2018-05-10 | Senate | Do Pass Revenue; 005-000-000 |
2018-05-01 | Senate | Assigned to Revenue |
2018-04-26 | Senate | Added as Alternate Co-Sponsor Sen. Paul Schimpf |
2018-04-25 | Senate | Referred to Assignments |
2018-04-25 | Senate | First Reading |
2018-04-25 | Senate | Chief Senate Sponsor Sen. David Koehler |
2018-04-24 | Senate | Placed on Calendar Order of First Reading April 25, 2018 |
2018-04-24 | Senate | Arrive in Senate |
2018-04-24 | House | Third Reading - Short Debate - Passed 110-000-001 |
2018-04-20 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
2018-04-20 | House | Second Reading - Short Debate |
2018-04-19 | House | Chief Sponsor Changed to Rep. Barbara Wheeler |
2018-04-10 | House | Placed on Calendar 2nd Reading - Short Debate |
2018-04-10 | House | Do Pass / Short Debate Judiciary - Civil Committee; 011-000-000 |
2018-04-10 | House | Reported Back To Judiciary - Civil Committee; |
2018-04-10 | House | Recommends Do Pass Subcommittee/ Judiciary - Civil Committee; 003-000-000 |
2018-03-23 | House | To Civil Procedure Subcommittee |
2018-03-07 | House | Assigned to Judiciary - Civil Committee |
2018-02-14 | House | Referred to Rules Committee |
2018-02-14 | House | First Reading |
2018-02-14 | House | Filed with the Clerk by Rep. Ann M. Williams |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
760 | 15 | 10 | Amended Code | Citation Text |
760 | 15 | 15 | Amended Code | Citation Text |