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CAVENEY v. BOWER

No. 92963.

797 N.E.2d 596 (2003)

207 Ill.2d 82

278 Ill.Dec. 1

Jack CAVENEY et al., Appellees, v. Glen L. BOWER, Director of Revenue, et al., Appellants.

Supreme Court of Illinois.

Rehearing Denied September 29, 2003.

Attorney(s) appearing for the Case

James E. Ryan, Attorney General, Springfield (Joel D. Bertocchi, Solicitor General, A. Benjamin Goldgar, Assistant Attorney General, Chicago, of counsel), for appellants.

Richard A. Hanson, Theodore R. Bots, of McDermott, Will & Emery, Chicago, for appellees.

Gino L. DiVito, Michael I. Rothstein, and Michael Grant, of Tabet, DiVito & Rothstein, L.L.C., Chicago, for amicus curiae Appellate Lawyers Association.

Justice THOMAS delivered the opinion of the court:

Plaintiffs, Jack and Margaret Caveney, are shareholders in Panduit Corporation. For the tax years ending December 31, 1993, 1994, and 1995, Panduit elected to be treated as a subchapter S corporation for federal and state tax purposes. During the tax years in question, plaintiffs claimed a credit against their Illinois income tax liability, pursuant to section 201(k) of the Illinois Income Tax Act (the Act) (35 ILCS...

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