Bill Amendment: IL SB0119 | 2019-2020 | 101st General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: SECOND FY2020 BIMP
Status: 2019-12-13 - Public Act . . . . . . . . . 101-0604 [SB0119 Detail]
Download: Illinois-2019-SB0119-Senate_Amendment_001.html
Bill Title: SECOND FY2020 BIMP
Status: 2019-12-13 - Public Act . . . . . . . . . 101-0604 [SB0119 Detail]
Download: Illinois-2019-SB0119-Senate_Amendment_001.html
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1 | AMENDMENT TO SENATE BILL 119
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2 | AMENDMENT NO. ______. Amend Senate Bill 119 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
5 | changing Section 703A as follows:
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6 | (35 ILCS 5/703A) | ||||||
7 | Sec. 703A. Information for reportable payment | ||||||
8 | transactions. Every person required under Section 6050W of the | ||||||
9 | Internal Revenue Code to file federal Form 1099-K, Third-Party | ||||||
10 | Payment Card and Third Party Network Transactions, identifying | ||||||
11 | a reportable payment transaction to a payee with an Illinois | ||||||
12 | address shall furnish a copy to the Department at such time and | ||||||
13 | in such manner as the Department may prescribe. In addition, at | ||||||
14 | the same time and in the same manner the foregoing information | ||||||
15 | is required, the person shall report to the Department and to | ||||||
16 | any payee with an Illinois address any information required by |
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1 | Section 6050W of the Internal Revenue Code with respect to | ||||||
2 | third-party network transactions related to that payee as if | ||||||
3 | the de minimis limitations of subsection (e) of Section 6050W | ||||||
4 | of the Internal Revenue Code did not apply, but the de minimis | ||||||
5 | limitations of subsection (a) of Section 6041 of the Internal | ||||||
6 | Revenue Code did apply. Failure to provide any information | ||||||
7 | required by this Section shall incur a penalty for failure to | ||||||
8 | file a tax return as provided in Section 1001.
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9 | (Source: P.A. 100-1171, eff. 1-4-19.)".
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