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_003.html
Bill Title: SECOND FY2020 BIMP
Status: 2019-12-13 - Public Act . . . . . . . . . 101-0604 [SB0119 Detail]
Download: Illinois-2019-SB0119-Senate_Amendment_003.html
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1 | AMENDMENT TO SENATE BILL 119
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2 | AMENDMENT NO. ______. Amend Senate Bill 119, AS AMENDED, by | ||||||
3 | replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
6 | changing Section 703A as follows:
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7 | (35 ILCS 5/703A) | ||||||
8 | Sec. 703A. Information for reportable payment | ||||||
9 | transactions. Every person required under Section 6050W of the | ||||||
10 | Internal Revenue Code to file federal Form 1099-K, Third-Party | ||||||
11 | Payment Card and Third Party Network Transactions, identifying | ||||||
12 | a reportable payment transaction to a payee with an Illinois | ||||||
13 | address shall furnish a copy to the Department at such time and | ||||||
14 | in such manner as the Department may prescribe. In addition, | ||||||
15 | for reporting periods beginning on or after January 1, 2020, at | ||||||
16 | the same time and in the same manner as the foregoing |
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1 | reportable payment transactions are required to be reported to | ||||||
2 | the Department, the person shall report to the Department and | ||||||
3 | to any payee with an Illinois address any information required | ||||||
4 | by Section 6050W of the Internal Revenue Code with respect to | ||||||
5 | third-party network transactions related to that payee, but | ||||||
6 | without regard to the de minimis limitations of subsection (e) | ||||||
7 | of Section 6050W of the Internal Revenue Code, if, in that | ||||||
8 | reporting period, the amount of those transactions exceeds | ||||||
9 | $1,000 and the aggregate number of those transactions exceeds | ||||||
10 | 3. Failure to provide any information required by this Section | ||||||
11 | shall incur a penalty for failure to file an information return | ||||||
12 | as provided in Section 3-4 of the Uniform Penalty and Interest | ||||||
13 | Act. The Department shall not share information gathered from | ||||||
14 | Third Party Settlement Organizations with other federal, | ||||||
15 | State, or local government entities.
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16 | (Source: P.A. 100-1171, eff. 1-4-19.)
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17 | Section 99. Effective date. This Act takes effect upon | ||||||
18 | becoming law.".
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