Bill Text: IL HB3164 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Creates the Wire Transfer Tax Act. Provides that a tax of 1% of the amount transferred is imposed on each wire transfer originating from within the State. Provides that the moneys received from the tax shall be deposited into the Illinois DREAM Fund. Amends the Higher Education Student Assistance Act to make conforming changes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB3164 Detail]

Download: Illinois-2021-HB3164-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB3164 Introduced , by Rep. Elizabeth Hernandez SYNOPSIS AS INTRODUCED:
New Act
110 ILCS 947/67
Creates the Wire Transfer Tax Act. Provides that a tax of 1% of the amount transferred is imposed on each wire transfer originating from within the State. Provides that the moneys received from the tax shall be deposited into the Illinois DREAM Fund. Amends the Higher Education Student Assistance Act to make conforming changes.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the Wire
Transfer Tax Act.
Section 5. Definitions. As used in this Act, the following
terms have the following meanings:
"Amount transferred" means the total amount deposited into
the receiving account or accounts, without regard to any fees,
taxes, or charges imposed by the State, the federal
government, or any financial institution.
"Department" means the Department of Revenue.
Section 10. Tax imposed. Beginning on January 1, 2022, a
tax of 1% of the amount transferred is imposed on each wire
transfer originating from within the State. The tax shall be
collected and remitted to the Department by the financial
institution that facilitates the wire transfer. The tax
imposed by this Act is not imposed with respect to any
transaction that may not, under the Constitution and statutes
of the United States, be made the subject of taxation by the
State.

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Section 15. Returns. On or before the twentieth day of
each calendar month, each financial institution that is liable
for collecting and remitting the tax under this Act during the
preceding calendar month shall file a return with the
Department stating:
(1) the name of the financial institution;
(2) the address of its principal place of business;
(3) the total amount transferred by that financial
institution in the previous calendar month;
(4) the total amount collected by the financial
institution from the tax imposed under this Act; and
(5) such other reasonable information as the
Department may require.
All of the provisions of Sections 4, 5a, 5b, 5c, 5d, 5e,
5f, 5g, 5i and 5j of the Retailers' Occupation Tax Act that are
not inconsistent with this Act shall apply, as far as
practicable, to the subject matter of this Act to the same
extent as if such provisions were included in this Act.
References in those incorporated Sections to retailers, to
sellers, or to persons engaged in the business of selling
tangible personal property shall mean financial institutions
when used in this Act.
Section 20. Proceeds deposited into the DREAM Fund. All of
the moneys received from the tax imposed under this Act shall
be deposited into the Illinois DREAM Fund established under

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Section 67 of the Higher Education Student Assistance Act.
Section 25. Rulemaking. The Department may adopt rules for
the implementation and enforcement of this Act.
Section 900. The Higher Education Student Assistance Act
is amended by changing Section 67 as follows:
(110 ILCS 947/67)
Sec. 67. Illinois DREAM Fund Commission.
(a) The Illinois Student Assistance Commission shall
establish an Illinois DREAM Fund Commission. The Governor
shall appoint, with the advice and consent of the Senate,
members to the Illinois DREAM Fund Commission, which shall be
comprised of 9 members representing the geographic and ethnic
diversity of this State, including students, college and
university administrators and faculty, and other individuals
committed to advancing the educational opportunities of the
children of immigrants.
(b) The Illinois DREAM Fund Commission is charged with all
of the following responsibilities:
(1) Administering this Section and raising funds for
the Illinois DREAM Fund.
(2) Establishing a not-for-profit entity charged with
raising funds for the administration of this Section, any
educational or training programs the Commission is tasked

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with administering, and funding scholarships to students
who are the children of immigrants to the United States.
(3) Publicizing the availability of scholarships from
the Illinois DREAM Fund.
(4) Selecting the recipients of scholarships funded
through the Illinois DREAM Fund.
(5) Researching issues pertaining to the availability
of assistance with the costs of higher education for the
children of immigrants and other issues regarding access
for and the performance of the children of immigrants
within higher education.
(6) Overseeing implementation of the other provisions
of this amendatory Act of the 97th General Assembly.
(7) Establishing and administering training programs
for high school counselors and counselors, admissions
officers, and financial aid officers of public
institutions of higher education. The training programs
shall instruct participants on the educational
opportunities available to college-bound students who are
the children of immigrants, including, but not limited to,
in-state tuition and scholarship programs. The Illinois
DREAM Fund Commission may also establish a public
awareness campaign regarding educational opportunities
available to college bound students who are the children
of immigrants.
The Illinois DREAM Fund Commission shall establish, by

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rule, procedures for accepting and evaluating applications for
scholarships from the children of immigrants and issuing
scholarships to selected student applicants.
(c) To receive a scholarship under this Section, a student
must meet all of the following qualifications:
(1) Have resided with his or her parents or guardian
while attending a public or private high school in this
State.
(2) Have graduated from a public or private high
school or received the equivalent of a high school diploma
in this State.
(3) Have attended school in this State for at least 3
years as of the date he or she graduated from high school
or received the equivalent of a high school diploma.
(4) Have at least one parent who immigrated to the
United States.
(d) The Illinois Student Assistance Commission shall
establish an Illinois DREAM Fund to provide scholarships under
this Section. The Illinois DREAM Fund shall be funded entirely
from private contributions and from the tax imposed under the
Wire Transfer Tax Act.
(Source: P.A. 97-233, eff. 8-1-11.)