Bill Text: IL HB5335 | 2017-2018 | 100th General Assembly | Introduced
Bill Title: Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that, in addition to any other method of payment provided for by law, the Department shall accept payment for any tax imposed by the State and administered by the Department by cryptocurrency. Provides that the Department shall convert such payments to United States dollars at the prevailing rate within 24 hours after receipt of the payment and shall credit the taxpayer's account with the converted dollar amount.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2019-01-08 - Session Sine Die [HB5335 Detail]
Download: Illinois-2017-HB5335-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Department of Revenue Law of the
Civil | ||||||||||||||||||||||||
5 | Administrative Code of Illinois is amended by adding Section | ||||||||||||||||||||||||
6 | 2505-805 as follows:
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7 | (20 ILCS 2505/2505-805 new) | ||||||||||||||||||||||||
8 | Sec. 2505-805. Payments by cryptocurrency. Notwithstanding | ||||||||||||||||||||||||
9 | any other provision of law, and in addition to any other method | ||||||||||||||||||||||||
10 | of payment provided for by law, the Department shall accept | ||||||||||||||||||||||||
11 | payment for any tax imposed by the State and administered by | ||||||||||||||||||||||||
12 | the Department by cryptocurrency. The Department shall convert | ||||||||||||||||||||||||
13 | such payments to United States dollars at the prevailing rate | ||||||||||||||||||||||||
14 | within 24 hours after receipt of the payment and shall credit | ||||||||||||||||||||||||
15 | the taxpayer's account with the converted dollar amount.
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