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: (Introduced) 2018-04-13 - House Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee [HB5335 Detail]

Download: Illinois-2017-HB5335-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5335

Introduced , by Rep. Michael J. Zalewski

SYNOPSIS AS INTRODUCED:
20 ILCS 2505/2505-805 new

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.
LRB100 18658 HLH 36206 b
FISCAL NOTE ACT MAY APPLY

A BILL FOR

HB5335LRB100 18658 HLH 36206 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Department of Revenue Law of the Civil
5Administrative Code of Illinois is amended by adding Section
62505-805 as follows:
7 (20 ILCS 2505/2505-805 new)
8 Sec. 2505-805. Payments by cryptocurrency. Notwithstanding
9any other provision of law, and in addition to any other method
10of payment provided for by law, the Department shall accept
11payment for any tax imposed by the State and administered by
12the Department by cryptocurrency. The Department shall convert
13such payments to United States dollars at the prevailing rate
14within 24 hours after receipt of the payment and shall credit
15the taxpayer's account with the converted dollar amount.
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