Bill Text: IL SB2919 | 2017-2018 | 100th General Assembly | Chaptered
Bill Title: Amends the Corporate Accountability for Tax Expenditures Act. Repeals a Section requiring the Department of Revenue to submit an annual Unified Economic Development Budget to the General Assembly. Effective immediately.
Spectrum: Bipartisan Bill
Status: (Passed) 2018-08-03 - Public Act . . . . . . . . . 100-0721 [SB2919 Detail]
Download: Illinois-2017-SB2919-Chaptered.html
| ||||
| Public Act 100-0721 | ||||
| ||||
| ||||
AN ACT concerning revenue.
| ||||
Be it enacted by the People of the State of Illinois,
| ||||
represented in the General Assembly:
| ||||
Section 5. The Corporate Accountability for Tax | ||||
Expenditures Act is amended by changing Section 10 as follows:
| ||||
(20 ILCS 715/10)
| ||||
Sec. 10. Unified Economic Development Budget.
| ||||
(a) For each State fiscal year ending on or after June 30, | ||||
2005, the
Department of Revenue shall
submit an annual Unified | ||||
Economic Development Budget to the General Assembly.
The
| ||||
Unified Economic Development Budget shall be due within 3 | ||||
months after the end
of the fiscal
year, and shall present all | ||||
types of development assistance granted during the
prior fiscal | ||||
year,
including:
| ||||
(1) The aggregate amount of uncollected or diverted | ||||
State tax revenues
resulting
from each type of development | ||||
assistance provided in the tax statutes, as
reported to the
| ||||
Department of Revenue for tax years beginning during the | ||||
third preceding calendar on tax returns filed during the | ||||
fiscal year.
| ||||
(2) All State development assistance granted during | ||||
the prior fiscal year.
| ||||
(b) All data contained in the Unified Economic Development | ||||
Budget presented
to the
General Assembly shall be fully subject | ||
to the Freedom of Information Act.
| ||
(c) The Department of Revenue shall submit a report of the | ||
amounts in
subdivision (a)(1)
of this Section to the | ||
Department, which may append such report to the Unified
| ||
Economic
Development Budget rather than separately reporting | ||
such amounts.
| ||
(Source: P.A. 93-552, eff. 8-20-03.)
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law.
| ||
