Bill Text: IL SB2919 | 2017-2018 | 100th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Engrossed.html
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-Engrossed.html
| |||||||
| |||||||
| |||||||
| 1 | AN ACT concerning revenue.
| ||||||
| 2 | Be it enacted by the People of the State of Illinois,
| ||||||
| 3 | represented in the General Assembly:
| ||||||
| 4 | Section 5. The Corporate Accountability for Tax | ||||||
| 5 | Expenditures Act is amended by changing Section 10 as follows:
| ||||||
| 6 | (20 ILCS 715/10)
| ||||||
| 7 | Sec. 10. Unified Economic Development Budget.
| ||||||
| 8 | (a) For each State fiscal year ending on or after June 30, | ||||||
| 9 | 2005, the
Department of Revenue shall
submit an annual Unified | ||||||
| 10 | Economic Development Budget to the General Assembly.
The
| ||||||
| 11 | Unified Economic Development Budget shall be due within 3 | ||||||
| 12 | months after the end
of the fiscal
year, and shall present all | ||||||
| 13 | types of development assistance granted during the
prior fiscal | ||||||
| 14 | year,
including:
| ||||||
| 15 | (1) The aggregate amount of uncollected or diverted | ||||||
| 16 | State tax revenues
resulting
from each type of development | ||||||
| 17 | assistance provided in the tax statutes, as
reported to the
| ||||||
| 18 | Department of Revenue for tax years beginning during the | ||||||
| 19 | third preceding calendar on tax returns filed during the | ||||||
| 20 | fiscal year.
| ||||||
| 21 | (2) All State development assistance granted during | ||||||
| 22 | the prior fiscal year.
| ||||||
| 23 | (b) All data contained in the Unified Economic Development | ||||||
| |||||||
| |||||||
| 1 | Budget presented
to the
General Assembly shall be fully subject | ||||||
| 2 | to the Freedom of Information Act.
| ||||||
| 3 | (c) The Department of Revenue shall submit a report of the | ||||||
| 4 | amounts in
subdivision (a)(1)
of this Section to the | ||||||
| 5 | Department, which may append such report to the Unified
| ||||||
| 6 | Economic
Development Budget rather than separately reporting | ||||||
| 7 | such amounts.
| ||||||
| 8 | (Source: P.A. 93-552, eff. 8-20-03.)
| ||||||
| 9 | Section 99. Effective date. This Act takes effect upon | ||||||
| 10 | becoming law.
| ||||||
