Empower the Profession
 
The Latest Regulatory & Legislative News for Illinois CPAs
Can't see this email? View it in your browser.
 
Capitol Dispatch
 
 
Marty Green's Legislative Update
 
 
October Update: A Busy Two Weeks for the General Assembly
 
Next week, the Illinois General Assembly returns to Springfield for the first week of scheduled veto session; the second week is in November. The two weeks of fall veto session are typically allocated for the General Assembly to consider vetoed bills from the spring session. Even with the transformational spring legislative session and the large number of bills passed, the governor exercised his broad Constitutional veto power on eight bills. Seven bills were totally vetoed, and one bill was by amendatory veto.

With only eight vetoed bills to consider, it is expected that the General Assembly will convene in regular session and consider new legislation and amendatory language making needed technical corrections to bills passed earlier in the spring. Among the new legislative topics that may be considered: real estate transfer tax for the City of Chicago, vaping crisis response, affordable insulin injections, local government police and fire pension consolidation, and possibly, Chicago gaming. In anticipation of the fall veto session, we have been working with legislators to oppose any legislation that would authorize the City of Chicago to impose a tax on professional services. At this time, we do not believe that Mayor Lightfoot will pursue such legislation, but we remain vigilant in closely monitoring legislative developments. We will keep you informed along the way.
 
 
General Bills Tax Bills Public Acts GA Updates
 
 
 
AD
 
 
 
   TOP LEGISLATION     
 
 
 
General Assembly Compensation and Term Limits
A package of three bills has been introduced addressing the applicability and tolling of term limits and election of travel reimbursement by members of the Illinois General Assembly. HB 3861 specifies that if a member introduces term limit legislation, they shall immediately be bound by the term limits to include time previously served in office. HB 3862 addresses tolling of term limits and appointment to office, and HB 3863 allows new members of the General Assembly to elect not to receive travel reimbursement. Status: First reading.
 
Local Government Bankruptcy Evaluations Proposed
HB 3857 creates the Local Government Bankruptcy Neutral Evaluation Act, which would authorize a local public entity to initiate a neutral evaluation process if that entity is unable to meets its financial obligations. The bill also provides for a selection of a qualified evaluator, evaluation process, declaration of a financial emergency, and definition of liabilities. Status: First reading.
 
Read More +
 
Property Tax Relief Task Force Created
As a part of the initiatives passed during the spring legislative session, Public Act 101-0181 created the Property Tax Relief Task Force to utilize a racial and economic lens to identify the causes of increasingly burdensome property taxes across Illinois, review best practices in public policy strategies that created short-term and long-term property tax relief for homeowners, and make recommendations to assist in the development of administrative, electoral, and legislative changes needed to create property tax relief for homeowners.
 
Read More +
 
Gaming Bill Amends Local Government Share
HB 3899 amends the Illinois Gaming Act and makes changes to the municipalities to receive a percentage of adjusted gross receipts generated by a specific casino and standardbred racetrack. Status: First reading.
 
Read More +
 
Student Athlete Endorsements Bill Introduced
HB 3898 creates the Student Fair Pay to Play Act, which prevents colleges and universities and collegiate conference organizations from prohibiting student athletes from earning compensation from the use of their name or image. This legislation is similar to legislation introduced in California. Status: First reading.
 
Read More +
 
 
 
kNOWLEDGEHUB
 
 
 
   KNOWLEDGEHUB    
 
 
KnowledgeHub Resource
 
 
 
ERP/Accounting Solution Self-Assessment Guide
 
Realizing your challenges will help you quantify the need for a new ERP system. If your department is experiencing challenges in your processes, most likely another department is too!

It's important to understand how your business processes affect each department and to measure your current systems and processes against your desired state. Our self-guided assessment will help you determine where you are now and conceptualize where you want to go.
 
Download Now +
 
KnowledgeHub Resource
 
 
 
Making the Move Into Client Advisory Services
 
With transformative change on the horizon, many accounting firms are pushing ahead by diversifying their practice with new client advisory services, otherwise known as CAS. However, in doing so, many practices will face the risk of spreading their efforts too thin. Mistakes like these are avoidable.
 
Download Now +
 
 
 
   NOTABLE NEWS     
 
 
 
Governor Releases Five-Year Economic Plan
Governor Pritzker has released his “Plan to Revitalize the Illinois Economy and Build the Workforce of the Future.” It’s an economic strategy for Illinois that builds on the state’s strongest sectors, such as agriculture, health care, and transportation, with the goal of expanding prosperity throughout the state by fostering job creation, improving wages, building greater equity, and attracting and supporting businesses.
 
Read More +
 
State Public Safety Pension Task Force Issues Report
The Pension Consolidation Feasibility Task Force recently issued its report and recommendations to include mandatory consolidation of the more than 650 police and firefighter investment funds. The multiple funds would be consolidated into two separate statewide funds (one for police and one for firefighter) maintaining separate accounts for each community’s pension fund and having equal labor-management board governance. It is anticipated that the consolidation will result in greater investment income and savings through economies of scale.
 
Read More +
 
Illinois Judicial Ethics Committee Releases Judicial Campaign FAQs
Due to the unique campaign rules for judges, and knowing that CPAs are asked to serve as campaign treasurers, the comprehensive FAQs recently released by The Illinois Judicial Ethics Committee—a joint committee of the Illinois State Bar Association, the Chicago Bar Association, and the Illinois Judges Association—may be beneficial now and in the future.
 
Read More +
 
IDOR Announces 2019 Annual Tax Practitioner Meeting
The Illinois Department of Revenue will host the 2019 Annual Tax Practitioner Meeting on Tuesday, Nov. 19, 2019 at Loyola University, Water Tower Campus, Corboy Law Center in Chicago. Continuing education credits are available and awarded by the Illinois CPA Society. There is no cost to attend but registration is required.
 
Read More +
 
IRS Releases Final Regulations on Federally Declared Disaster Losses
The Internal Revenue Service released T.D. 9878, setting forth the rules and procedures for making and revoking the election to accelerate the timing of a loss sustained by a taxpayer attributable to a federally declared disaster.
 
Read More +
 
 
 
 
   INSIGHT MAGAZINE     
 
 
 
INSIGHT MAGAZINE
 
Illinois’ Incomprehensible Sales Tax Law
 
A post-Wayfair fix for leveling the playing field between online and brick-and-mortar retailers has made Illinois sales tax more unbalanced.
 
Read More +
 
 
 
 
   eNEWS CENTRAL     
 
 
 
CD   CS
 
IF   PA
 
WHAT'S TRENDING
Fall Veto Session: A Recipe for Chaos
With landmark legislation needing corrective amendments and a tax on professional services possibly coming to light, the Illinois General Assembly is destined for a chaotic fall.
 
Read More +
 
 
 
Membership
 
About ICPAS
My Membership
Discount Program
Member Benefits
Resources
 
Career Center
Connections
Education
Government Relations
Publications
 
See All
INSIGHT Mag
Capitol Dispatch
Career Space
Inside Finance
Practice Advantage
KnowledgeHub
Media Kit
 
 
Facebook   Twitter   Linkedin   Youtube
 
 
 
Copyright © 2019 Illinois CPA Society | All Rights Reserved
 
Contact us:
550 W. Jackson Blvd., Suite 900
Chicago, IL 60661
312.993.0407 | www.icpas.org
 
unsubscribe