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The Latest Regulatory & Legislative News for Illinois CPAs
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Capitol Dispatch
 
 
Marty Green's Legislative Update
 
 
APRIL RECAP: General Assembly Springs Into Action
 
The Illinois General Assembly returns April 30 from its two-week spring break to finish the remaining five weeks of the spring legislative session. Prior to the GA's recess, both chambers were very busy moving bills to meet the third reading deadline, a deadline set to manage the flow and volume and viability of legislation through the legislative process. The bills posted below have met initial legislative deadlines and remain viable.

Both chambers continue to move towards passing a state operating budget by the May 31 deadline. Central to passage of a budget is reaching an agreement on legalization of cannabis, legalization of sports betting, and passage of a capital infrastructure bill. These large concepts are revenue sources baked into the governor's proposed budget. Speculation is that passage of the graduated income tax resolution is a precursor to a budget vote. A lot of work is yet to be done, but there have been coordinated discussions between the House and Senate on the larger issues. We shall see if Democrat leadership can successfully tie this together for passage.

I encourage you to use the legislative tracking reports below and, as always, reach out to us if you have questions or want to call our attention to legislation of interest and impact to your respective practice.
 
 
General Bills Tax Bills Public Acts GA Updates
 
 
 
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   TOP LEGISLATION     
 
 
 
Illinois Looks to Mandate Public Corporation Board Diversity
HB 3394 provides that no later than the close of 2020 calendar year that publicly held domestic or foreign corporations whose principal executive offices are located in Illinois, according to the entity's SEC 10-K, must have a minimum of one female director and one African-American director on its board of directors. Status: Pending Senate.
 
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Graduated Income Tax Amendment Moving Along
SJRCA 1 as amended would institute an 8:5 ratio from the highest individual rate to the corporate rate. This Joint Resolution Constitutional Amendment (JRCA) is the beginning of a multi-step process to amend the Illinois Constitution to move from a flat income tax rate to a graduated rate. Both chambers must pass the JRCA for the measure to appear on the November 2020 ballot for Illinois voters' consideration. Status: Passed Senate Executive Committee; pending Senate.
 
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Whistleblower Reward Funds Gain Support
HB 2936 amends the Illinois False Claims Act and creates the State Whistleblower Reward and Protection Fund and other whistleblower funds under the auspices of the attorney general and Illinois State Police. Status: Pending Senate.
 
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Enhanced Notary Public Disavowal Disclosures Pending
HB 2176 amends the Notary Public Act inter alia by modifying the disavowal of legal representation notice and increases the fine to $1,500 for failure to follow and provide disavowal notice. Notaries, in addition to giving written disavowal of legal representation, must also give a verbal notice and an acknowledgement form requiring signature of the customer specifying they understand the notary is not providing legal services. Status: Pending Senate.
 
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Tax Incentive Could Boost State Data Centers
SB 1591 creates a tax incentive for new or existing data centers in Illinois. Status: Pending House.
 
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Individual Estimated Tax Payment Amount in Focus
HB 3608 increases the amount of tax due that would trigger an estimated payment for individuals from $500 to $1,000. This is an Illinois Department of Revenue initiative. Status: Pending Senate.
 
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Cook County Assessor Targets Revenue Producing Properties
SB 1379 requires certain information to be filed by taxpayers that have income producing property for property assessments. SB 1379 is an initiative of the Cook County assessor; however, this legislation will apply to downstate counties as well. ICPAS Opposed. Status: Pending House.
 
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Non-Profit Income Exemption Could Save Fringe Benefits
SB 1515 exempts certain income for non-profit organizations in response to provisions of the Federal Tax Cuts and Jobs Act of 2017 which requires tax-exempt entities to pay tax for qualified transportation fringe benefits provided to employees. SB 1515 ensures that this income continues to be non-taxable in Illinois. Status: Pending House.
 
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Third-Party Income Tax Reporting Requirements
SB 119 provides that a person required to file a Form 1099-K identifying reportable payment transaction to a payee with Illinois shall also report to IDOR and to any payee with an Illinois address any information required by Sect. 6050W of the IRC with respect to third-party network transactions. Status: Pending House.
 
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Employment Contract Prohibitions Pending
HB 2975 amends the Employment Contract Act to prohibit employers from requiring as a precondition of employment that a person or employee waive, arbitrate, or otherwise diminish any future claim, right, or benefit to which the person would otherwise be entitled under state or federal law. ICPAS Opposed. Status: Pending Senate.
 
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Omnibus Sexual Harassment Prohibitions Pass Senate
SB 1829 creates the Workplace Transparency Act, which is omnibus legislation addressing sexual harassment and discrimination in the private sector. ICPAS and the State Chamber of Commerce worked with the sponsor and provided language for the final proposal. SB 1829 unanimously passed the Senate. ICPAS Neutral. Status: Pending House.
 
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Bills Seek Data Breach Notifications
SB 1624 requires attorney general notification of data breaches of 500 residents. HB 3358 creates the Data Transparency and Privacy Act, establishing a new regulatory regime on the collection of personal information for businesses who service Illinois residents. Status: SB 1624 pending House. HB 3358 pending Senate.
 
Governor Signs Bill to Sell Thompson Center
SB 886 outlines the bidding process and allows the sale of the James R. Thompson Center within two years. The purchaser must enter into an agreement with the City of Chicago and the CTA to maintain operations of the Clark and Lake CTA Station. Status: Public Act #100-1184.
 
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Right of Removal of Appointed Officials Pending
HB 3148 creates the Local Appointed Official Removal Act providing that the governmental entity or official that appointed a member of the board or unit of local government may remove that appointee for misconduct. Status: Pending Senate.
 
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   NOTABLE NEWS     
 
 
 
Research Unit Produces Reports for General Assembly
The General Assembly's nonpartisan research unit recently provided the Three Year Budget Forecast, FY 2020 Economic Forecast & FY 2019 Revenue Update, and FY 2020 Capital Plan Analysis. These reports are necessary as the General Assembly crafts a state operating budget and considers a capital infrastructure program, which Illinois has not had plan for more than 10 years.
 
 
 
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Illinois Eyes Corporate Income Again
 
Legislation circling in Springfield is looking for the "best" way to tax the income of multinational corporations.
 
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WHAT'S TRENDING
Governor Announces "Fair Tax" Graduated Rates
Gov. Pritzker formally released the "fair tax proposal" moving Illinois from a flat income tax rate to a graduated rate. The governor also announced a "fair tax calculator," which shows relief for 97 percent of Illinois taxpayers.
 
 
 
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