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March 9, 2018
State and Local Tax this week
Illinois General Assembly
The House returned to Springfield on Tuesday and was in session through Thursday
.
The Senate was not in session this week.
The Senate returns to Springfield on March 13. The House does not return to Springfield until April 9. After next week, the Senate does not return to Springfield until April 10. Both chambers are taking time off for the primary election on March 20 and Easter.
The Senate Revenue committee has scheduled a hearing for March 14. As of today, the following bills have been posted for committee consideration: March 14 agenda
The House Revenue committee held a hearing on Thursday March 8.
The House Revenue committee hearing included a "subject matter" hearing on Property Tax Assessment Practices. The committee took testimony from representatives of Kane and Lee counties concerning their assessment practices.
Only one of the posted bills was actually considered by the House Revenue committee this week. The committee considered
HB 2717 and voted the bill out of committee on a vote of 8-2. The Chamber, along with a number of other business groups, the Illinois CPA Society and the Department of Revenue oppose this bill.
As originally proposed, HB 2717 a
mends the Retailers' Occupation Tax Act. Provides that, subject to certain restrictions, if the Department of Revenue may disclose confidential financial information to a municipality or county, then the Department of Revenue may also disclose that financial information to an independent third party who is authorized in writing by that municipality or county to receive the information. Effective immediately.
HB 2717 has been amended as follows: In a provision of the introduced bill providing that the third party may use the financial information only for the purpose of providing services to the municipality and may not use the information for any other purpose, specifies that the third party may not use the information to verify the accuracy of amounts indicated on returns submitted to the Department of Revenue by a taxpayer. Provides, however, that the third party may verify the accuracy of amounts remitted to the municipality, except as otherwise prohibited by law..
The Chamber, along with our partners in opposition, will continue to oppose the bill.
The House Business Growth & Incentives c
ommittee held a hearing on March 8. The committee considered and passed HB 5349. The bill amends the Illinois Income Tax Act and provides that the Department of Revenue, with the assistance of the Department of Commerce and Economic Opportunity, shall examine the investment credit and the research and development credit to determine the impact that each of these credits has on the creation and retention of jobs, and report its findings to the Governor and the General Assembly on or before December 1, 2019. Provides that the Department of Revenue, with the assistance of the Department of Commerce and Economic Opportunity, shall examine each credit against a tax imposed under the Illinois Income Tax Act on and after the effective date of this amendatory Act to determine the impact that each credit has on the creation and retention of jobs, including, but not limited to, any stated job creation goals, and report its findings for each credit to the Governor and the General Assembly on or before 3 years after the effective date of the credit in question, and on or before every 3 years thereafter.
HB 5349 was amended to add provisions requiring the Department of Revenue, with the assistance of the Department of Commerce and Economic Opportunity, to prepare a report including specified information concerning the credits under subsections (e) and (k) of Section 201 of the Illinois Income Tax Act.
Rulemaking
The March 9 edition of the
Illinois Register
did not contain any rulemaking by the Illinois Department of Revenue or the Illinois Department of Commerce and Economic Opportunity.
Tax Tribunal
No new decisions were issued by the Tribunal this week. Only two new cases were filed with the Tribunal this week. The new cases do not raise any novel issues.
Publications
Last Chance to Register for theTax Institute Quarterly meeting
The next Quarterly meeting of the Tax Institute is March 12 and is hosted by Tax Institute member firm True Partners consulting LLC. Our featured speaker is IDOR Director Connie Beard. Please RSVP to me at [email protected].
2018 Women's Conference
On March 27, 2018 join the Illinois Chamber of Commerce at this conference. Join the Illinois Chamber of Commerce as we harness the experiences, leadership, and aspirations of women in business, politics, and the nonprofit world to explore what it takes to put more cracks in the glass ceiling. Hear from inspiring women and take away that energy to blaze your own path.
Chamber Day
Primary and gubernatorial politics are shaping the policy debate in Springfield and will have lasting implications for the business community. On April 11th, join us in our first ever Chamber Day - an advocacy effort to let lawmakers know we must be heard in any major policy decision affecting Illinois businesses. This new event will combine our local chamber summit and the Chamber's traditional lobby day to better show our strength in numbers.
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