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So far, the session has gone about as well as can be expected. You know when watch a scary movie, it’s daytime and the characters are all happy and having fun? That’s how I feel. I hope it continues to feel like that from now until adjournment May 19th. But you just know that somewhere out there, someone is ready to jump out from behind a corner with a terrible bill idea…
Committee Recap
HB 1122, Freelance Workers-Neutral passed out of Senate Labor 12-1-0. As amended, this bill creates the Freelance Worker Protection Act. Provides that, except as otherwise provided by law, a freelance worker shall be paid the contracted compensation amount no later than 30 days after the freelance worker provides the product or completes the services under the contract. Provides that once a freelance worker has commenced preparation of the product or performance of the services under the contract, a contracting entity shall not require as a condition of timely payment that the freelance worker accept less compensation than the amount of the contracted compensation. Requires written contracts for services or products provided by a freelance worker.
HB 2130, Insurance Data Security passed out of Senate Insurance 8-0-0 yesterday. This bill sets forth provisions concerning an information security program, investigations of cybersecurity events, and notifications of cybersecurity events. Provides that the Director of Insurance shall have power to examine and investigate into the affairs of any licensee to determine whether the licensee has been or is engaged in any conduct in violation of the Act.
HB 3301 UNEMPLOYMENT INS-DIRECTORY. Creates a new mandate for those who hire independent contractors to report their hiring to the state. The sponsors say this is to enable the collection of delinquent child support. Passed Senate Labor on an attendance roll call (16-0-0).
TNCs as Common Carriers Legislation Passes Another Hurdle After Amendment
HB 2231, TNC/Common Carrier passed out of Senate Executive Committee 8-3-0. This bill, as amended, extends the Act's repeal date from September 1, 2023 to September 1, 2028. Provides that a provision which specifies that TNCs and TNC drivers are not common carriers, contract carriers, or motor carriers and do not provide taxicab or for-hire vehicle service becomes inoperative January 1, 2024.
The amendment brought Uber and Lyft to neutral. Make no mistake that passage of this bill represents a win for the trial bar (and a loss for everyone else), but they at least picked up a few small wins with the amendment in the delayed effective date, the longer sunset and persevering the independent contractor language. To continue my horror movie analogy from the intro, sometimes the hero takes a punch but the important thing is to live to fight another day.
New Postings
No relevant committee postings
Floor Votes
HB 3479, Digital Assets passed out of the House 90-21-0. This bill creates the Digital Assets Regulation Act. Provides that the Department of Financial and Professional Regulation shall regulate digital asset business activity in the State. Sets forth provisions concerning customer protections; compliance; licensure; supervision; general restrictions and prohibitions; confidentiality; and rulemaking authority. Provides that the provisions do not apply to a credit union organized under specified laws with member share accounts insured by an insurer approved by the credit union's primary financial regulatory agency. Provides that the provisions do not apply to the exchange, transfer, or storage of a digital asset or to digital asset administration to the extent that specified law governs the activity as a contract of a sale of a commodity for future delivery or a swap. Provides that the provisions shall be construed in a manner consistent with affording the greatest protection to residents, and shall not be construed to exempt an activity solely because a financial regulatory agency has anti-fraud and anti-manipulation enforcement authority over the activity. Provides that the provisions do not apply to a credit union with member share accounts insured by an insurer approved by the credit union's primary financial regulatory agency. Provides that the Department of Financial and Professional Regulation may by rule or order clarify whether an activity is governed by specified provisions. Provides that notwithstanding any other provision, the Department, by rule or order, may conditionally or unconditionally exempt any person, digital asset, or transaction, or any class or classes of persons, digital assets, or transactions, from any provision or any rule thereunder, to the extent that the exemption is necessary or appropriate in the public interest and is consistent with the protection of residents.
Notable New Bill Filed
HB 4054 (Burke) - Provides that a delivery network company that delivers tangible personal property on behalf of a marketplace seller or a marketplace serviceman is not considered a marketplace facilitator. Provides that a delivery network company is a business that facilitates, through the use of an Internet website or mobile application, the delivery of local products. Provides that a local product is any item, including food, other than freight, mail, or a package to which postage has been affixed. Effective immediately. The Illinois Chamber supports this bill.
Rulemaking
No new rulemaking of interest in the 4-21 report.
IRS Releases Memo on the Tax Consequences of a Blockchain Protocol Upgrade
In a recent memo, the IRS concluded that a protocol upgrade to the consensus mechanism of a cryptocurrency blockchain that did not result in the issuance of new tokens (or coins) did not result in gain, loss or other income to a taxpayer who held cryptocurrency native to that blockchain. Read more.
Articles of Interest
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Deere aims for all-electric, autonomous tractor by 2026
EPA announces $400M in clean bus grants in $5B plan to transform school fleets
Tech Billionaires Bet on Fusion as Holy Grail for Business
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