House Revenue & Finance Committee Report ? Illinois Chamber ...

?Not to outdone by the Senate, the House passed the following bills out of House Revenue & Finance Committee:????

HB 4148 Amends the Property Tax Code to address tax liens placed against property which has been assessed one or more erroneous homestead exemptions.

HB 4940 Amends the Counties Code. In a Section concerning school facility occupation taxes, provides that if a county board imposes a tax pursuant to a referendum held before August 23, 2011 at a rate below the rate set forth in the question approved by a majority of electors, then, notwithstanding the imposition of the tax by the county board at such rate, beginning on the following January 1 or July 1, as applicable, the tax shall be imposed at the rate set forth in the question approved by a majority of electors of that county. Sets forth procedures that authorize the county board to reduce or discontinue the tax under specified circumstances. Sets forth requirements concerning when the Illinois Department of Revenue shall administer and enforce the change in the rate of a tax to be used exclusively for school facility purposes.

HB 5111 Amends the Small Business Job Creation Tax Credit Act. Provides that an employee who is employed in the service of the applicant for a basic wage for at least 35 hours each week or who renders a standard of service to the applicant that is generally accepted as full-time employment is considered a full-time employee of the applicant regardless of whether a W-2 is issued for the employee by a professional employer organization. Requires the Department of Commerce and Economic Opportunity to make rules concerning applicants for which a professional employer organization has been contracted to issue W-2s and make payment of withholding taxes.

HB 5342 Amends the Corporate Accountability for Tax Expenditures Act. Provides that the Department of Commerce and Economic Opportunity shall post on its website the identity of each recipient from whom amounts were recaptured and the amount recaptured, but not the identity of each recipient receiving a waiver of the recapture provisions as is required in SB 3711.

HB 5362 Amends the Illinois Municipal Code. Provides that the corporate authorities of a non-home rule municipality may, until December 31, 2020 (now, December 31, 2015), use the proceeds of a tax imposed under the Non-Home Rule Municipal Retailers? Occupation Tax Act, Non-Home Rule Municipal Service Occupation Tax Act, or the Non-Home Rule Municipal Use Tax Act for expenditure on municipal operations, in addition to or in lieu of any expenditure on public infrastructure or for property tax relief. Effective immediately.

HB 5439 Amends the Property Tax Code. In Sections granting the following homestead exemptions: a returning veterans? homestead exemption; a disabled persons? homestead exemption; a senior citizens homestead exemption; a senior citizens assessment freeze homestead exemption; a general homestead exemption; and a long-time occupant homestead exemption, provides that homestead property does not include certain leasehold interests in property.

HB 5440 Amends the Business Location Efficiency Incentive Act. Provides for the continuation, validation, and re-enactment of the Act, which was inadvertently repealed on December 31, 2011.

HB 5473 Amends the Illinois Income Tax Act. Provides that the net operating loss provisions which extend the life of net operating loss deductions that are temporarily suspended (or capped) also extends the life of pre-2003 losses that are suspended.

HB 5549 Provides a new income tax check-off on the individual income tax returns for Diabetes Research.

HB 5616 Amends the Will-Kankakee Regional Development Authority Law. Provides that the Will-Kankakee Regional Development Authority may issue bonds, notes, or other evidences of indebtedness in an aggregate amount outstanding not to exceed $250,000,000 (now, $100,000,000).

HB 5631, a Department of Revenue administration bill, amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers? Occupation Tax Act. Makes a technical correction concerning an effective date for a change in the definition of ?food for human consumption that is to be consumed off the premises where it is sold. Provides that, in the case of a return that is not filed at the required time, a notice of tax liability may be issued on and after each July 1, and January 1 for returns filed more than 3 years prior to that July 1 or January 1. Amends the Cigarette Tax Act. Provides that the penalty for possession of less than 10 and not more than 100 original packages of contraband cigarettes is $20 (instead of $10) per package. Effective July 1, 2012.

HB 5761 Amends the Property Tax Code. Provides that all property owned by the Executive Board of the Mutual Aid Box Alarm System that is used for the public purpose of disaster preparedness and response is exempt from the taxes imposed by the Code. Also provides that property that is owned by the State, a unit of local government, or a school district and leased to the State, a unit of local government, or a school district is exempt. Provides that those leasehold interests are also exempt from taxation under the Code or any other provision of law.

HB 5774 Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that after the approval by ordinance of a redevelopment plan and designation of redevelopment project area, the plan may be amended and additional properties may be added to the redevelopment project area without notice, a meeting of the joint review board, or a public hearing if (i) the amendment adds additional properties that include dilapidated public bridges owned by the municipality and (ii) the municipality approves the amendment by ordinance before October 1, 2012. Sets forth requirements concerning notice of the changes.

HB 5866, another IDOR administration bill, and which amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that the Department may revoke a certificate of registration, permit, or license of an entity that is in default for moneys due to the Department. Amends the State Finance Act to provide that the Department of Revenue may maintain a petty cash fund not to exceed $2,000. Amends the Illinois Income Tax Act. Provides that payments received in taxable years ending on or after December 31, 2012 from (i) the assignment of a prize under Section 13.1 of the Illinois Lottery Law, (ii) payments of winnings from pari-mutuel wagering conducted at a wagering facility licensed under the Illinois Horse Racing Act of 1975, and (iii) gambling games conducted on a riverboat licensed under the Riverboat Gambling Act are allocable to this State. Amends the Use Tax Act. Provides that retailers that do not possess a valid certificate of registration at the time the sale or sales are made upon which the discount is taken are not entitled to a vendor?s discount under the Act.

Source: http://chamberdispatch.com/tax/1555/house-revenue-finance-committee-report-2/

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