Bill Text: IL HB1499 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning notices or regulations requiring records, statements, and special reports.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-04-23 - Rule 19(a) / Re-referred to Rules Committee [HB1499 Detail]
Download: Illinois-2021-HB1499-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by | |||||||||||||||||||
5 | changing Section 501 as follows:
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6 | (35 ILCS 5/501) (from Ch. 120, par. 5-501)
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7 | Sec. 501. Notice
or Regulations Requiring Records, | |||||||||||||||||||
8 | Statements and Special Returns.
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9 | (a) In general. Every person liable for any tax imposed by | |||||||||||||||||||
10 | this Act shall keep such
records, render such statements, make | |||||||||||||||||||
11 | such returns and
and notices, and comply
with such rules and | |||||||||||||||||||
12 | regulations as the Department may from time to time
prescribe. | |||||||||||||||||||
13 | Whenever in the judgment of the Director it is necessary, he | |||||||||||||||||||
14 | may
require any person, by notice served upon such person or by | |||||||||||||||||||
15 | regulations, to
make such returns and notices, render such | |||||||||||||||||||
16 | statements, or keep such
records, as the Director deems | |||||||||||||||||||
17 | sufficient to show whether or not such
person is liable for tax | |||||||||||||||||||
18 | under this Act. | |||||||||||||||||||
19 | (b) Reportable transactions. For each taxable year in | |||||||||||||||||||
20 | which a taxpayer is required to make a disclosure statement | |||||||||||||||||||
21 | under Treasury Regulations Section 1.6011-4 (26 CFR 1.6011-4) | |||||||||||||||||||
22 | (including any taxpayer that is a member of a consolidated | |||||||||||||||||||
23 | group required to make such disclosure) with respect to a |
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1 | reportable transaction (including a listed transaction) in | ||||||
2 | which the taxpayer participated in a taxable year for which a | ||||||
3 | return is required under Section 502 of this Act, such | ||||||
4 | taxpayer shall file a copy of such disclosure with the | ||||||
5 | Department. Disclosure under this subsection is required to be | ||||||
6 | made by any taxpayer that is a member of a unitary business | ||||||
7 | group that includes any person required to make a disclosure | ||||||
8 | statement under Treasury Regulations Section 1.6011-4. | ||||||
9 | Disclosure under this subsection is required with respect to | ||||||
10 | any transaction entered into after February 28, 2000 that | ||||||
11 | becomes a listed transaction at any time, and shall be made in | ||||||
12 | the manner prescribed by the Department. With respect to | ||||||
13 | transactions in which the taxpayer participated for taxable | ||||||
14 | years ending before December 31, 2004, disclosure shall be | ||||||
15 | made by the due date (including extensions) of the first | ||||||
16 | return required under Section 502 of this Act due after the | ||||||
17 | effective date of this amendatory Act of the 93rd General | ||||||
18 | Assembly. With respect to transactions in which the taxpayer | ||||||
19 | participated for taxable years ending on and after December | ||||||
20 | 31, 2004, disclosure shall be made in the time and manner | ||||||
21 | prescribed in Treasury Regulations Section 1.6011-4(e). | ||||||
22 | Notwithstanding the above, no disclosure is required for | ||||||
23 | transactions entered into after February 28, 2000 and before | ||||||
24 | January 1, 2005 (i) if the taxpayer has filed an amended | ||||||
25 | Illinois income tax return which reverses the tax benefits of | ||||||
26 | the potential tax avoidance transaction, or (ii) as a result |
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1 | of a federal audit the Internal Revenue Service has determined | ||||||
2 | the tax treatment of the transaction and an Illinois amended | ||||||
3 | return has been filed to reflect the federal treatment. | ||||||
4 | (Source: P.A. 93-840, eff. 7-30-04.)
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