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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB2554 Introduced , by Rep. John E. Bradley SYNOPSIS AS INTRODUCED:
| | 35 ILCS 5/501 | from Ch. 120, par. 5-501 |
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning notices or regulations requiring records, statements, and special reports.
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| | A BILL FOR |
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| | HB2554 | | LRB098 10521 HLH 40759 b |
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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 which |
20 | | a taxpayer is required to make a disclosure statement under |
21 | | 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 |