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Full Text of HB3335  100th General Assembly

HB3335 100TH GENERAL ASSEMBLY

  
  

 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3335

 

Introduced , by Rep. Jaime M. Andrade, Jr.

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Business Compensation Equity Fee Act. Provides that, beginning on January 1, 2018, an annual fee is imposed on each publicly traded company doing business in the State if the company reports a pay ratio between its chief executive officer's compensation and its employees' median pay of at least 100:1 on a disclosure filed with the United States Securities and Exchange Commission during the taxable year. Provides that, if the company reports a pay ratio of at least 100:1 but less than 250:1, then the amount of the fee shall be $1,500 annually, and if the company reports a pay ratio of 250:1 or greater, then the fee shall be $2,500 annually. Contains provisions concerning the administration of the Act. Effective immediately.


LRB100 08104 HLH 18197 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3335LRB100 08104 HLH 18197 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the
5Business Compensation Equity Fee Act.
 
6    Section 5. Definitions. As used in this Act, "Department"
7means the Department of Revenue.
 
8    Section 10. Fee imposed. Notwithstanding any other
9provision of law, beginning on January 1, 2018, an annual fee
10is imposed on each publicly traded company doing business in
11the State if the company reports a pay ratio between its chief
12executive officer's compensation and its employees' median pay
13of at least 100:1 on a disclosure filed with the United States
14Securities and Exchange Commission during the taxable year. If
15the company reports a pay ratio of at least 100:1 but less than
16250:1, then the amount of the fee shall be $1,500 annually. If
17the company reports a pay ratio of 250:1 or greater, then the
18amount of the fee shall be $2,500 annually. The proceeds from
19the fees collected under this Act shall be deposited into the
20General Revenue Fund.
 
21    Section 15. Fee collected by the Department; returns. The

 

 

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1fee imposed under this Act shall be collected by the Department
2of Revenue. Beginning in 2019, on or before April 15th of each
3year, each company that is liable for the fee imposed under
4this Act for the previous calendar year shall make a return and
5payment of the to the Department on a form prescribed and
6furnished by the Department. The return shall be signed by an
7authorized agent of the company under penalties of perjury and
8shall contain the following information:
9        (1) the business name;
10        (2) the address of the company's principal place of
11    business;
12        (3) the pay ratio reported on the disclosure filed with
13    the United States Securities and Exchange Commission for
14    the previous calendar year; and
15        (4) any other information the Department may
16    reasonably require.
 
17    Section 20. Books and records. Every company that is
18subject to the fee imposed under this Act shall keep books,
19records, papers, and other documents that are adequate to
20reflect the information that the company required by this Act
21to report to the Department. All books and records and other
22papers and documents required by this Act to be kept shall be
23kept in the English language and shall, at all times during
24business hours of the day, be subject to inspection by the
25Department or its duly authorized agents and employees. Books

 

 

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1and records reflecting gross charges received during any period
2with respect to which the Department is authorized to establish
3liability as provided by this Act shall be preserved until the
4expiration of such period unless the Department, in writing,
5authorizes their destruction or disposal at an earlier date.
6    The Department may, upon written authorization of the
7Director, destroy any returns or any records, papers, or
8memoranda pertaining to such returns upon the expiration of any
9period covered by such returns with respect to which the
10Department is authorized to establish liability.
 
11    Section 25. Confidential information. All information
12received by the Department from returns filed under this Act,
13or from any investigations conducted under this Act, shall be
14confidential, except for official purposes, and any person who
15divulges any such information in any manner, except in
16accordance with a proper judicial order or as otherwise
17provided by law, shall be guilty of a Class B misdemeanor.
 
18    Section 30. Failure to make a return. Any company that is
19subject to the fee imposed under this Act who fails to make a
20return, or who makes a fraudulent return, or who willfully
21violates any other provision of this Act or any rule or
22regulation of the Department for the administration and
23enforcement of this Act, is guilty of a business offense and,
24upon conviction thereof, shall be fined not less than $1,000

 

 

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1nor more than $7,500.
 
2    Section 35. Applicability of Retailers' Occupation Tax Act
3and Uniform Penalty and Interest Act. All of the provisions of
4Sections 4, 5, 5a, 5b, 5c, 5d, 5e, 5f, 5g, 5i, 5j, 6, 6a, 6b,
5and 6c of the Retailers' Occupation Tax Act that are not
6inconsistent with this Act, and all provisions of the Uniform
7Penalty and Interest Act shall apply, as far as practicable, to
8the subject matter of this Act to the same extent as if such
9provisions were included herein. References in the
10incorporated Sections of the Retailers' Occupation Tax Act to
11retailers, to sellers, or to persons engaged in the business of
12selling tangible personal property mean persons subject to the
13fee under this Act. References to "taxes" in these incorporated
14Sections shall be construed to apply to the administration,
15payment, and remittance of all fees under this Act.
 
16    Section 40. Rulemaking. The Department shall adopt rules to
17implement and enforce the provisions of this Act.
 
18    Section 45. Review under Administrative Review Law. The
19provisions of the Administrative Review Law, and the rules
20adopted pursuant thereto, shall apply to and govern all
21proceedings for the judicial review of final administrative
22decisions of the Department under this Act. The term
23"administrative decision" is defined as in Section 3-101 of the

 

 

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1Code of Civil Procedure.
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.