HB1355eng 97TH GENERAL ASSEMBLY

HB1355 Engrossed LRB097 07051 HLH 47144 b

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Department of Revenue Law of the Civil Administrative Code of Illinois is amended by adding Section 2505-755 as follows:

(20 ILCS 2505/2505-755 new)

Sec. 2505-755. Deposit of State funds. Notwithstanding any other provision of law, the proceeds from any tax imposed by the State and collected and administered by the Department shall be deposited into the appropriate account with the State Treasurer within 3 business days after the proceeds are received by the Department. If the funds are required by law to be deposited into a specific fund in the State treasury for subsequent transfer by law into another fund in the State treasury, then the 3-business day requirement under this Section applies only after the funds are released by the Treasurer to the Department for deposit into the first fund. The subsequent transfer shall be made in accordance with the applicable statute.

Section 10. The State Finance Act is amended by adding Section 4.2 as follows:

(30 ILCS 105/4.2 new)

Sec. 4.2. Deposit of State funds. Notwithstanding any other provision of law, moneys received by any State agency that are required to be deposited into an account with the State Treasurer shall be deposited into the appropriate fund in the State treasury within 3 business days after the moneys are released by the Treasurer to the Department. If the funds are required by law to be deposited into a specific fund in the State treasury for subsequent transfer by law into another fund in the State treasury, then the 3-business day requirement under this Section applies only after the funds are released by the Treasurer to the Department for deposit. The subsequent transfer shall be made in accordance with the applicable statute.

Section 99. Effective date. This Act takes effect upon becoming law.