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|[ Introduced ]||[ House Amendment 001 ]|
90_HB0905eng 15 ILCS 405/16 from Ch. 15, par. 216 Amends the State Comptroller Act. Provides that annual reports of State agencies shall include an analysis of the impact of tax expenditures upon the number of jobs created or retained in the State, the number of businesses attracted to or retained in the State, and the extent of benefits conferred upon the intended beneficiaries of those tax expenditures. Effective immediately. LRB9000825MWmbB HB0905 Engrossed LRB9000825MWmbB 1 AN ACT to amend the State Comptroller Act by changing 2 Section 16. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The State Comptroller Act is amended by 6 changing Section 16 as follows: 7 (15 ILCS 405/16) (from Ch. 15, par. 216) 8 Sec. 16. Reports from State agencies. The comptroller 9 shall prescribe the form and require the filing of quarterly 10 fiscal reports by each State agency. Within 30 days after the 11 end of each quarter, or at such earlier time as the 12 comptroller by rule requires, each State agency shall file 13 with the comptroller the report of its receipts and 14 collections during the preceding quarter, including receipts 15 and collections of taxes and fees, funds and fund 16 authorizations from sources other than appropriation by the 17 General Assembly, gifts, grants and donations, and income 18 from revenue producing activities or property of or under the 19 control of the agency. The report shall specify the nature, 20 source and fair market value of any assets received, any 21 increase or decrease in its security holdings (other than 22 those held by the State Treasurer), and such other related 23 information as the comptroller, by rule, requires. The report 24 shall, consistent with the uniform State accounting system, 25 account for all encumbrances, transfers, and releases of 26 encumbrances upon assets held by the State agency, except any 27 assets held in trust for another State agency or person, and 28 any additional accounting as may be determined by the 29 comptroller to be necessary for his maintenance of accurate 30 encumbrance accounts for State agencies. The report shall 31 include a separate accounting for each revenue bond issue HB0905 Engrossed -2- LRB9000825MWmbB 1 administered by the particular agency, and shall indicate any 2 changes in authorized or outstanding indebtedness of the 3 agency or of the State through the agency. This Section does 4 not require the duplication of reports concerning security 5 holdings and investment income of the State Treasurer which 6 are issued by the Treasurer pursuant to law. 7 In addition to the quarterly reports required by this 8 Section, each agency shall on an annual basis file, no later 9 than 45 days after the end of the fiscal year, a report 10 giving that agency's best estimate of the cost of each tax 11 expenditure related to each of the revenue sources 12 administered by the agency. This annual report shall include 13 the agency's best estimate of the cost of each tax 14 expenditure including: (a) a citation of the legal authority 15 for the tax expenditure, the year it was enacted, the fiscal 16 year in which it first took effect, and any subsequent 17 amendments; (b) to the extent that it can be determined, the 18 total cost of the tax expenditure for the preceding fiscal 19 year together with an estimate of the projected cost for the 20 next succeeding fiscal year along with a description of the 21 methodology used to determine or estimate the cost of the tax 22 expenditure;
and(c) an assessment of the impact of the tax 23 expenditure on the incidence of the tax in terms of the 24 relative shares of revenue received under the provisions of 25 the tax expenditure and the revenue that would have been 26 received had the tax expenditure not been in effect; and (d) 27 data demonstrating the impact of the tax expenditure upon the 28 number of jobs created or retained in the State, the number 29 of businesses attracted to or retained in the State, and the 30 extent of benefits conferred upon the intended beneficiary of 31 the tax expenditure. For purposes of this Act, the term "tax 32 expenditure" means any tax incentive authorized by law that 33 by exemption, exclusion, deduction, allowance, credit, 34 preferential tax rate, abatement, or other device reduces the HB0905 Engrossed -3- LRB9000825MWmbB 1 amount of tax revenues that would otherwise accrue to the 2 State. 3 (Source: P.A. 87-847.) 4 Section 99. Effective date. This Act takes effect upon 5 becoming law.
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