SB0119 EngrossedLRB101 06854 HLH 51885 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 5. The Illinois Income Tax Act is amended by
5changing Section 703A as follows:
 
6    (35 ILCS 5/703A)
7    Sec. 703A. Information for reportable payment
8transactions. Every person required under Section 6050W of the
9Internal Revenue Code to file federal Form 1099-K, Third-Party
10Payment Card and Third Party Network Transactions, identifying
11a reportable payment transaction to a payee with an Illinois
12address shall furnish a copy to the Department at such time and
13in such manner as the Department may prescribe. In addition,
14for reporting periods beginning on or after January 1, 2020, at
15the same time and in the same manner as the foregoing
16reportable payment transactions are required to be reported to
17the Department, the person shall report to the Department and
18to any payee with an Illinois address any information required
19by Section 6050W of the Internal Revenue Code with respect to
20third-party network transactions related to that payee, but
21without regard to the de minimis limitations of subsection (e)
22of Section 6050W of the Internal Revenue Code, if, in that
23reporting period, the amount of those transactions exceeds

 

 

SB0119 Engrossed- 2 -LRB101 06854 HLH 51885 b

1$1,000 and the aggregate number of those transactions exceeds
23. Failure to provide any information required by this Section
3shall incur a penalty for failure to file an information return
4as provided in Section 3-4 of the Uniform Penalty and Interest
5Act. The Department shall not share information gathered from
6Third Party Settlement Organizations with other federal,
7State, or local government entities.
8(Source: P.A. 100-1171, eff. 1-4-19.)
 
9    Section 99. Effective date. This Act takes effect upon
10becoming law.