Sen. Cristina Castro

Filed: 2/26/2019





10100SB0119sam001LRB101 06854 HLH 56290 a


2    AMENDMENT NO. ______. Amend Senate Bill 119 by replacing
3everything after the enacting clause with the following:
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, at
14the same time and in the same manner the foregoing information
15is required, the person shall report to the Department and to
16any payee with an Illinois address any information required by



10100SB0119sam001- 2 -LRB101 06854 HLH 56290 a

1Section 6050W of the Internal Revenue Code with respect to
2third-party network transactions related to that payee as if
3the de minimis limitations of subsection (e) of Section 6050W
4of the Internal Revenue Code did not apply, but the de minimis
5limitations of subsection (a) of Section 6041 of the Internal
6Revenue Code did apply. Failure to provide any information
7required by this Section shall incur a penalty for failure to
8file a tax return as provided in Section 1001.
9(Source: P.A. 100-1171, eff. 1-4-19.)".