HB1355 EngrossedLRB097 07051 HLH 47144 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 Department of Revenue Law of the Civil
5Administrative Code of Illinois is amended by adding Section
62505-755 as follows:
 
7    (20 ILCS 2505/2505-755 new)
8    Sec. 2505-755. Deposit of State funds. Notwithstanding any
9other provision of law, the proceeds from any tax imposed by
10the State and collected and administered by the Department
11shall be deposited into the appropriate account with the State
12Treasurer within 3 business days after the proceeds are
13received by the Department. If the funds are required by law to
14be deposited into a specific fund in the State treasury for
15subsequent transfer by law into another fund in the State
16treasury, then the 3-business day requirement under this
17Section applies only after the funds are released by the
18Treasurer to the Department for deposit into the first fund.
19The subsequent transfer shall be made in accordance with the
20applicable statute.
 
21    Section 10. The State Finance Act is amended by adding
22Section 4.2 as follows:
 

 

 

HB1355 Engrossed- 2 -LRB097 07051 HLH 47144 b

1    (30 ILCS 105/4.2 new)
2    Sec. 4.2. Deposit of State funds. Notwithstanding any other
3provision of law, moneys received by any State agency that are
4required to be deposited into an account with the State
5Treasurer shall be deposited into the appropriate fund in the
6State treasury within 3 business days after the moneys are
7released by the Treasurer to the Department. If the funds are
8required by law to be deposited into a specific fund in the
9State treasury for subsequent transfer by law into another fund
10in the State treasury, then the 3-business day requirement
11under this Section applies only after the funds are released by
12the Treasurer to the Department for deposit. The subsequent
13transfer shall be made in accordance with the applicable
14statute.
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.