Full Text of HB3335 100th General Assembly
HB3335 100TH GENERAL ASSEMBLY
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
Introduced , by Rep. Jaime M. Andrade, Jr.
SYNOPSIS AS INTRODUCED:
Creates the Business Compensation Equity Fee Act. Provides that,
beginning on January 1, 2018, an annual fee is imposed on each publicly
traded company doing business in the State if the company reports a pay
ratio between its chief executive officer's compensation and its employees'
median pay of at least 100:1 on a disclosure filed with the United States
Securities and Exchange Commission during the taxable year. Provides that,
if the company reports a pay ratio of at least 100:1 but less than 250:1,
then the amount of the fee shall be $1,500 annually, and if the company
reports a pay ratio of 250:1 or greater, then the fee shall be $2,500
annually. Contains provisions concerning the administration of the Act.
|FISCAL NOTE ACT MAY APPLY|
A BILL FOR
|HB3335||LRB100 08104 HLH 18197 b|
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
This Act may be cited as the
Business Compensation Equity Fee Act.
As used in this Act, "Department"
means the Department of Revenue.
Notwithstanding any other
provision of law, beginning on January 1, 2018, an annual fee
is imposed on each publicly traded company doing business in
the State if the company reports a pay ratio between its chief
executive officer's compensation and its employees' median pay
of at least 100:1 on a disclosure filed with the United States
Securities and Exchange Commission during the taxable year. If
the company reports a pay ratio of at least 100:1 but less than
250:1, then the amount of the fee shall be $1,500 annually. If
the company reports a pay ratio of 250:1 or greater, then the
amount of the fee shall be $2,500 annually. The proceeds from
the fees collected under this Act shall be deposited into the
General Revenue Fund.
Fee collected by the Department; returns.
|HB3335||- 2 -||LRB100 08104 HLH 18197 b|
fee imposed under this Act shall be collected by the Department
of Revenue. Beginning in 2019, on or before April 15th of each
year, each company that is liable for the fee imposed under
this Act for the previous calendar year shall make a return and
payment of the to the Department on a form prescribed and
furnished by the Department. The return shall be signed by an
authorized agent of the company under penalties of perjury and
shall contain the following information:
(1) the business name;
(2) the address of the company's principal place of
(3) the pay ratio reported on the disclosure filed with
the United States Securities and Exchange Commission for
the previous calendar year; and
(4) any other information the Department may
Books and records.
Every company that is
subject to the fee imposed under this Act shall keep books,
records, papers, and other documents that are adequate to
reflect the information that the company required by this Act
to report to the Department. All books and records and other
papers and documents required by this Act to be kept shall be
kept in the English language and shall, at all times during
business hours of the day, be subject to inspection by the
Department or its duly authorized agents and employees. Books
|HB3335||- 3 -||LRB100 08104 HLH 18197 b|
and records reflecting gross charges received during any period
with respect to which the Department is authorized to establish
liability as provided by this Act shall be preserved until the
expiration of such period unless the Department, in writing,
authorizes their destruction or disposal at an earlier date.
The Department may, upon written authorization of the
Director, destroy any returns or any records, papers, or
memoranda pertaining to such returns upon the expiration of any
period covered by such returns with respect to which the
Department is authorized to establish liability.
received by the Department from returns filed under this Act,
or from any investigations conducted under this Act, shall be
confidential, except for official purposes, and any person who
divulges any such information in any manner, except in
accordance with a proper judicial order or as otherwise
provided by law, shall be guilty of a Class B misdemeanor.
Failure to make a return.
Any company that is
subject to the fee imposed under this Act who fails to make a
return, or who makes a fraudulent return, or who willfully
violates any other provision of this Act or any rule or
regulation of the Department for the administration and
enforcement of this Act, is guilty of a business offense and,
upon conviction thereof, shall be fined not less than $1,000
|HB3335||- 4 -||LRB100 08104 HLH 18197 b|
nor more than $7,500.
Applicability of Retailers' Occupation Tax Act
and Uniform Penalty and Interest Act.
All of the provisions of
Sections 4, 5, 5a, 5b, 5c, 5d, 5e, 5f, 5g, 5i, 5j, 6, 6a, 6b,
and 6c of the Retailers' Occupation Tax Act that are not
inconsistent with this Act, and all provisions of the Uniform
Penalty and Interest Act shall apply, as far as practicable, to
the subject matter of this Act to the same extent as if such
provisions were included herein. References in the
incorporated Sections of the Retailers' Occupation Tax Act to
retailers, to sellers, or to persons engaged in the business of
selling tangible personal property mean persons subject to the
fee under this Act. References to "taxes" in these incorporated
Sections shall be construed to apply to the administration,
payment, and remittance of all fees under this Act.
The Department shall adopt rules to
implement and enforce the provisions of this Act.
Review under Administrative Review Law.
provisions of the Administrative Review Law, and the rules
adopted pursuant thereto, shall apply to and govern all
proceedings for the judicial review of final administrative
decisions of the Department under this Act. The term
"administrative decision" is defined as in Section 3-101 of the
|HB3335||- 5 -||LRB100 08104 HLH 18197 b|
Code of Civil Procedure.
This Act takes effect upon