SB0119sam002 101ST GENERAL ASSEMBLY

Sen. Cristina Castro

Filed: 4/2/2019

10100SB0119sam002 LRB101 06854 HLH 58961 a

AMENDMENT TO SENATE BILL 119

AMENDMENT NO. ______. Amend Senate Bill 119, AS AMENDED, by replacing everything after the enacting clause with the following:

"Section 5. The Illinois Income Tax Act is amended by changing Section 703A as follows:

(35 ILCS 5/703A)

Sec. 703A. Information for reportable payment transactions. Every person required under Section 6050W of the Internal Revenue Code to file federal Form 1099-K, Third-Party Payment Card and Third Party Network Transactions, identifying a reportable payment transaction to a payee with an Illinois address shall furnish a copy to the Department at such time and in such manner as the Department may prescribe. In addition, for reporting periods beginning on or after January 1, 2020, at the same time and in the same manner as the foregoing reportable payment transactions are required to be reported to the Department, the person shall report to the Department and to any payee with an Illinois address any information required by Section 6050W of the Internal Revenue Code with respect to third-party network transactions related to that payee, but without regard to the de minimis limitations of subsection (e) of Section 6050W of the Internal Revenue Code, if the amount of those transactions exceeds $1,000 and the aggregate number of those transactions exceeds 3. Failure to provide any information required by this Section shall incur a penalty for failure to file a tax return as provided in Section 1001. The Department shall not share information gathered from Third Party Settlement Organizations with other federal, State, or local government entities.

(Source: P.A. 100-1171, eff. 1-4-19.)

Section 99. Effective date. This Act takes effect upon becoming law.".