Sen. Cristina Castro

Filed: 4/2/2019





10100SB0119sam002LRB101 06854 HLH 58961 a


2    AMENDMENT NO. ______. Amend Senate Bill 119, AS AMENDED, by
3replacing everything after the enacting clause with the
5    "Section 5. The Illinois Income Tax Act is amended by
6changing Section 703A as follows:
7    (35 ILCS 5/703A)
8    Sec. 703A. Information for reportable payment
9transactions. Every person required under Section 6050W of the
10Internal Revenue Code to file federal Form 1099-K, Third-Party
11Payment Card and Third Party Network Transactions, identifying
12a reportable payment transaction to a payee with an Illinois
13address shall furnish a copy to the Department at such time and
14in such manner as the Department may prescribe. In addition,
15for reporting periods beginning on or after January 1, 2020, at
16the same time and in the same manner as the foregoing



10100SB0119sam002- 2 -LRB101 06854 HLH 58961 a

1reportable payment transactions are required to be reported to
2the Department, the person shall report to the Department and
3to any payee with an Illinois address any information required
4by Section 6050W of the Internal Revenue Code with respect to
5third-party network transactions related to that payee, but
6without regard to the de minimis limitations of subsection (e)
7of Section 6050W of the Internal Revenue Code, if the amount of
8those transactions exceeds $1,000 and the aggregate number of
9those transactions exceeds 3. Failure to provide any
10information required by this Section shall incur a penalty for
11failure to file a tax return as provided in Section 1001. The
12Department shall not share information gathered from Third
13Party Settlement Organizations with other federal, State, or
14local government entities.
15(Source: P.A. 100-1171, eff. 1-4-19.)
16    Section 99. Effective date. This Act takes effect upon
17becoming law.".