(15 ILCS 405/16) (from Ch. 15, par. 216)
Sec. 16. Reports from State agencies. The comptroller shall prescribe the
form and require the filing of
quarterly fiscal reports by each State agency. Within 30 days after the
end of each quarter, or at such earlier time as the comptroller by rule requires, each
State agency shall file with the comptroller the report of activity for funds held outside of the State Treasury. The report shall include receipts
and collections during the preceding quarter, including receipts and
collections of taxes and fees, bond proceeds, gifts, grants
and donations, and income from revenue producing activities. The report shall specify the
nature, source and fair market value of any assets received, any
increase or decrease in its security holdings, and such other related information as the
comptroller, by rule, requires. The report shall, consistent with the
uniform State accounting system, account for all disbursements and
transfers by the State
agency. This
Section does not require the duplication of reports concerning security
holdings and investment income of the State Treasurer which are issued
by the Treasurer pursuant to law.
In addition to the quarterly reports required by this Section, each
agency shall on an annual basis file a report giving that agency's best
estimate of the cost of each tax expenditure related to each of the revenue
sources administered by the agency. This annual report shall include the
agency's best estimate of the cost of each tax expenditure including: (a) a
citation of the legal authority for the tax expenditure, the year it was
enacted, the fiscal year in which it first took effect, and any subsequent
amendments; (b) to the extent that it can be determined, the total cost of
the tax expenditure for the preceding fiscal year together with an estimate
of the projected cost for the next succeeding fiscal year along with a
description of the methodology used to determine or estimate the cost of the
tax expenditure; and (c) an assessment of the impact of the tax
expenditure on the incidence of the tax in terms of the relative shares of
revenue received under the provisions of the tax expenditure and the
revenue that would have been received had the tax expenditure not been in
effect. For purposes of this Act, the term "tax expenditure" means any tax
incentive authorized by law that by exemption, exclusion, deduction,
allowance, credit, preferential tax rate, abatement, or other device
reduces the amount of tax revenues that would otherwise accrue to the State, but shall not include reimbursements for services provided to the State by any person collecting and remitting tax under the Retailers' Occupation Tax Act, the Use Tax Act, the Service Occupation Tax Act, or the Service Use Tax Act.
(Source: P.A. 101-34, eff. 6-28-19; 101-604, eff. 1-1-20.)
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