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92_HB1919 LRB9205326MWdv 1 AN ACT concerning fiscal reports. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The State Comptroller Act is amended by 5 changing Section 16 as follows: 6 (15 ILCS 405/16) (from Ch. 15, par. 216) 7 Sec. 16. Reports from State agencies. The comptroller 8 shall prescribe the form and require the filing of quarterly 9 fiscal reports by each State agency. Within 30 days after the 10 end of each quarter, or at such earlier time as the 11 comptroller by rule requires, each State agency shall file 12 with the comptroller the report of its receipts and 13 collections during the preceding quarter, including receipts 14 and collections of taxes and fees, funds and fund 15 authorizations from sources other than appropriation by the 16 General Assembly, gifts, grants and donations, and income 17 from revenue producing activities or property of or under the 18 control of the agency. The report shall specify the nature, 19 source and fair market value of any assets received, any 20 increase or decrease in its security holdings (other than 21 those held by the State Treasurer), and such other related 22 information as the comptroller, by rule, requires. The report 23 shall, consistent with the uniform State accounting system, 24 account for all encumbrances, transfers, and releases of 25 encumbrances upon assets held by the State agency, except any 26 assets held in trust for another State agency or person, and 27 any additional accounting as may be determined by the 28 comptroller to be necessary for his maintenance of accurate 29 encumbrance accounts for State agencies. The report shall 30 include a separate accounting for each revenue bond issue 31 administered by the particular agency, and shall indicate any -2- LRB9205326MWdv 1 changes in authorized or outstanding indebtedness of the 2 agency or of the State through the agency. This Section does 3 not require the duplication of reports concerning security 4 holdings and investment income of the State Treasurer which 5 are issued by the Treasurer pursuant to law. 6 In addition to the quarterly reports required by this 7 Section, each agency shall on an annual basis file, a report 8 giving that agency's best estimate of the cost of each tax 9 expenditure related to each of the revenue sources 10 administered by the agency. This annual report shall include 11 the agency's best estimate of the cost of each tax 12 expenditure including: (a) a citation of the legal authority 13 for the tax expenditure, the year it was enacted, the fiscal 14 year in which it first took effect, and any subsequent 15 amendments; (b) to the extent that it can be determined, the 16 total cost of the tax expenditure for the preceding fiscal 17 year together with an estimate of the projected cost for the 18 next succeeding fiscal year along with a description of the 19 methodology used to determine or estimate the cost of the tax 20 expenditure;
and(c) an assessment of the impact of the tax 21 expenditure on the incidence of the tax in terms of the 22 relative shares of revenue received under the provisions of 23 the tax expenditure and the revenue that would have been 24 received had the tax expenditure not been in effect; and (d) 25 data demonstrating the impact of the tax expenditure upon the 26 number of jobs created or retained in the State, the number 27 of businesses attracted to or retained in the State, the 28 extent of benefits conferred upon the intended beneficiary of 29 the tax expenditure, and any other information that may be 30 required by law. For purposes of this Act, the term "tax 31 expenditure" means any tax incentive authorized by law that 32 by exemption, exclusion, deduction, allowance, credit, 33 preferential tax rate, abatement, or other device reduces the 34 amount of tax revenues that would otherwise accrue to the -3- LRB9205326MWdv 1 State. 2 (Source: P.A. 87-847.) 3 Section 99. Effective date. This Act takes effect on 4 January 1, 2002.
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