State of Illinois
92nd General Assembly

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 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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