Full Text of HB0670 99th General Assembly
HB0670ham001 99TH GENERAL ASSEMBLY | Rep. Christian L. Mitchell Filed: 4/20/2015
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| 1 | | AMENDMENT TO HOUSE BILL 670
| 2 | | AMENDMENT NO. ______. Amend House Bill 670 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 1. Short title. This Act may be cited as the | 5 | | Comprehensive Fund Administration Services Tax Act. | 6 | | Section 5. Definitions. As used in this Act: | 7 | | "Department" means the Department of Revenue. | 8 | | "Comprehensive fund administration services" means and | 9 | | includes: | 10 | | (1) fund accounting; | 11 | | (2) fund consulting; | 12 | | (3) partnership accounting; | 13 | | (4) third party transfer agency services; | 14 | | (5) management company services; | 15 | | (6) trustee and fiduciary services; and | 16 | | (7) regulatory and financial reporting services. |
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| 1 | | "Private market fund" means any private equity fund, | 2 | | venture capital fund, hedge fund, real estate fund, or other | 3 | | investment vehicle that is not publicly traded. | 4 | | Section 10. Tax imposed. | 5 | | (a) Beginning on July 1, 2015, a service tax is imposed | 6 | | upon each business that: | 7 | | (1) has a principal place of business located in the | 8 | | State; | 9 | | (2) provides comprehensive fund administration | 10 | | services to private market funds; and | 11 | | (3) has $10,000,000,000 or more in capital, funds, and | 12 | | assets under management at any time during the reporting | 13 | | period. | 14 | | The tax shall be imposed at the rate of 3% of the fees | 15 | | charged for those services. | 16 | | (b) Every business subject to the tax under subsection (a) | 17 | | shall apply to the Department (upon a form prescribed and | 18 | | furnished by the Department) for a certificate of registration | 19 | | under this Act. | 20 | | (c) The Department shall have full power to administer and | 21 | | enforce this Act, to collect all taxes and penalties due | 22 | | hereunder, to dispose of taxes and penalties so collected in | 23 | | the manner hereinafter provided, and to determine all rights to | 24 | | credit memoranda, arising on account of the erroneous payment | 25 | | of tax or penalty hereunder. |
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| 1 | | (d) The tax imposed under this Act shall be in addition to | 2 | | all other taxes imposed by the State of Illinois or by any | 3 | | municipal corporation or political subdivision thereof. | 4 | | (e) The tax under this Act is not imposed with respect to | 5 | | any business that may not, under
the Constitution and statutes | 6 | | of the United States, be made the subject of
taxation by this | 7 | | State. | 8 | | Section 15. Returns. On or before the twentieth day of each | 9 | | calendar month, each person who is subject to the tax under | 10 | | this Act during the preceding calendar month shall file a | 11 | | return with the Department, stating: | 12 | | (1) the name of the taxpayer; | 13 | | (2) the address of the taxpayer's principal place of | 14 | | business; | 15 | | (3) the amount of tax due; | 16 | | (4) the signature of the taxpayer; and | 17 | | (5) such other reasonable information as the
| 18 | | Department may require. | 19 | | If a taxpayer fails to sign a return within 30 days after | 20 | | the proper notice and demand for signature by the Department, | 21 | | the return shall be considered valid and any amount shown to be | 22 | | due on the return shall be deemed assessed. | 23 | | The taxpayer shall remit the amount of the tax due to the | 24 | | Department at the time the taxpayer files his or her return. |
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| 1 | | Section 20. Suspension or revocation of certificates of | 2 | | registration. The Department may, after notice and a hearing as | 3 | | provided herein, suspend or revoke the certificate of | 4 | | registration of any person who violates any of the provisions | 5 | | of this Act. Before suspension or revocation of a certificate | 6 | | of registration, the Department shall, within 90 days after | 7 | | non-compliance and at least 7 days prior to the date of the | 8 | | hearing, give the person so accused notice in writing of the | 9 | | charge against him or her, and on the date designated shall | 10 | | conduct a hearing upon this matter. The lapse of such 90 day | 11 | | period shall not preclude the Department from conducting | 12 | | suspension or revocation proceedings at a later date if | 13 | | necessary. Any hearing held under this Section shall be | 14 | | conducted by the Director of Revenue or by any officer or | 15 | | employee of the Department designated, in writing, by the | 16 | | Director of Revenue. | 17 | | Upon the hearing of any such proceeding, the Director of | 18 | | Revenue, or any officer or employee of the Department | 19 | | designated, in writing, by the Director of Revenue, may | 20 | | administer oaths and the Department may procure by its subpoena | 21 | | the attendance of witnesses and, by its subpoena duces tecum, | 22 | | the production of relevant books and papers. Any circuit court, | 23 | | upon application either of the accused or of the Department, | 24 | | may, by order duly entered, require the attendance of witnesses | 25 | | and the production of relevant books and papers, before the | 26 | | Department in any hearing relating to the suspension or |
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| 1 | | revocation of certificates of registration. Upon refusal or | 2 | | neglect to obey the order of the court, the court may compel | 3 | | obedience thereof by proceedings for contempt. | 4 | | Section 25. Review of Department decisions. Any person | 5 | | aggrieved by any decision of the Department under this Act may, | 6 | | within 20 days after notice of such decision, protest and | 7 | | request a hearing, whereupon the Department shall give notice | 8 | | to such person of the time and place fixed for such hearing and | 9 | | shall hold a hearing in conformity with the provisions of this | 10 | | Act and then issue its final administrative decision in the | 11 | | matter to such person. In the absence of such a protest within | 12 | | 20 days, the Department's decision shall become final without | 13 | | any further determination being made or notice given.
| 14 | | Section 30. Distribution of proceeds. The first | 15 | | $32,000,000 of the proceeds collected under this Act annually | 16 | | shall be deposited into the Textbook Block Grant Fund, a | 17 | | special Fund created in the State treasury. Moneys in the | 18 | | Textbook Block Grant Fund shall be used by the State Board of | 19 | | Education, subject to appropriation, for the purpose of | 20 | | administering the textbook block grant program established | 21 | | under Section 2-3.155 of the School Code. The remainder of the | 22 | | proceeds shall be used for the purpose of increasing General | 23 | | State Aid to school districts. |
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| 1 | | Section 35. Rules. The Department may adopt rules related | 2 | | to the enforcement of this Act. | 3 | | Section 100. The State Finance Act is amended by adding | 4 | | Section 5.866 as follows: | 5 | | (30 ILCS 105/5.866 new) | 6 | | Sec. 5.866. The Textbook Block Grant Fund.
| 7 | | Section 999. Effective date. This Act takes effect upon | 8 | | becoming law.".
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