State of Illinois
91st General Assembly
Legislation

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91_HB1324eng

 
HB1324 Engrossed                               LRB9103959PTpk

 1        AN ACT to amend the Illinois Income Tax Act  by  changing
 2    Section 703.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The Illinois Income Tax  Act  is  amended  by
 6    changing Section 703 as follows:

 7        (35 ILCS 5/703) (from Ch. 120, par. 7-703)
 8        Sec.  703. Information statement. Every employer required
 9    to deduct and withhold tax under this Act  from  compensation
10    of  an employee, or who would have been required so to deduct
11    and withhold tax if the employee's withholding exemption were
12    not in excess of the basic amount in  Section  204(b),  shall
13    furnish  in duplicate to each such employee in respect of the
14    compensation paid by such employer to  such  employee  during
15    the  calendar  year on or before January 31 of the succeeding
16    year, or, if his employment is terminated before the close of
17    such calendar year, on the date on which the last payment  of
18    compensation is made, a written statement in such form as the
19    Department  may by regulation prescribe showing the amount of
20    compensation paid by the employer to the employee, the amount
21    deducted  and  withheld  as  tax,   the   tax-exempt   amount
22    contributed  to  a  medical  savings  account, and such other
23    information as the Department shall prescribe. A copy of such
24    statement shall be filed by the employee with his return  for
25    his  taxable  year  to  which it relates (as determined under
26    section 601(b) (1).
27    (Source: P.A. 90-613, eff. 7-9-98.)

28        Section 99.  Effective date.  This Act takes effect  upon
29    becoming law.

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