Sen. Cristina Castro
Filed: 2/26/2019
 
 

 

 

 
10100SB0119sam001LRB101 06854 HLH 56290 a



1
AMENDMENT TO SENATE BILL 119 




2    AMENDMENT NO. ______. Amend Senate Bill 119 by replacing 
3everything after the enacting clause with the following:

 
4    "Section 5. The Illinois Income Tax Act is amended  by 
5changing Section 703A as follows:
 
6    (35 ILCS 5/703A)
7    Sec. 703A. Information for reportable payment 
8transactions.  Every person required under Section 6050W of the 
9Internal Revenue Code to file federal Form 1099-K, Third-Party 
10Payment Card and Third Party Network Transactions, identifying 
11a reportable payment transaction to a payee with an Illinois 
12address shall furnish a copy to the Department at such time and 
13in such manner as the Department may prescribe. In addition, at 
14the same time and in the same manner the foregoing information 
15is required, the person shall report to the Department and to 
16any payee with an Illinois address any information required by 
 
 
10100SB0119sam001- 2 -LRB101 06854 HLH 56290 a

1Section 6050W of the Internal Revenue Code with respect to 
2third-party network transactions related to that payee as if 
3the de minimis limitations of subsection (e) of Section 6050W 
4of the Internal Revenue Code did not apply, but the de minimis 
5limitations of subsection (a) of Section 6041 of the Internal 
6Revenue Code did apply. Failure to provide any information 
7required by this Section shall incur a penalty for failure to 
8file a tax return as provided in Section 1001. 

9(Source: P.A. 100-1171, eff. 1-4-19.)".