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| 1 | AMENDMENT TO SENATE BILL 119
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 119, AS AMENDED, by | ||||||
| 3 | replacing everything after the enacting clause with the | ||||||
| 4 | following:
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| 5 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
| 6 | changing Section 703A as follows: | ||||||
| 7 | (35 ILCS 5/703A) | ||||||
| 8 | Sec. 703A. Information for reportable payment | ||||||
| 9 | transactions. Every person required under Section 6050W of the | ||||||
| 10 | Internal Revenue Code to file federal Form 1099-K, Third-Party | ||||||
| 11 | Payment Card and Third Party Network Transactions, identifying | ||||||
| 12 | a reportable payment transaction to a payee with an Illinois | ||||||
| 13 | address shall furnish a copy to the Department at such time and | ||||||
| 14 | in such manner as the Department may prescribe. In addition, | ||||||
| 15 | for reporting periods beginning on or after January 1, 2020, at | ||||||
| 16 | the same time and in the same manner as the foregoing | ||||||
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| 1 | reportable payment transactions are required to be reported to | ||||||
| 2 | the Department, the person shall report to the Department and | ||||||
| 3 | to any payee with an Illinois address any information required | ||||||
| 4 | by Section 6050W of the Internal Revenue Code with respect to | ||||||
| 5 | third-party network transactions related to that payee, but | ||||||
| 6 | without regard to the de minimis limitations of subsection (e) | ||||||
| 7 | of Section 6050W of the Internal Revenue Code, if the amount of | ||||||
| 8 | those transactions exceeds $1,000 and the aggregate number of | ||||||
| 9 | those transactions exceeds 3. Failure to provide any | ||||||
| 10 | information required by this Section shall incur a penalty for | ||||||
| 11 | failure to file a tax return as provided in Section 1001. The | ||||||
| 12 | Department shall not share information gathered from Third | ||||||
| 13 | Party Settlement Organizations with other federal, State, or | ||||||
| 14 | local government entities.
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| 15 | (Source: P.A. 100-1171, eff. 1-4-19.) | ||||||
| 16 | Section 99. Effective date. This Act takes effect upon | ||||||
| 17 | becoming law.".
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