HB3164 102ND GENERAL ASSEMBLY

LRB102 09894 HLH 15212 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3164

Introduced 2/19/2021, by Rep. Elizabeth Hernandez

SYNOPSIS AS INTRODUCED:

New Act
110 ILCS 947/67

Creates the Wire Transfer Tax Act. Provides that a tax of 1% of the amount transferred is imposed on each wire transfer originating from within the State. Provides that the moneys received from the tax shall be deposited into the Illinois DREAM Fund. Amends the Higher Education Student Assistance Act to make conforming changes.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

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

Section 1. Short title. This Act may be cited as the Wire Transfer Tax Act.

Section 5. Definitions. As used in this Act, the following terms have the following meanings:

"Amount transferred" means the total amount deposited into the receiving account or accounts, without regard to any fees, taxes, or charges imposed by the State, the federal government, or any financial institution.

"Department" means the Department of Revenue.

Section 10. Tax imposed. Beginning on January 1, 2022, a tax of 1% of the amount transferred is imposed on each wire transfer originating from within the State. The tax shall be collected and remitted to the Department by the financial institution that facilitates the wire transfer. The tax imposed by this Act is not imposed with respect to any transaction that may not, under the Constitution and statutes of the United States, be made the subject of taxation by the State.

Section 15. Returns. On or before the twentieth day of each calendar month, each financial institution that is liable for collecting and remitting the tax under this Act during the preceding calendar month shall file a return with the Department stating:

(1) the name of the financial institution;

(2) the address of its principal place of business;

(3) the total amount transferred by that financial institution in the previous calendar month;

(4) the total amount collected by the financial institution from the tax imposed under this Act; and

(5) such other reasonable information as the Department may require.

All of the provisions of Sections 4, 5a, 5b, 5c, 5d, 5e, 5f, 5g, 5i and 5j of the Retailers' Occupation Tax Act that are not inconsistent with this Act shall apply, as far as practicable, to the subject matter of this Act to the same extent as if such provisions were included in this Act. References in those incorporated Sections to retailers, to sellers, or to persons engaged in the business of selling tangible personal property shall mean financial institutions when used in this Act.

Section 20. Proceeds deposited into the DREAM Fund. All of the moneys received from the tax imposed under this Act shall be deposited into the Illinois DREAM Fund established under Section 67 of the Higher Education Student Assistance Act.

Section 25. Rulemaking. The Department may adopt rules for the implementation and enforcement of this Act.

Section 900. The Higher Education Student Assistance Act is amended by changing Section 67 as follows:

(110 ILCS 947/67)

Sec. 67. Illinois DREAM Fund Commission.

(a) The Illinois Student Assistance Commission shall establish an Illinois DREAM Fund Commission. The Governor shall appoint, with the advice and consent of the Senate, members to the Illinois DREAM Fund Commission, which shall be comprised of 9 members representing the geographic and ethnic diversity of this State, including students, college and university administrators and faculty, and other individuals committed to advancing the educational opportunities of the children of immigrants.

(b) The Illinois DREAM Fund Commission is charged with all of the following responsibilities:

(1) Administering this Section and raising funds for the Illinois DREAM Fund.

(2) Establishing a not-for-profit entity charged with raising funds for the administration of this Section, any educational or training programs the Commission is tasked with administering, and funding scholarships to students who are the children of immigrants to the United States.

(3) Publicizing the availability of scholarships from the Illinois DREAM Fund.

(4) Selecting the recipients of scholarships funded through the Illinois DREAM Fund.

(5) Researching issues pertaining to the availability of assistance with the costs of higher education for the children of immigrants and other issues regarding access for and the performance of the children of immigrants within higher education.

(6) Overseeing implementation of the other provisions of this amendatory Act of the 97th General Assembly.

(7) Establishing and administering training programs for high school counselors and counselors, admissions officers, and financial aid officers of public institutions of higher education. The training programs shall instruct participants on the educational opportunities available to college-bound students who are the children of immigrants, including, but not limited to, in-state tuition and scholarship programs. The Illinois DREAM Fund Commission may also establish a public awareness campaign regarding educational opportunities available to college bound students who are the children of immigrants.

The Illinois DREAM Fund Commission shall establish, by rule, procedures for accepting and evaluating applications for scholarships from the children of immigrants and issuing scholarships to selected student applicants.

(c) To receive a scholarship under this Section, a student must meet all of the following qualifications:

(1) Have resided with his or her parents or guardian while attending a public or private high school in this State.

(2) Have graduated from a public or private high school or received the equivalent of a high school diploma in this State.

(3) Have attended school in this State for at least 3 years as of the date he or she graduated from high school or received the equivalent of a high school diploma.

(4) Have at least one parent who immigrated to the United States.

(d) The Illinois Student Assistance Commission shall establish an Illinois DREAM Fund to provide scholarships under this Section. The Illinois DREAM Fund shall be funded entirely from private contributions and from the tax imposed under the Wire Transfer Tax Act.

(Source: P.A. 97-233, eff. 8-1-11.)