093_HB3557

 
                                     LRB093 09016 JLS 09248 b

 1        AN ACT concerning utilities.

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

 4        Section 5.  The Public Utilities Act is amended by adding
 5    Section 6-103.1 as follows:

 6        (220 ILCS 5/6-103.1 new)
 7        Sec. 6-103.1.  Purchase of public utility by out-of-state
 8    company.
 9        (a)  An  out-of-state  company  or  an  affiliate  of  an
10    out-of-state company may not enter into a transaction for the
11    purchase of a public utility located in Illinois unless prior
12    to the transaction, the Commission has held hearings and  has
13    determined  that  the  transaction will not be detrimental to
14    the public interest or the interests of  consumers  and  that
15    the  taxes  collected by the utility from its ratepayers will
16    be paid in full to the appropriate government entities.
17        (b)  The Department of Revenue  shall  review  the  taxes
18    paid  by  the  out-of-state  company  in  Illinois during the
19    2-year period before the acquisition  and  shall  report  its
20    findings to the Commission.

21        Section  99.  Effective date.  This Act takes effect upon
22    becoming law.