Sen. Don Harmon
Filed: 5/2/2005
 
 

 




 

 		












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AMENDMENT TO SENATE BILL 1815




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    AMENDMENT NO. ______. Amend Senate Bill 1815, AS AMENDED, 
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with reference to page and line numbers of Senate Amendment No. 
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1, as follows:

 
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on page 3, line 32, by changing "that a" to "that all"; and
 
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on page 4, line 1, by deleting "preponderance"; and
 
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on page 5, immediately below line 10, by inserting the 
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following:
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    "(c) No later than January 31 of each year after the 
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Department has issued an Accredited Lifelong Learning Plan 
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Certificate to an employer, the employer shall file with the 
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Department a report for its Lifelong Learning Plan, containing 
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the following information on a form prescribed by the 
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Department:
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        (1) the number of eligible employees of the employer 
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    during the previous calendar year;
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        (2) the name of each employee participating in the 
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    Lifelong Learning Plan during the previous calendar year;
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        (3) the amounts contributed during the previous 
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    calendar year by the employer to the account of each 
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    participating employee;
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        (4) the earnings of the Lifelong Learning Plan 
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    allocated to each account for the previous calendar year;
 


 






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        (5) the total amount withdrawn from each account during 
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    the previous calendar year;
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        (6) the total amount of nonqualified withdrawals under 
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    Section 25(c) of this Act from each account during the 
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    previous calendar year;
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        (7) the amount of penalties withheld under Section 
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    25(c) of this Act from nonqualified withdrawals during the 
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    previous calendar year;
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        (8) the name and address of the trustee of the Lifelong 
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    Learning Plan;
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        (9) the fees and other amounts paid to the trustee or 
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    withheld by the trustee from earnings during the previous 
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    calendar year with respect to the Lifelong Learning Plan; 
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    and
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        (10) such other information as the Department may 
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    reasonably require.
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    (d) The Department may revoke the Accredited Lifelong 
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Learning Plan Certificate issued to any plan if:
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        (1) less than one-half of the eligible employees of the 
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    employer participated in the Accredited Lifelong Learning 
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    Plan during the previous calendar year;
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        (2) more than one-half of participating employees made 
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    nonqualified withdrawals under Section 25(c) of this Act;
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        (3) the report required under subsection (c) of this 
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    Section is not timely filed;
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        (4) the report required under this subsection (c) of 
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    this Section is not substantially complete; or
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        (5) less than the full amount of penalties required to 
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    be withheld from nonqualified withdrawals during the 
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    previous calendar year were withheld.

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    (e) If an Accredited Lifelong Learning Plan Certificate is 
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revoked, the Department shall send the employer a notice of 
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revocation by registered or certified mail addressed to the 
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employer at its last known address, and shall send a copy of 
 


 






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the notice of revocation to the Department of Revenue.

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    (f) If a Accredited Lifelong Learning Plan Certificate is 
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revoked under subsection (d) of this Section, the lifelong 
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learning account contributions credit otherwise allowable to 
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the employer for contributions made to the Accredited Lifelong 
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Learning Plan during the calendar year in which the notice of 
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revocation is issued under subsection (e) of this Section and 
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during the preceding calendar year shall be disallowed. If a 
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credit disallowed under this subsection (f) of this Section had 
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been claimed on an Illinois income tax return filed by the 
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employer before the notice of revocation is issued, the amount 
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of such credit shall be a debt to the State of Illinois due and 
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payable immediately, and may be collected by the Department of 
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Revenue in the same manner as an underpayment of income tax 
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that has been assessed."; and
 
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on page 6, by replacing line 11 with the following:
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"amount of 15% of the withdrawal shall be withheld"; and
 
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on page 7, by replacing line 1 with the following:
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    "Section 35. Implementation and evaluation of the Act. The 
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Department, subject to appropriation, may implement this Act. 
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No later than January"; and
 
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on page 7, line 2, by changing "must" to "may"; and
 
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on page 7, line 3, by changing "must" to "may"; and
 
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on page 7, line 9, by changing "shall" to "may".