SB1815sam002 94TH GENERAL ASSEMBLY

Sen. Don Harmon

Filed: 5/2/2005

09400SB1815sam002 LRB094 11152 BDD 45796 a

AMENDMENT TO SENATE BILL 1815

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

on page 3, line 32, by changing "that a" to "that all"; and

on page 4, line 1, by deleting "preponderance"; and

on page 5, immediately below line 10, by inserting the following:

"(c) No later than January 31 of each year after the Department has issued an Accredited Lifelong Learning Plan Certificate to an employer, the employer shall file with the Department a report for its Lifelong Learning Plan, containing the following information on a form prescribed by the Department:

(1) the number of eligible employees of the employer during the previous calendar year;

(2) the name of each employee participating in the Lifelong Learning Plan during the previous calendar year;

(3) the amounts contributed during the previous calendar year by the employer to the account of each participating employee;

(4) the earnings of the Lifelong Learning Plan allocated to each account for the previous calendar year;

(5) the total amount withdrawn from each account during the previous calendar year;

(6) the total amount of nonqualified withdrawals under Section 25(c) of this Act from each account during the previous calendar year;

(7) the amount of penalties withheld under Section 25(c) of this Act from nonqualified withdrawals during the previous calendar year;

(8) the name and address of the trustee of the Lifelong Learning Plan;

(9) the fees and other amounts paid to the trustee or withheld by the trustee from earnings during the previous calendar year with respect to the Lifelong Learning Plan; and

(10) such other information as the Department may reasonably require.

(d) The Department may revoke the Accredited Lifelong Learning Plan Certificate issued to any plan if:

(1) less than one-half of the eligible employees of the employer participated in the Accredited Lifelong Learning Plan during the previous calendar year;

(2) more than one-half of participating employees made nonqualified withdrawals under Section 25(c) of this Act;

(3) the report required under subsection (c) of this Section is not timely filed;

(4) the report required under this subsection (c) of this Section is not substantially complete; or

(5) less than the full amount of penalties required to be withheld from nonqualified withdrawals during the previous calendar year were withheld.

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

(f) If a Accredited Lifelong Learning Plan Certificate is revoked under subsection (d) of this Section, the lifelong learning account contributions credit otherwise allowable to the employer for contributions made to the Accredited Lifelong Learning Plan during the calendar year in which the notice of revocation is issued under subsection (e) of this Section and during the preceding calendar year shall be disallowed. If a credit disallowed under this subsection (f) of this Section had been claimed on an Illinois income tax return filed by the employer before the notice of revocation is issued, the amount of such credit shall be a debt to the State of Illinois due and payable immediately, and may be collected by the Department of Revenue in the same manner as an underpayment of income tax that has been assessed."; and

on page 6, by replacing line 11 with the following: "amount of 15% of the withdrawal shall be withheld"; and

on page 7, by replacing line 1 with the following:

"Section 35. Implementation and evaluation of the Act. The Department, subject to appropriation, may implement this Act. No later than January"; and

on page 7, line 2, by changing "must" to "may"; and

on page 7, line 3, by changing "must" to "may"; and

on page 7, line 9, by changing "shall" to "may".