HB5287 102ND GENERAL ASSEMBLY

LRB102 25244 HLH 34517 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5287

Introduced 1/31/2022, by Rep. Michael J. Zalewski

SYNOPSIS AS INTRODUCED:

20 ILCS 2505/2505-260 new

Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that, the Department of Revenue may adopt rules for payment by cryptocurrency of any amount due under any Act administered by the Department only when the Department is not required to pay a discount fee or charge to convert the cryptocurrency to United States dollars. Defines "cryptocurrency". Effective immediately.

A BILL FOR

AN ACT concerning revenue.

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

Section 5. The Department of Revenue Law of the Civil Administrative Code of Illinois is amended by adding Section 2505-260 as follows:

(20 ILCS 2505/2505-260 new)

Sec. 2505-260. Payment by cryptocurrency. The Department may adopt rules for payment by cryptocurrency of any amount due under any Act administered by the Department only when the Department is not required to pay a discount fee or charge to convert the cryptocurrency to United States dollars.

As used in this Section:

"Blockchain" has the meaning provided in Section 5 of the Blockchain Business Development Act.

"Cryptocurrency" means a form of payment created using cryptographic techniques enabling it to be bought, sold, or traded securely using blockchain transactions.

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