Full Text of SB0429 97th General Assembly
SB0429 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 SB0429 Introduced 2/8/2011, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED: | |
35 ILCS 5/501 | from Ch. 120, par. 5-501 |
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning notices or regulations requiring records, statements, and special reports.
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| | A BILL FOR |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Income Tax Act is amended by | 5 | | changing Section 501 as follows:
| 6 | | (35 ILCS 5/501) (from Ch. 120, par. 5-501)
| 7 | | Sec. 501. Notice
or Regulations Requiring Records, | 8 | | Statements and Special Returns.
| 9 | | (a) In general. Every person liable for any tax imposed by | 10 | | this Act shall keep such
records, render such statements, make | 11 | | such returns and
and notices, and comply
with such rules and | 12 | | regulations as the Department may from time to time
prescribe. | 13 | | Whenever in the judgment of the Director it is necessary, he | 14 | | may
require any person, by notice served upon such person or by | 15 | | regulations, to
make such returns and notices, render such | 16 | | statements, or keep such
records, as the Director deems | 17 | | sufficient to show whether or not such
person is liable for tax | 18 | | under this Act. | 19 | | (b) Reportable transactions. For each taxable year in which | 20 | | a taxpayer is required to make a disclosure statement under | 21 | | Treasury Regulations Section 1.6011-4 (26 CFR 1.6011-4) | 22 | | (including any taxpayer that is a member of a consolidated | 23 | | group required to make such disclosure) with respect to a |
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| 1 | | reportable transaction (including a listed transaction) in | 2 | | which the taxpayer participated in a taxable year for which a | 3 | | return is required under Section 502 of this Act, such taxpayer | 4 | | shall file a copy of such disclosure with the Department. | 5 | | Disclosure under this subsection is required to be made by any | 6 | | taxpayer that is a member of a unitary business group that | 7 | | includes any person required to make a disclosure statement | 8 | | under Treasury Regulations Section 1.6011-4. Disclosure under | 9 | | this subsection is required with respect to any transaction | 10 | | entered into after February 28, 2000 that becomes a listed | 11 | | transaction at any time, and shall be made in the manner | 12 | | prescribed by the Department. With respect to transactions in | 13 | | which the taxpayer participated for taxable years ending before | 14 | | December 31, 2004, disclosure shall be made by the due date | 15 | | (including extensions) of the first return required under | 16 | | Section 502 of this Act due after the effective date of this | 17 | | amendatory Act of the 93rd General Assembly. With respect to | 18 | | transactions in which the taxpayer participated for taxable | 19 | | years ending on and after December 31, 2004, disclosure shall | 20 | | be made in the time and manner prescribed in Treasury | 21 | | Regulations Section 1.6011-4(e). Notwithstanding the above, no | 22 | | disclosure is required for transactions entered into after | 23 | | February 28, 2000 and before January 1, 2005 (i) if the | 24 | | taxpayer has filed an amended Illinois income tax return which | 25 | | reverses the tax benefits of the potential tax avoidance | 26 | | transaction, or (ii) as a result of a federal audit the |
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| 1 | | Internal Revenue Service has determined the tax treatment of | 2 | | the transaction and an Illinois amended return has been filed | 3 | | to reflect the federal treatment. | 4 | | (Source: P.A. 93-840, eff. 7-30-04.)
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