State of Illinois
90th General Assembly

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[ Introduced ][ House Amendment 001 ]


      15 ILCS 405/16            from Ch. 15, par. 216
          Amends the State Comptroller Act.  Provides  that  annual
      reports  of  State  agencies shall include an analysis of the
      impact of tax expenditures upon the number of jobs created or
      retained in the State, the number of businesses attracted  to
      or  retained  in  the  State,  and  the  extent  of  benefits
      conferred  upon  the  intended  beneficiaries  of  those  tax
      expenditures. Effective immediately.
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 1        AN  ACT  to  amend  the State Comptroller Act by changing
 2    Section 16.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.   The  State  Comptroller  Act  is amended by
 6    changing Section 16 as follows:
 7        (15 ILCS 405/16) (from Ch. 15, par. 216)
 8        Sec. 16. Reports from  State  agencies.  The  comptroller
 9    shall  prescribe the form and require the filing of quarterly
10    fiscal reports by each State agency. Within 30 days after the
11    end  of  each  quarter,  or  at  such  earlier  time  as  the
12    comptroller by rule requires, each State  agency  shall  file
13    with   the   comptroller  the  report  of  its  receipts  and
14    collections during the preceding quarter, including  receipts
15    and   collections   of   taxes   and  fees,  funds  and  fund
16    authorizations from sources other than appropriation  by  the
17    General  Assembly,  gifts,  grants  and donations, and income
18    from revenue producing activities or property of or under the
19    control of the agency.  The report shall specify the  nature,
20    source  and  fair  market  value  of any assets received, any
21    increase or decrease in its  security  holdings  (other  than
22    those  held  by  the State Treasurer), and such other related
23    information as the comptroller, by rule, requires. The report
24    shall, consistent with the uniform State  accounting  system,
25    account  for  all  encumbrances,  transfers,  and releases of
26    encumbrances upon assets held by the State agency, except any
27    assets held in trust for another State agency or person,  and
28    any  additional  accounting  as  may  be  determined  by  the
29    comptroller  to  be necessary for his maintenance of accurate
30    encumbrance accounts for State agencies.   The  report  shall
31    include  a  separate  accounting  for each revenue bond issue
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 1    administered by the particular agency, and shall indicate any
 2    changes in authorized  or  outstanding  indebtedness  of  the
 3    agency  or of the State through the agency. This Section does
 4    not require the duplication of  reports  concerning  security
 5    holdings  and  investment income of the State Treasurer which
 6    are issued by the Treasurer pursuant to law.
 7        In addition to the quarterly  reports  required  by  this
 8    Section,  each agency shall on an annual basis file, no later
 9    than 45 days after the end  of  the  fiscal  year,  a  report
10    giving  that  agency's  best estimate of the cost of each tax
11    expenditure  related  to  each   of   the   revenue   sources
12    administered by the agency.  This annual report shall include
13    the   agency's   best  estimate  of  the  cost  of  each  tax
14    expenditure including: (a) a citation of the legal  authority
15    for  the tax expenditure, the year it was enacted, the fiscal
16    year in which  it  first  took  effect,  and  any  subsequent
17    amendments;  (b) to the extent that it can be determined, the
18    total cost of the tax expenditure for  the  preceding  fiscal
19    year  together with an estimate of the projected cost for the
20    next succeeding fiscal year along with a description  of  the
21    methodology used to determine or estimate the cost of the tax
22    expenditure;  and  (c) an assessment of the impact of the tax
23    expenditure on the incidence of  the  tax  in  terms  of  the
24    relative  shares  of revenue received under the provisions of
25    the tax expenditure and the  revenue  that  would  have  been
26    received  had the tax expenditure not been in effect; and (d)
27    data demonstrating the impact of the tax expenditure upon the
28    number of jobs created or retained in the State,  the  number
29    of  businesses attracted to or retained in the State, and the
30    extent of benefits conferred upon the intended beneficiary of
31    the tax expenditure. For purposes of this Act, the term  "tax
32    expenditure"  means  any tax incentive authorized by law that
33    by  exemption,  exclusion,  deduction,   allowance,   credit,
34    preferential tax rate, abatement, or other device reduces the
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 1    amount  of  tax  revenues  that would otherwise accrue to the
 2    State.
 3    (Source: P.A. 87-847.)
 4        Section 99.  Effective date.  This Act takes effect  upon
 5    becoming law.

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