SB 689

Abstract

Amends the State Tax Preparer Oversight Act. Makes a technical change in a Section concerning the short title. Senate Floor Amendment No. 1 Deletes reference to: 215 ILCS 124/1 Adds reference to: 35 ILCS 405/2 from Ch. 120, par. 405A-2 35 ILCS 405/3 from Ch. 120, par. 405A-3 35 ILCS 405/4 from Ch. 120, par. 405A-4 Replaces everything after the enacting clause. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that no tax shall be imposed under the Act for persons dying on or after January 1, 2021 or for transfers made on or after January 1, 2021. Effective January 1, 2021, but only if an amendment to the Illinois Constitution permitting the taxation of income at a graduated rate is adopted prior to that date by the voters if Illinois. House Committee Amendment No. 1 Deletes reference to: 35 ILCS 405/2 35 ILCS 405/3 35 ILCS 405/4 Adds reference to: 35 ILCS 405/1 from Ch. 120, par. 405A-1 Replaces everything after the enacting clause. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Makes a technical change in a Section concerning the short title. House Floor Amendment No. 2 Deletes reference to: 35 ILCS 405/1 Adds reference to: 30 ILCS 105/6z-81 35 ILCS 5/203 from Ch. 120, par. 2-203 35 ILCS 105/2 from Ch. 120, par. 439.2 35 ILCS 105/2d new 35 ILCS 110/2 from Ch. 120, par. 439.32 35 ILCS 110/2d new 35 ILCS 745/10 215 ILCS 125/5-5 from Ch. 111 1/2, par. 1413 215 ILCS 125/5-10 new 305 ILCS 5/Art. V-H heading new 305 ILCS 5/5H-1 new 305 ILCS 5/5H-2 new 305 ILCS 5/5H-3 new 305 ILCS 5/5H-4 new 305 ILCS 5/5H-5 new 305 ILCS 5/5H-6 new 305 ILCS 5/5H-7 new 305 ILCS 5/5H-8 new 805 ILCS 8/5-10 Replaces everything after the enacting clause. Amends the Use Tax Act and the Service Use Tax Act. Contains provisions concerning marketplace facilitators. Amends the Illinois Income Tax Act. Creates a deduction for trusts and estates for certain excess business losses. Creates an addition modification for corporations for certain foreign derived income. Amends the Illinois Public Aid Code. Imposes a managed care organization provider assessment. Amends the Illinois Public Aid Code to create a managed care organization provider assessment. Extends the amnesty period under the Tax Delinquency Amnesty Act and the Franchise Tax and License Fee Amnesty Act of 2007. Effective immediately. House Floor Amendment No. 3 Deletes reference to: 35 ILCS 405/1 Adds reference to: 30 ILCS 105/6z-81 35 ILCS 5/203 from Ch. 120, par. 2-203 35 ILCS 105/2 from Ch. 120, par. 439.2 35 ILCS 105/2d new 35 ILCS 110/2 from Ch. 120, par. 439.32 35 ILCS 110/2d new 35 ILCS 745/10 215 ILCS 125/5-5 from Ch. 111 1/2, par. 1413 215 ILCS 125/5-10 new 305 ILCS 5/Art. V-H heading new 305 ILCS 5/5H-1 new 305 ILCS 5/5H-2 new 305 ILCS 5/5H-3 new 305 ILCS 5/5H-4 new 305 ILCS 5/5H-5 new 305 ILCS 5/5H-6 new 305 ILCS 5/5H-7 new 305 ILCS 5/5H-8 new 805 ILCS 8/5-10 35 ILCS 5/229 new 35 ILCS 105/3-5 35 ILCS 110/3-5 35 ILCS 115/3-5 35 ILCS 120/2-5 20 ILCS 655/5.5 from Ch. 67 1/2, par. 609.1 20 ILCS 655/13 new 35 ILCS 5/201 from Ch. 120, par. 2-201 35 ILCS 5/211 35 ILCS 5/221 35 ILCS 10/5-5 35 ILCS 10/5-51 new 35 ILCS 10/5-56 new 65 ILCS 115/10-3 65 ILCS 115/10-10.3 new 65 ILCS 115/10-10.4 new 35 ILCS 105/3-5 35 ILCS 105/3-50 from Ch. 120, par. 439.3-50 35 ILCS 110/2 from Ch. 120, par. 439.32 35 ILCS 115/2 from Ch. 120, par. 439.102 35 ILCS 120/2-45 from Ch. 120, par. 441-45 805 ILCS 5/14.30 from Ch. 32, par. 14.30 805 ILCS 5/15.35 from Ch. 32, par. 15.35 805 ILCS 5/15.65 from Ch. 32, par. 15.65 805 ILCS 5/15.97 from Ch. 32, par. 15.97 Replaces everything after the enacting clause. Amends the Use Tax Act and the Service Use Tax Act. Contains provisions concerning marketplace facilitators. Extends the Manufacturing Machinery and Equipment Exemption to production related tangible personal property. Provides that the term "production related tangible personal property" includes certain supplies and consumables used in a manufacturing facility. Amends the Illinois Income Tax Act. Creates a credit for taxpayers who have been awarded a data center certificate of exemption. Provides that the amount of the income tax credit shall be 20% of the wages paid during the taxable year to a full-time or part-time employee of a construction contractor employed by a certified data center. Amends the Illinois Income Tax Act. Creates a deduction for trusts and estates for certain excess business losses. Creates an addition modification for corporations for certain foreign derived income. Amends the Illinois Public Aid Code. Imposes a managed care organization provider assessment. Amends the Illinois Public Aid Code to create a managed care organization provider assessment. Extends the amnesty period under the Tax Delinquency Amnesty Act and the Franchise Tax and License Fee Amnesty Act of 2007. Amends the Illinois Enterprise Zone Act. Creates a High Impact Business construction jobs credit and an Enterprise Zone construction jobs credit against the taxpayer's Illinois income taxes based on the incremental income tax attributable to laborers or workers employed at certain construction sites located in Enterprise Zones. Amends the Economic Development for a Growing Economy Tax Credit Act. Creates a New Construction EDGE Credit based on the incremental income tax attributable to laborers or workers employed at construction sites associated with EDGE projects. Amends the River Edge Redevelopment Zone Act. Creates a River Edge construction jobs credit based on the incremental income tax attributable to laborers or workers employed at certain construction sites in a River Edge Redevelopment Zone. Requires contractors and subcontractors associated with projects that receive credits under the amendatory Act to file certified payroll information with the Department of Labor and the Department of Commerce and Economic Opportunity. Amends the Business Corporation Act of 1983. Phases out certain franchise taxes. Effective immediately.