HB 3876

Abstract

Amends the Department of Revenue Law of the Civil Administrative Code of Illinois to provide that, if the Department determines that an overpayment has occurred on an original return filed under specified tax Acts, it shall issue a credit memorandum to the taxpayer without the necessity of the taxpayer filing a claim for credit. Amends Illinois State Collection Act of 1986 to remove provisions concerning the Debt Collection Board and makes conforming changes in the Illinois Procurement Code. Amends the Illinois Income Tax Act to (i) include a tax credit to a taxpayer who was required to add back insurance premiums in the amount equal to the amount of any reimbursement received from the insurance company for any loss covered by a policy for which those premiums were paid, to the extent of the federal income tax deduction that would have been allowable for the loss in computing adjusted gross income if not for the reimbursement, (ii) make changes concerning net losses, and (iii) make various administrative and technical changes. Amends the Motor Fuel Tax Law. Removes a requirement that retailers of motor fuel must report losses due to theft. Contains provisions concerning licensing of vehicles during disasters. Amends various Acts governing units of local governments to exempt the sale of modifications to a motor vehicle for the purpose of rendering it usable by a disabled person from certain taxes imposed by the units of local government. Makes other changes. Effective immediately.