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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5335 Introduced , by Rep. Michael J. Zalewski SYNOPSIS AS INTRODUCED:
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| 20 ILCS 2505/2505-805 new | |
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Amends the Department of Revenue Law of the
Civil Administrative Code of Illinois. Provides that, in addition to any other method of payment provided for by law, the Department shall accept payment for any tax imposed by the State and administered by the Department by cryptocurrency. Provides that the Department shall convert such payments to United States dollars at the prevailing rate within 24 hours after receipt of the payment and shall credit the taxpayer's account with the converted dollar amount.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB5335 | | LRB100 18658 HLH 36206 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Department of Revenue Law of the
Civil |
| 5 | | Administrative Code of Illinois is amended by adding Section |
| 6 | | 2505-805 as follows:
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| 7 | | (20 ILCS 2505/2505-805 new) |
| 8 | | Sec. 2505-805. Payments by cryptocurrency. Notwithstanding |
| 9 | | any other provision of law, and in addition to any other method |
| 10 | | of payment provided for by law, the Department shall accept |
| 11 | | payment for any tax imposed by the State and administered by |
| 12 | | the Department by cryptocurrency. The Department shall convert |
| 13 | | such payments to United States dollars at the prevailing rate |
| 14 | | within 24 hours after receipt of the payment and shall credit |
| 15 | | the taxpayer's account with the converted dollar amount.
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