101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5584

 

Introduced , by Rep. Elizabeth Hernandez

 

SYNOPSIS AS INTRODUCED:
 
New Act
110 ILCS 947/67

    Creates the Wire Transfer Tax Act. Provides that a tax of 1% of the amount transferred is imposed on each wire transfer originating from within the State. Provides that the moneys received from the tax shall be deposited into the Illinois DREAM Fund. Amends the Higher Education Student Assistance Act to make conforming changes.


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FISCAL NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

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1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Wire
5Transfer Tax Act.
 
6    Section 5. Definitions. As used in this Act, the following
7terms have the following meanings:
8    "Amount transferred" means the total amount deposited into
9the receiving account or accounts, without regard to any fees,
10taxes, or charges imposed by the State, the federal government,
11or any financial institution.
12    "Department" means the Department of Revenue.
 
13    Section 10. Tax imposed. Beginning on January 1, 2021, a
14tax of 1% of the amount transferred is imposed on each wire
15transfer originating from within the State. The tax shall be
16collected and remitted to the Department by the financial
17institution that facilitates the wire transfer. The tax imposed
18by this Act is not imposed with respect to any transaction that
19may not, under the Constitution and statutes of the United
20States, be made the subject of taxation by the State.
 
21    Section 15. Returns. On or before the twentieth day of each

 

 

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1calendar month, each financial institution that is liable for
2collecting and remitting the tax under this Act during the
3preceding calendar month shall file a return with the
4Department stating:
5        (1) the name of the financial institution;
6        (2) the address of its principal place of business;
7        (3) the total amount transferred by that financial
8    institution in the previous calendar month;
9        (4) the total amount collected by the financial
10    institution from the tax imposed under this Act; and
11        (5) such other reasonable information as the
12    Department may require.
13    All of the provisions of Sections 4, 5a, 5b, 5c, 5d, 5e,
145f, 5g, 5i and 5j of the Retailers' Occupation Tax Act that are
15not inconsistent with this Act shall apply, as far as
16practicable, to the subject matter of this Act to the same
17extent as if such provisions were included in this Act.
18References in those incorporated Sections to retailers, to
19sellers, or to persons engaged in the business of selling
20tangible personal property shall mean financial institutions
21when used in this Act.
 
22    Section 20. Proceeds deposited into the DREAM Fund. All of
23the moneys received from the tax imposed under this Act shall
24be deposited into the Illinois DREAM Fund established under
25Section 67 of the Higher Education Student Assistance Act.
 

 

 

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1    Section 25. Rulemaking. The Department may adopt rules for
2the implementation and enforcement of this Act.
 
3    Section 900. The Higher Education Student Assistance Act is
4amended by changing Section 67 as follows:
 
5    (110 ILCS 947/67)
6    Sec. 67. Illinois DREAM Fund Commission.
7    (a) The Illinois Student Assistance Commission shall
8establish an Illinois DREAM Fund Commission. The Governor shall
9appoint, with the advice and consent of the Senate, members to
10the Illinois DREAM Fund Commission, which shall be comprised of
119 members representing the geographic and ethnic diversity of
12this State, including students, college and university
13administrators and faculty, and other individuals committed to
14advancing the educational opportunities of the children of
15immigrants.
16    (b) The Illinois DREAM Fund Commission is charged with all
17of the following responsibilities:
18        (1) Administering this Section and raising funds for
19    the Illinois DREAM Fund.
20        (2) Establishing a not-for-profit entity charged with
21    raising funds for the administration of this Section, any
22    educational or training programs the Commission is tasked
23    with administering, and funding scholarships to students

 

 

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1    who are the children of immigrants to the United States.
2        (3) Publicizing the availability of scholarships from
3    the Illinois DREAM Fund.
4        (4) Selecting the recipients of scholarships funded
5    through the Illinois DREAM Fund.
6        (5) Researching issues pertaining to the availability
7    of assistance with the costs of higher education for the
8    children of immigrants and other issues regarding access
9    for and the performance of the children of immigrants
10    within higher education.
11        (6) Overseeing implementation of the other provisions
12    of this amendatory Act of the 97th General Assembly.
13        (7) Establishing and administering training programs
14    for high school counselors and counselors, admissions
15    officers, and financial aid officers of public
16    institutions of higher education. The training programs
17    shall instruct participants on the educational
18    opportunities available to college-bound students who are
19    the children of immigrants, including, but not limited to,
20    in-state tuition and scholarship programs. The Illinois
21    DREAM Fund Commission may also establish a public awareness
22    campaign regarding educational opportunities available to
23    college bound students who are the children of immigrants.
24    The Illinois DREAM Fund Commission shall establish, by
25rule, procedures for accepting and evaluating applications for
26scholarships from the children of immigrants and issuing

 

 

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1scholarships to selected student applicants.
2    (c) To receive a scholarship under this Section, a student
3must meet all of the following qualifications:
4        (1) Have resided with his or her parents or guardian
5    while attending a public or private high school in this
6    State.
7        (2) Have graduated from a public or private high school
8    or received the equivalent of a high school diploma in this
9    State.
10        (3) Have attended school in this State for at least 3
11    years as of the date he or she graduated from high school
12    or received the equivalent of a high school diploma.
13        (4) Have at least one parent who immigrated to the
14    United States.
15    (d) The Illinois Student Assistance Commission shall
16establish an Illinois DREAM Fund to provide scholarships under
17this Section. The Illinois DREAM Fund shall be funded entirely
18from private contributions and from the tax imposed under the
19Wire Transfer Tax Act.
20(Source: P.A. 97-233, eff. 8-1-11.)