Bill Status of HB 270   93rd General Assembly


Short Description:  USE & OCC TAX-SUSPEND DISCOUNT

House Sponsors
Rep. Larry McKeon

Last Action  View All Actions

DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 105/9from Ch. 120, par. 439.9
35 ILCS 110/9from Ch. 120, par. 439.39
35 ILCS 115/9from Ch. 120, par. 439.109
35 ILCS 120/3from Ch. 120, par. 442

Synopsis As Introduced
Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that, beginning on January 1, 2004 and through December 31, 2008, a retailer or serviceman is allowed to take the 1.75% or $5 discount, as appropriate, for the first $1,000,000 in taxes collected in the aggregate in a calendar year under each of the 4 Acts to reimburse himself or herself for expenses incurred in collecting the tax, keeping records, preparing and filing returns, remitting the tax, and supplying data to the Department of Revenue on request. No discount may be taken during that period for taxes collected above $1,000,000 in the aggregate in a calendar year under the 4 Acts. Effective immediately.

 Fiscal Note (Illinois Department of Revenue)
 HB 270 will have a positive impact to the State of an undetermined amount. In fiscal year 2001, the Retailers' Discount cost the State approximately $102 million.

Actions 
DateChamber Action
  1/23/2003HouseFiled with the Clerk by Rep. Larry McKeon
  1/23/2003HouseFirst Reading
  1/23/2003HouseReferred to Rules Committee
  1/29/2003HouseAssigned to Commerce and Business Development Committee
  2/11/2003HouseFiscal Note Filed
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2005HouseSession Sine Die

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