093_SB1765eng

 
SB1765 Engrossed                     LRB093 10993 SJM 11618 b

 1        AN  ACT  to create a commission to study tax expenditures
 2    in Illinois.

 3        WHEREAS, The State of Illinois currently is  experiencing
 4    a significant budget deficit; and

 5        WHEREAS,  In  fiscal  year 2001, tax expenditures totaled
 6    $5,500,000,000, according to the Comptroller; and

 7        WHEREAS, Certain tax  expenditures  may  be  ineffective,
 8    outdated,  unnecessary,  or improper given the current fiscal
 9    and economic climate; and

10        WHEREAS, It would be  beneficial  for  the  Governor  and
11    General  Assembly  to  have  a  comprehensive  study  of  tax
12    expenditures  so that it can be determined which of these tax
13    expenditures should be preserved,  modified,  or  eliminated;
14    therefore

15        Be  it  enacted  by  the People of the State of Illinois,
16    represented in the General Assembly:

17        Section 1. Short title. This Act may be cited as the  Tax
18    Expenditures Commission Act.

19        Section 5. Definitions. In this Act:
20        "Tax   expenditures"   means  any  exemption,  exclusion,
21    deduction,  allowance,   credit,   preferential   tax   rate,
22    abatement,  or other device that reduces the tax revenue that
23    would otherwise accrue to the State.

24        Section 10. Tax Expenditures Commission. There is  hereby
25    created the Tax Expenditures Commission. The Tax Expenditures
26    Commission  shall  be  composed of the following individuals:
27    the Director of the Bureau  of  the  Budget  or  his  or  her
28    designee;  the  Director of Revenue or his or her designee; 2
 
SB1765 Engrossed            -2-      LRB093 10993 SJM 11618 b
 1    members of the House of Representatives to be  appointed  one
 2    each  by  the Speaker of the House of Representatives and the
 3    Minority Leader of the House of Representatives; 2 members of
 4    the Senate to be appointed one each by the President  of  the
 5    Senate  and the Minority Leader of the Senate; and one person
 6    appointed by the Governor, who shall serve as  Chairman.  The
 7    Tax  Expenditures  Commission shall also include 2 non-voting
 8    members  as  follows:  (i)  the  Treasurer,  or  his  or  her
 9    designee; and (ii) the Executive  Director  of  the  Illinois
10    Economic  and  Fiscal Commission, or his or her designee. Any
11    vacancy shall be filled by the original appointing authority.
12    The Tax Expenditures Commission shall consider  existing  tax
13    expenditures in Illinois and make recommendations designed to
14    reduce  revenue loss or promote economic development or both.
15    The Tax Expenditures Commission shall report its findings  to
16    the  General Assembly and the Governor no later than December
17    31, 2003, and is abolished on July 1, 2004.
18        The Tax Expenditures Commission shall  hold  such  public
19    hearings  as it deems advisable. The first meeting of the Tax
20    Expenditures Commission  shall  be  called  by  the  Chairman
21    within 60 days after the effective date of this Act.

22        Section  15.  Act repealed.  This Act is repealed on July
23    1, 2004.

24        Section 99. Effective date. The  Act  takes  effect  upon
25    becoming law.