Illinois General Assembly - Full Text of HB3164
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Full Text of HB3164  102nd General Assembly




State of Illinois
2021 and 2022


Introduced 2/19/2021, by Rep. Elizabeth Hernandez


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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HB3164LRB102 09894 HLH 15212 b

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
11government, or any financial institution.
12    "Department" means the Department of Revenue.
13    Section 10. Tax imposed. Beginning on January 1, 2022, 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
18imposed by this Act is not imposed with respect to any
19transaction that may not, under the Constitution and statutes
20of the United States, be made the subject of taxation by the



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1    Section 15. Returns. On or before the twentieth day of
2each calendar month, each financial institution that is liable
3for collecting and remitting the tax under this Act during the
4preceding calendar month shall file a return with the
5Department stating:
6        (1) the name of the financial institution;
7        (2) the address of its principal place of business;
8        (3) the total amount transferred by that financial
9    institution in the previous calendar month;
10        (4) the total amount collected by the financial
11    institution from the tax imposed under this Act; and
12        (5) such other reasonable information as the
13    Department may require.
14    All of the provisions of Sections 4, 5a, 5b, 5c, 5d, 5e,
155f, 5g, 5i and 5j of the Retailers' Occupation Tax Act that are
16not inconsistent with this Act shall apply, as far as
17practicable, to the subject matter of this Act to the same
18extent as if such provisions were included in this Act.
19References in those incorporated Sections to retailers, to
20sellers, or to persons engaged in the business of selling
21tangible personal property shall mean financial institutions
22when used in this Act.
23    Section 20. Proceeds deposited into the DREAM Fund. All of
24the moneys received from the tax imposed under this Act shall
25be deposited into the Illinois DREAM Fund established under



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1Section 67 of the Higher Education Student Assistance Act.
2    Section 25. Rulemaking. The Department may adopt rules for
3the implementation and enforcement of this Act.
4    Section 900. The Higher Education Student Assistance Act
5is amended by changing Section 67 as follows:
6    (110 ILCS 947/67)
7    Sec. 67. Illinois DREAM Fund Commission.
8    (a) The Illinois Student Assistance Commission shall
9establish an Illinois DREAM Fund Commission. The Governor
10shall appoint, with the advice and consent of the Senate,
11members to the Illinois DREAM Fund Commission, which shall be
12comprised of 9 members representing the geographic and ethnic
13diversity of this State, including students, college and
14university administrators and faculty, and other individuals
15committed to advancing the educational opportunities of the
16children of immigrants.
17    (b) The Illinois DREAM Fund Commission is charged with all
18of the following responsibilities:
19        (1) Administering this Section and raising funds for
20    the Illinois DREAM Fund.
21        (2) Establishing a not-for-profit entity charged with
22    raising funds for the administration of this Section, any
23    educational or training programs the Commission is tasked



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



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1rule, procedures for accepting and evaluating applications for
2scholarships from the children of immigrants and issuing
3scholarships to selected student applicants.
4    (c) To receive a scholarship under this Section, a student
5must meet all of the following qualifications:
6        (1) Have resided with his or her parents or guardian
7    while attending a public or private high school in this
8    State.
9        (2) Have graduated from a public or private high
10    school or received the equivalent of a high school diploma
11    in this State.
12        (3) Have attended school in this State for at least 3
13    years as of the date he or she graduated from high school
14    or received the equivalent of a high school diploma.
15        (4) Have at least one parent who immigrated to the
16    United States.
17    (d) The Illinois Student Assistance Commission shall
18establish an Illinois DREAM Fund to provide scholarships under
19this Section. The Illinois DREAM Fund shall be funded entirely
20from private contributions and from the tax imposed under the
21Wire Transfer Tax Act.
22(Source: P.A. 97-233, eff. 8-1-11.)