Full Text of HB1499 102nd General Assembly
HB1499 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 HB1499 Introduced 2/17/2021, by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED: | |
35 ILCS 5/501 | from Ch. 120, par. 5-501 |
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning notices or regulations requiring records, statements, and special reports.
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| | A BILL FOR |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Income Tax Act is amended by | 5 | | changing Section 501 as follows:
| 6 | | (35 ILCS 5/501) (from Ch. 120, par. 5-501)
| 7 | | Sec. 501. Notice
or Regulations Requiring Records, | 8 | | Statements and Special Returns.
| 9 | | (a) In general. Every person liable for any tax imposed by | 10 | | this Act shall keep such
records, render such statements, make | 11 | | such returns and
and notices, and comply
with such rules and | 12 | | regulations as the Department may from time to time
prescribe. | 13 | | Whenever in the judgment of the Director it is necessary, he | 14 | | may
require any person, by notice served upon such person or by | 15 | | regulations, to
make such returns and notices, render such | 16 | | statements, or keep such
records, as the Director deems | 17 | | sufficient to show whether or not such
person is liable for tax | 18 | | under this Act. | 19 | | (b) Reportable transactions. For each taxable year in | 20 | | which a taxpayer is required to make a disclosure statement | 21 | | under Treasury Regulations Section 1.6011-4 (26 CFR 1.6011-4) | 22 | | (including any taxpayer that is a member of a consolidated | 23 | | group required to make such disclosure) with respect to a |
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| 1 | | reportable transaction (including a listed transaction) in | 2 | | which the taxpayer participated in a taxable year for which a | 3 | | return is required under Section 502 of this Act, such | 4 | | taxpayer shall file a copy of such disclosure with the | 5 | | Department. Disclosure under this subsection is required to be | 6 | | made by any taxpayer that is a member of a unitary business | 7 | | group that includes any person required to make a disclosure | 8 | | statement under Treasury Regulations Section 1.6011-4. | 9 | | Disclosure under this subsection is required with respect to | 10 | | any transaction entered into after February 28, 2000 that | 11 | | becomes a listed transaction at any time, and shall be made in | 12 | | the manner prescribed by the Department. With respect to | 13 | | transactions in which the taxpayer participated for taxable | 14 | | years ending before December 31, 2004, disclosure shall be | 15 | | made by the due date (including extensions) of the first | 16 | | return required under Section 502 of this Act due after the | 17 | | effective date of this amendatory Act of the 93rd General | 18 | | Assembly. With respect to transactions in which the taxpayer | 19 | | participated for taxable years ending on and after December | 20 | | 31, 2004, disclosure shall be made in the time and manner | 21 | | prescribed in Treasury Regulations Section 1.6011-4(e). | 22 | | Notwithstanding the above, no disclosure is required for | 23 | | transactions entered into after February 28, 2000 and before | 24 | | January 1, 2005 (i) if the taxpayer has filed an amended | 25 | | Illinois income tax return which reverses the tax benefits of | 26 | | the potential tax avoidance transaction, or (ii) as a result |
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| 1 | | of a federal audit the Internal Revenue Service has determined | 2 | | the tax treatment of the transaction and an Illinois amended | 3 | | return has been filed to reflect the federal treatment. | 4 | | (Source: P.A. 93-840, eff. 7-30-04.)
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