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90_SB0593eng
15 ILCS 405/16 from Ch. 15, par. 216
Amends the State Comptroller Act. Provides that annual
reports of State agencies shall include an analysis of the
impact of tax expenditures upon the number of jobs created or
retained in the State, the number of business attracted to or
retained in the State, and the extent of benefits conferred
upon the intended beneficiaries of those tax expenditures.
Provides that the Comptroller may hold public hearings in
order to assemble, assess, and report on the tax expenditures
for which reporting is required. Provides that at a hearing
the Comptroller may hear testimony from agencies, businesses
or business groups, members of the public, and the intended
beneficiary. Effective immediately.
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1 AN ACT to amend the State Comptroller Act by changing
2 Section 16.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The State Comptroller Act is amended by
6 changing Section 16 as follows:
7 (15 ILCS 405/16) (from Ch. 15, par. 216)
8 Sec. 16. Reports from State agencies. The comptroller
9 shall prescribe the form and require the filing of quarterly
10 fiscal reports by each State agency. Within 30 days after the
11 end of each quarter, or at such earlier time as the
12 comptroller by rule requires, each State agency shall file
13 with the comptroller the report of its receipts and
14 collections during the preceding quarter, including receipts
15 and collections of taxes and fees, funds and fund
16 authorizations from sources other than appropriation by the
17 General Assembly, gifts, grants and donations, and income
18 from revenue producing activities or property of or under the
19 control of the agency. The report shall specify the nature,
20 source and fair market value of any assets received, any
21 increase or decrease in its security holdings (other than
22 those held by the State Treasurer), and such other related
23 information as the comptroller, by rule, requires. The report
24 shall, consistent with the uniform State accounting system,
25 account for all encumbrances, transfers, and releases of
26 encumbrances upon assets held by the State agency, except any
27 assets held in trust for another State agency or person, and
28 any additional accounting as may be determined by the
29 comptroller to be necessary for his maintenance of accurate
30 encumbrance accounts for State agencies. The report shall
31 include a separate accounting for each revenue bond issue
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1 administered by the particular agency, and shall indicate any
2 changes in authorized or outstanding indebtedness of the
3 agency or of the State through the agency. This Section does
4 not require the duplication of reports concerning security
5 holdings and investment income of the State Treasurer which
6 are issued by the Treasurer pursuant to law.
7 In addition to the quarterly reports required by this
8 Section, each agency shall on an annual basis file, no later
9 than 45 days after the end of the fiscal year, a report
10 giving that agency's best estimate of the cost of each tax
11 expenditure related to each of the revenue sources
12 administered by the agency. This annual report shall include
13 the agency's best estimate of the cost of each tax
14 expenditure including: (a) a citation of the legal authority
15 for the tax expenditure, the year it was enacted, the fiscal
16 year in which it first took effect, and any subsequent
17 amendments; (b) to the extent that it can be determined, the
18 total cost of the tax expenditure for the preceding fiscal
19 year together with an estimate of the projected cost for the
20 next succeeding fiscal year along with a description of the
21 methodology used to determine or estimate the cost of the tax
22 expenditure; and (c) an assessment of the impact of the tax
23 expenditure on the incidence of the tax in terms of the
24 relative shares of revenue received under the provisions of
25 the tax expenditure and the revenue that would have been
26 received had the tax expenditure not been in effect, and (d)
27 data demonstrating the impact of the tax expenditure upon the
28 number of jobs created or retained in the State, the number
29 of businesses attracted to or retained in the State, and the
30 extent of benefits conferred upon the intended beneficiary of
31 the tax expenditure. For purposes of this Act, the term "tax
32 expenditure" means any tax incentive authorized by law that
33 by exemption, exclusion, deduction, allowance, credit,
34 preferential tax rate, abatement, or other device reduces the
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1 amount of tax revenues that would otherwise accrue to the
2 State.
3 (Source: P.A. 87-847.)
4 Section 99. Effective date. This Act takes effect upon
5 becoming law.