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Sen. Cristina Castro
Filed: 4/4/2019
| | 10100SB0119sam003 | | LRB101 06854 HLH 59248 a |
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| 1 | | AMENDMENT TO SENATE BILL 119
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 119, AS AMENDED, by |
| 3 | | replacing everything after the enacting clause with the |
| 4 | | following:
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| 5 | | "Section 5. The Illinois Income Tax Act is amended by |
| 6 | | changing Section 703A as follows:
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| 7 | | (35 ILCS 5/703A) |
| 8 | | Sec. 703A. Information for reportable payment |
| 9 | | transactions. Every person required under Section 6050W of the |
| 10 | | Internal Revenue Code to file federal Form 1099-K, Third-Party |
| 11 | | Payment Card and Third Party Network Transactions, identifying |
| 12 | | a reportable payment transaction to a payee with an Illinois |
| 13 | | address shall furnish a copy to the Department at such time and |
| 14 | | in such manner as the Department may prescribe. In addition, |
| 15 | | for reporting periods beginning on or after January 1, 2020, at |
| 16 | | the same time and in the same manner as the foregoing |
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| | 10100SB0119sam003 | - 2 - | LRB101 06854 HLH 59248 a |
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| 1 | | reportable payment transactions are required to be reported to |
| 2 | | the Department, the person shall report to the Department and |
| 3 | | to any payee with an Illinois address any information required |
| 4 | | by Section 6050W of the Internal Revenue Code with respect to |
| 5 | | third-party network transactions related to that payee, but |
| 6 | | without regard to the de minimis limitations of subsection (e) |
| 7 | | of Section 6050W of the Internal Revenue Code, if, in that |
| 8 | | reporting period, the amount of those transactions exceeds |
| 9 | | $1,000 and the aggregate number of those transactions exceeds |
| 10 | | 3. Failure to provide any information required by this Section |
| 11 | | shall incur a penalty for failure to file an information return |
| 12 | | as provided in Section 3-4 of the Uniform Penalty and Interest |
| 13 | | Act. The Department shall not share information gathered from |
| 14 | | Third Party Settlement Organizations with other federal, |
| 15 | | State, or local government entities.
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| 16 | | (Source: P.A. 100-1171, eff. 1-4-19.)
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| 17 | | Section 99. Effective date. This Act takes effect upon |
| 18 | | becoming law.".
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