Bill > HB2903

This bill modifies the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act to change how tax revenues are allocated and distributed. Specifically, the bill alters the allocation of tax revenues from the current system, where 75% is paid into the State Treasury and 25% is reserved for the Common School Fund, to a new structure effective July 1, 2025. Under the new structure, 75% of the tax revenues will be directly deposited into the General Revenue Fund and 25% will be deposited into the Common School Fund. Additionally, the bill introduces a vendor's discount limitation for tax returns, capping the discount at $1,000 per month in aggregate for returns filed starting January 1, 2025. The bill also includes various technical and procedural amendments related to tax reporting, electronic filing requirements, and the handling of tax payments across different types of transactions, such as those involving motor vehicles, aviation fuel, and sales tax holiday items. These changes aim to streamline tax collection processes and provide more direct funding to the state's general and educational funds.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2903&GAID=18&DocTypeID=HB&SessionID=114&GA=104