Bill > HB3150

This bill amends multiple state tax laws to modify the vendor's discount allowed for tax collection and reporting. Specifically, for returns due on or after January 1, 2025 and on or before the effective date of the 104th General Assembly, the bill limits the vendor's discount to $1,000 per month across various tax acts, including the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, Retailers' Occupation Tax Act, and Prepaid Wireless 9-1-1 Surcharge Act. The vendor's discount is a percentage (typically 1.75%) that retailers and servicemen can retain to reimburse them for expenses related to collecting and remitting taxes. This limit applies to both regular monthly returns and transaction returns, meaning businesses cannot claim more than $1,000 in total discounts across all their tax returns in a given month. The bill aims to reduce the financial benefit businesses receive for tax collection while still providing some compensation for their administrative efforts. The modification applies uniformly across different types of tax returns, creating a consistent approach to vendor discounts across various state tax collection mechanisms.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3150&GAID=18&DocTypeID=HB&SessionID=114&GA=104