Amends the Cook County Article of the Illinois Pension Code. In a provision concerning employer contributions to the Fund, provides that the contributions may be taken from any revenue source, including, but not limited to, other tax revenue, proceeds of borrowings, or State or federal funds. Effective immediately.
Amends the Retailers' Occupation Tax Act. Provides that, subject to certain restrictions, if the Department of Revenue may disclose confidential financial information to a municipality or county, then the Department of Revenue may also disclose that financial information to an independent third party who is authorized in writing by that municipality or county to receive the information. Effective immediately.
Amends the General Provisions and State Employees Articles of the Illinois Pension Code. Provides that the alternative retirement annuity under the State Employees Article applies to a conservation police officer, investigator for the Secretary of State, or arson investigator subject to the Tier 2 provisions. Provides that a conservation police officer, investigator for the Secretary of State, or arson investigator subject to the Tier 2 provisions may convert up to 8 years of service credit established before the effective date of the amendatory Act as a conservation police officer, investigator for the Secretary of State, or arson investigator under the State Employees Article into eligible creditable service by filing a written election with the Board under that Article, accompanied by a specified payment. Effective immediately.
Amends the State Employee, State Universities, and Downstate Teacher Articles of the Illinois Pension Code. Provides that the System shall offer an accelerated pension benefit payment option for eligible Tier 1 members. Provides that the accelerated pension benefit payment is a lump sum payment equal to 50% of the difference of the net present value of the Tier 1 member's retirement annuity, including the value of the annual increases to that retirement annuity, and the amount of the old-age payments under Social Security, including the value of the annual increases, that he or she would have been entitled to, as determined by the Board, if he or she had been eligible for Social Security coverage with respect to his or her position. Provides that a person who elects the accelerated pension benefit payment option shall have his or her retirement annuity reduced to the amount of the old age payments under Social Security that he or she would have been entitled to, as determined by the Board, had he or she been participating in Social Security and any increase in retirement annuity shall be the annual unadjusted percentage increase (but not less than zero) in the consumer price index-w for the 12 months ending with the September preceding each November 1 of the originally granted retirement annuity. Contains provisions concerning return to active service; rulemaking; qualified plan status; and new benefit increases. Makes conforming changes. Effective immediately.
Amends the Revised Uniform Unclaimed Property Act. Makes changes concerning the time and circumstances under which financial organization deposits are presumed abandoned. Makes changes in provisions governing extending the reporting date of certain reported renewable time deposits. Deletes language requiring a holder to inform the administrator to provide a telephone number to contact the administrator to inquire about or claim property. Provides that the administrator does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property if he or she reasonably believes that the Department of Revenue will be unable to provide information that would provide sufficient evidence to establish that the person in the Department of Revenue's records is the apparent owner of unclaimed property in the custody of the administrator. Provides that the State Treasurer may, at reasonable times and upon reasonable notice: (1) examine the records of specified types of financial organizations under certain conditions; (2) issue an administrative subpoena requiring the financial organization to make records available for examination; and (3) bring an action seeking judicial enforcement of the subpoena. Provides that records obtained in examinations of State-regulated financial organizations are subject to the same provisions concerning use and confidentiality as records obtained in examinations of other persons. Makes other changes. Effective immediately.
Amends the Community Self-Revitalization Act. Makes a technical change in a Section concerning the short title. House Floor Amendment No. 1 Deletes reference to: 50 ILCS 350/1 Adds reference to: 65 ILCS 5/8-11-2.3 new Replaces everything after the enacting clause. Amends the Illinois Municipal Code. Provides that, in addition to any other tax that may be imposed, if a municipality adopts a responsible bid ordinance that is approved by the Department of Transportation, then the municipality may also impose a tax on motor fuel at a rate not to exceed $0.03 per gallon. Effective January 1, 2020.
Amends the Metropolitan Water Reclamation District Article of the Illinois Pension Code. Provides that "average final salary" means the highest average monthly (instead of annual) salary as calculated by accumulating the salary for the highest 520 consecutive paid days of service (instead of 52 consecutive pay periods) within the last 10 years of service immediately preceding the date of retirement and dividing by 24 (instead of 2). Provides that if the employee is paid for any portion of a work day, the fraction of the day worked and the salary for that fraction of the day shall be counted in accordance with the Fund's administrative rules. Effective immediately.
Amends the Downstate Firefighter Article of the Illinois Pension Code. Provides that, beginning in 2020, the limit on salary for all purposes under the Code for Tier 2 firefighters shall annually be increased by the lesser of 3%, including all previous adjustments, or the annual unadjusted percentage increase in the consumer price index-u (rather than one-half the annual unadjusted percentage increase in the consumer price index-u) for the 12 months ending with the September preceding each November 1, including all previous adjustments. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Illinois Income Tax Act. Creates a deduction for amounts included in the taxpayer's adjusted gross income for certain fringe benefits. Effective immediately.
Amends the Property Tax Code. Makes structural changes concerning homestead exemptions by creating separate divisions for homestead exemptions in counties with 3,000,000 or more inhabitants and counties with fewer than 3,000,000 inhabitants. Effective January 1, 2020.
