Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Reinstates, beginning July 1, 2006, the exemption for pollution control facilities under the Acts. Provides that the exemptions for pollution control facilities are exempt from the sunset provisions under the Acts. Effective immediately.
Amends the State Finance Act. Excludes moneys received by the Department of Financial and Professional Regulation under the Illinois Credit Union Act from those moneys required to be deposited into the Financial Institution Fund. Makes certain provisions concerning transfers to the General Revenue Fund inapplicable to (i) any fund established under the Illinois Credit Union Act, the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, or the Savings Bank Act and (ii) the Professions Indirect Cost Fund. Limits transfers and expenditures from those funds to specified purposes. Prohibits the allocation or transfer of additional amounts generated by certain fee increases with respect to or from the Credit Union Fund. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, and the Savings Bank Act. With respect to the moneys in each of the Bank and Trust Company Fund, the Savings and Residential Finance Regulatory Fund, and the Credit Union Fund, (i) exempts those moneys from assignment or transfer except for unappropriated administrative expenses and (ii) provides that the moneys remain the property of and must be held in trust for the financial institutions from which they were collected. For FY08, requires the Commissioner of Banks and Real Estate (now, the Director of the Division of Banks and Real Estate) to adopt rules to adjust regulatory fee rates in the specified manner. Amends the Illinois Credit Union Act. Provides that the regulatory fee paid by a credit union to the Department of Financial and Professional Regulation shall be the lesser of (i) the rate pursuant to the regulatory fee schedule or (ii) a rate established in a manner proportionately consistent with the rates in the regulatory fee schedule and that would fund the actual administrative and operational expenses of the Credit Union Section. Increases rates in the regulatory fee schedule for credit unions with total assets over $5,000,000. Requires the Director of Financial and Professional Regulation to adjust the fee schedule for the next fiscal year. Provides that the fee schedule may be increased by no more than 5% annually if necessary to defray the actual (now, estimated) administrative and operational expenses of the Credit Union Section (now, the Department). Prohibits any increase in the fee schedule if the amount remaining in the Credit Union Fund at the end of the fiscal year is equal to or greater than 25% of the actual administrative and operational expenses for the preceding fiscal year. Requires the Director to base the regulatory fee for the next fiscal year on the credit union's total assets as of December 31 of the preceding calendar year. Beginning on July 1, 2005, requires a credit union to pay the regulatory fee in quarterly installments due and payable on the due date for the call report for the preceding quarter (now, a credit union is required to pay the regulatory fee in full no later than March 1 of each calendar year). Provides for a regulatory fee cap of $125,000 (now, $187,500). Effective immediately.
Amends the Illinois Income Tax Act. Grants a credit against the tax imposed by the Act in the amount of expenditures during the taxable year for the care of an individual 65 years of age or older who is claimed as a dependent on the taxpayer's federal income tax return. Provides that the amount of the credit for the taxable year may be no more than $1,000 or the taxpayer's tax liability for the year, whichever is less. Allows an excess credit to be carried forward to the tax liability of 2 succeeding taxable years. Exempts the credit from the Act's sunset requirement. Effective immediately.
Amends the Retailers' Occupation Tax Act. Makes a technical change in a Section concerning the short title.
Amends the O'Hare Modernization Act. Deletes language providing that the city of Chicago's obligation to reimburse school districts and community college districts for lost tax revenue resulting from the city's acquisition of parcels of property for the O'Hare Modernization Program ends with the 2009 taxable year and providing that no reimbursements are payable after January 1, 2010.
Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".
Amends the Department of Transportation Law of the Civil Administrative Code of Illinois. Redefines "unit of local government", for purposes of eligible recipients of mass transit grants, to include townships. Effective immediately.
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to the qualified costs of a loan issued to cover the on-going business expenses of a vendor or contractor where the State is late, by 90 days or more, in the payment of the vendor's or contractor's proper bill or invoice for goods or services furnished to the State. Requires the taxpayer to make an addition modification to their base income to add back the amount equal to any deduction taken on the taxpayer's federal income tax return for qualified costs of a slow-payment loan for which a credit is received. Effective immediately.
Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the short title.
Creates the Illinois Fee Management and Transparency Act. Provides that a user charge or fee assessed shall be charged against each identifiable recipient for special benefits derived from State activities beyond those received by the general public. Sets forth procedures for determining fee amounts. Sets forth requirements for legislation that imposes fees. Sets forth requirements for State agencies to implement fees. Requires the State Comptroller to submit an annual report to the General Assembly concerning State agency fees. Requires each State agency to review its fees every 2 years. Requires the Auditor General to evaluate each agency fee at least once every 5 years. Amends the State Comptroller Act to repeal a Section concerning the reporting of agency fees. Amends the Illinois State Auditing Act to repeal a Section concerning Agency Fee Imposition Report Forms. Effective immediately.
