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91_HB1324eng HB1324 Engrossed LRB9103959PTpk 1 AN ACT to amend the Illinois Income Tax Act by changing 2 Section 703. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Illinois Income Tax Act is amended by 6 changing Section 703 as follows: 7 (35 ILCS 5/703) (from Ch. 120, par. 7-703) 8 Sec. 703. Information statement. Every employer required 9 to deduct and withhold tax under this Act from compensation 10 of an employee, or who would have been required so to deduct 11 and withhold tax if the employee's withholding exemption were 12 not in excess of the basic amount in Section 204(b), shall 13 furnish in duplicate to each such employee in respect of the 14 compensation paid by such employer to such employee during 15 the calendar year on or before January 31 of the succeeding 16 year, or, if his employment is terminated before the close of 17 such calendar year, on the date on which the last payment of 18 compensation is made, a written statement in such form as the 19 Department may by regulation prescribe showing the amount of 20 compensation paid by the employer to the employee, the amount 21 deducted and withheld as tax, the tax-exempt amount 22 contributed to a medical savings account, and such other 23 information as the Department shall prescribe. A copy of such 24 statement shall be filed by the employee with his return for 25 his taxable year to which it relates (as determined under 26 section 601(b) (1). 27 (Source: P.A. 90-613, eff. 7-9-98.) 28 Section 99. Effective date. This Act takes effect upon 29 becoming law.