Last week, Governor Pritzker signed House Bill 2395 (Accounting Act Sunset Extension) into law. HB 2395 is a professional licensure omnibus bill that includes several professional licensure sunset extensions. House Bill 2395 has an immediate effective date and was signed on July 28, 2023. The Public Accounting Act Sunset was originally introduced as House Bill 2296/Senate Bill 1713 prior to being consolidated into House Bill 2395. See fact sheet for substantive information on the legislation. ICPAS would like to thank the original sponsors Rep. Natalie Manley and Rep. Amy Elik and House Sponsor Rep. Marcus Evans and Senate Sponsor Sen. Suzy Glowiak Hilton.

 

 

House Bill 1197 increases the audit thresholds for charitable organizations required to file audits with the Illinois Attorney General (OAG). The legislation increases the current threshold of $300,000 to $500,000 for an audit. Charities that raise $300,000 will now be required to file financial statement reviews. Public Act 103-121 is effective January 1, 2024. Substantive information on the legislation can be found at the fact sheet.

 

ICPAS continues to work with the Attorney General’s Office leadership in identifying the agency’s plans and timeline for implementing the new requirements. The Not-for-Profit Committee has also provided OAG with recommendations for improving compliance measures and oversight. ICPAS would like to thank House Sponsor Rep. Maurice West, II and Chief Co-Sponsor Rep. Norine Hammond and Senate Sponsor Sen. Laura Murphy and Chief Co-Sponsor Sen. Dale Fowler. We would also like to thank Forefront as a stakeholder partner and the Office of the Attorney General.

 

 

The PTE legislation was originally introduced and passed the Senate as Senate Bill 1197 prior to being consolidated into Senate Bill 1963. The legislation makes a technical correction to the Optional Pass-Through Entity Tax to exempt retired partner distributions. Applicable provisions of the Public Act as to the PTE take effect January 1, 2024.

 

ICPAS would like to thank the original sponsor, Sen. Win Stoller and Senate sponsor Sen. Celina Villanueva and House sponsor Rep. Curtis Tarver. We would particularly like to thank House Revenue Chair Kelly Burke for her leadership and the assistance of the Illinois Department of Revenue in passing this important legislation.