The House convenes at 9:00 and the Senate at 10:00. The House has no committees posted for this morning, and the Senate has two morning committees posted.
Yesterday, both Chambers spent a great deal of time assembled as Chambers of the Whole. The Senate passed several non-controversial House Bills that have made it through the legislative process. The House during its floor action passed a handful of non-budget/non-reform bills that are controversial. The House also spent a great deal of time in Committee Hearings moving legislation through the committee process. As part of the House Committee work, they began reviewing through the hearing process portions of the Senate Grand Bargain that the Senate passed out earlier. It should be noted that the House has started amending those bills which most likely will slow down the process.
We have been waiting for the House Democratic Caucus to release its revenue bills. Word was they were going to do so yesterday but nothing surfaced. Rather, the chief revenue negotiator, Rep Greg Harris, announced that the House is going line by line through the Senate Revenue package.
Two things of direct interest to CPAs. First, SB 899 (Accounting Act/Firm Mobility et al) is on 3rd Reading in the House. We expect the House to vote on short debate and move it on to the Senate, hopefully sooner rather than later. Second, SB 1719 (Gross Receipts Tax on investment management services) has been posted for a House Committee Hearing on 5/31, the last day of the Spring Session. This posting essentially kills the bill as it would have to have a hearing, and be voted upon by the House all in one day. There are several assumptions to this ladder statement. First, if it were to move at lightning speed, there would have to be no amendments to the bill in the House. Second, all posting requirements from 2nd to 3rd Reading would have to be waived.
Today, I expect both Chambers to spend the morning on Floor Action moving bills through the process as adjournment date approaches. There are only 5 scheduled session days until adjournment. After May 31, revenue and appropriations bills require a 3/5 majority to pass. There are already rumors afloat that the General Assembly will be in perpetual session throughout the summer.
The House has cancelled session for Saturday and will reconvene at 3:00 on Sunday. The Senate most likely will follow suite. More to follow.
Cloudy and warm here.
MARTY GREEN, ESQ
Vice President Government Relations, Illinois CPA Society
524 South Second Street, Suite 504, Springfield, Illinois 62701
Phone: 217.789. 7914| Fax: 217.789.7924
Email: email@example.com | Web site: www.icpas.org