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SB 1715

INC TX-BASIS ADJUSTMENT

104th Regular Session Introduced by Mike Hastings

Arizona: Funds an independent review of campaign finance and lobbyist reporting systems to produce recommendations for improved efficiency, accuracy, and timeliness.

Referred to Assignments
0
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Bill Summary · SB 1715

Note: the materials provided include two different bills both labeled "SB 1715" from different states. Below are separate, clearly labeled summaries for each bill based on the text you supplied.

Arizona — SB 1715 (Introduced by Sen. David Gowan)

Title: campaign reporting; lobbyists; review; appropriation

Purpose / Intent

To fund an independent review of Arizona’s campaign finance reporting system and lobbyist registration/reporting system and to generate recommendations to improve reporting efficiency, accuracy, and timeliness.

Key provisions

  • Appropriates $250,000 from the state general fund in FY 2025‑2026 to the Department of Administration (ADOA).
  • Directs the Arizona Strategic Enterprise Technology Office (within ADOA) to retain and supervise a third‑party contractor to:
    • Review the campaign finance reporting system prescribed by Arizona Revised Statutes (Title 16, Chapter 6) maintained in the Secretary of State’s office.
    • Review the lobbyist registration and reporting system prescribed by ARS (Title 41, Chapter 7, Article 8.1).
    • Produce recommendations to improve efficiency, accuracy, and timeliness of reporting.
  • Requires ADOA to report the contractor’s findings to the Joint Legislative Budget Committee on or before December 31, 2026.
  • Sunsets (this appropriation/section) by repeal effective February 28, 2027.

Who is affected

  • Office of the Secretary of State (systems under review)
  • ADOA and Arizona Strategic Enterprise Technology Office (oversight and contracting)
  • Candidates, political committees, lobbyists, vendors, and other users of the reporting systems
  • Legislators and budget authorities (receiving the report)

Procedural/timeline notes

  • Introduced February 27, 2025.
  • Deadline for contractor report: December 31, 2026.
  • Section automatically repeals February 28, 2027.
  • Appropriation limited to $250,000 for FY 2025‑2026.

Potential impact

  • Short‑term cost: $250,000 appropriation.
  • Expected outcome: independent assessment with recommendations that may lead to system upgrades, policy or statutory changes, implementation costs beyond this appropriation (not specified).

Illinois — SB 1715 (Introduced by Sen. Michael E. Hastings)

Title / Subject: Amend Illinois Income Tax Act — deduction for basis adjustment to investment credit property

Purpose / Intent

To conform Illinois taxable income treatment to exclude (by deduction) amounts that were included in federal gross income solely because of a federal “basis adjustment” to investment credit property.

Key provisions

  • Amends Section 203 of the Illinois Income Tax Act (35 ILCS 5/203) — the definition of base income for individuals — by adding a subtraction/deduction for any amount included in gross income as a result of a basis adjustment to investment credit property under the Internal Revenue Code.
  • Effective immediately upon enactment.

Who is affected

  • Taxpayers (particularly businesses and individuals) who have investment credit property and who recognized amounts in federal gross income because of a federal basis adjustment.
  • Illinois Department of Revenue (administration, audits, rulemaking).
  • Tax preparers and CPAs advising affected taxpayers.

Procedural/timeline notes

  • Introduced February 5, 2025 (Sen. Hastings).
  • Readings and referrals noted (first reading, referred to Assignments, referred to Finance).
  • Companion: HB 3547.

Potential impact

  • Lowers Illinois taxable income for affected taxpayers, reducing state tax liabilities for taxpayers who previously had basis‑adjustment income inclusion.
  • State revenue impact not specified in bill text; could reduce state income tax receipts depending on how many taxpayers are affected and amounts involved.
  • May require administrative guidance from the Illinois Department of Revenue to implement and to define qualifying “basis adjustments” and documentation requirements.

If you’d like, I can:
- Draft a one‑page memo estimating potential fiscal impacts (what information would be needed);
- Extract specific statutory citations and prepare suggested conforming language; or
- Track the bill’s status and amendments as it moves through committees.

Compiled from official sources — confirm details with the bill’s official record.

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