HB3720 Summary

• Establishes a Tax Compliance and Administration Fund to receive monthly transfers from various state tax collections, funded by 5% of cash receipts collected by the Department of Revenue's Audit Bureau.

• Transfers from the State and Local Sales Tax Reform Fund, Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, Retailers' Occupation Tax Act, Telecommunications Excise Tax Act, and Telecommunications Infrastructure Maintenance Fee Act shall be directed to the new fund.

• Moneys in the Tax Compliance and Administration Fund shall be used, subject to appropriation, to hire additional auditors and compliance personnel at the Department of Revenue.

• Becomes effective on the first day of the first calendar month occurring not less than 30 days after the Act becomes law.