SB1500 Summary

• Changes audit filing deadlines from "6 months" to "180 days" after the close of a fiscal year for governmental units, counties, and municipalities under the Governmental Account Audit Act and related codes.

• Removes language allowing municipalities to file documents "as soon thereafter as audits become available" and establishes a fixed 180-day deadline for all audit submissions to the Comptroller.

• Applies to multiple local government entities including counties under the Counties Code and municipalities under the Illinois Municipal Code, standardizing reporting timelines across jurisdictions.

• Maintains Comptroller's authority to grant written extensions and establishes penalty fees for delinquent filings ($5-$20 per day depending on days overdue).

• Becomes effective immediately upon enactment.