IL HB2574

Requires any person filing a federal Form 1099 for a nonresident who performed services in Illinois to file a copy with the Department of Revenue, with electronic filing authorized.

Requires third-party settlement organizations to file duplicate information returns (Section 6050W) with the Department of Revenue within 30 days of the federal filing due date for recipients with Illinois addresses.

Requires third-party settlement organizations to report third-party network transaction information to the Department and participating payees with Illinois addresses using the $600 de minimis threshold from federal law rather than other applicable de minimis requirements.

Classifies failure to provide required reporting information as a failure to file a return and subjects violators to applicable penalties.

Authorizes the Department of Revenue to adopt rules and permit electronic filing for all required forms and information under this section.