IL HB2947

Amends the Retailers' Occupation Tax Act to allow the Department of Revenue to disclose confidential financial information to independent third parties authorized in writing by a municipality or county.

Third parties eligible to receive information (consultants, attorneys, accountants, auditors, financial advisors) must enter into a confidentiality agreement with the Department and have an existing contract with the municipality or county.

Third parties may only use financial information for purposes specified in their contract with the municipality and may verify amounts remitted to the municipality but not verify accuracy of taxpayer returns.

Electronic data provided to third parties must be encrypted and accessible only to authorized users with secure passwords; incidental disclosure to municipal or county employees is not a criminal offense.

Act takes effect immediately upon becoming law.