Bill Status of SB2041

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SB2041 - 104th General Assembly

INC TX-ESTIMATED TAX
Last Action
2/06/2025 - Senate: Referred to Assignments
Senate Sponsors
Sen. Celina Villanueva
Statutes Amended In Order of Appearance
35 ILCS 5/804from Ch. 120, par. 8-804
Synopsis As Introduced
Amends the Illinois Income Tax Act. In provisions concerning the estimated tax, provides that the required annual payment is the lesser of: (i) 90% of the tax shown on the return for the taxable year, or if no return is filed, 90% of the tax for the year; (ii) 100% of the tax shown on the return of the taxpayer for the preceding taxable year if a return showing a liability for tax was filed by the taxpayer for the preceding taxable year and the preceding year was a taxable year of 12 months; or (iii) 90% of the tax for the taxable year that would have been due based on the Act as it exists on the first day of the taxable year. Effective immediately.
Actions
Date Chamber Action
2/06/2025 Senate Filed with Secretary by Sen. Celina Villanueva
2/06/2025 Senate First Reading
2/06/2025 Senate Referred to Assignments