|
|
||||
| Public Act 096-0468 |
||||
| ||||
| ||||
AN ACT concerning revenue.
| ||||
Be it enacted by the People of the State of Illinois,
| ||||
represented in the General Assembly:
| ||||
Section 5. The Illinois Income Tax Act is amended by | ||||
changing Section 601 as follows:
| ||||
(35 ILCS 5/601) (from Ch. 120, par. 6-601)
| ||||
Sec. 601. Payment on Due Date of Return.
| ||||
(a) In general. Every taxpayer required to file a return | ||||
under
this Act shall, without assessment, notice or demand, pay | ||||
any tax due
thereon to the Department, at the place fixed for | ||||
filing, on or before
the date fixed for filing such return | ||||
(determined without regard to any
extension of time for filing | ||||
the return) pursuant to regulations
prescribed by the | ||||
Department.
If, however, the due date for payment of a | ||||
taxpayer's federal income tax
liability for a tax year (as | ||||
provided in the Internal Revenue Code or by
Treasury | ||||
regulation, or as extended by the Internal Revenue Service) is | ||||
later
than the date fixed for filing the taxpayer's Illinois | ||||
income tax return for
that tax year, the Department may, by | ||||
rule, prescribe a due date for payment
that is not later than | ||||
the due date for payment of the taxpayer's federal
income tax | ||||
liability. For purposes of the Illinois Administrative | ||||
Procedure
Act, the adoption of rules to prescribe a later due | ||||
date for payment shall be
deemed an emergency and necessary for | ||
the public interest, safety, and
welfare.
| ||
(b) Amount payable. In making payment as provided in this
| ||
section there shall remain payable only the balance of such tax
| ||
remaining due after giving effect to the following:
| ||
(1) Withheld tax. Any amount withheld during any | ||
calendar year
pursuant to Article 7 from compensation paid | ||
to a taxpayer shall be
deemed to have been paid on account | ||
of any tax imposed by subsections 201(a)
and (b) of this | ||
Act on
such taxpayer for his taxable year beginning in such | ||
calendar year. If
more than one taxable year begins in a | ||
calendar year, such amount shall
be deemed to have been | ||
paid on account of such tax for the last taxable
year so | ||
beginning.
| ||
(2) Estimated and tentative tax payments. Any amount of | ||
estimated tax
paid by a taxpayer pursuant to Article 8 for | ||
a taxable year shall be deemed to
have been paid on account | ||
of the tax imposed by this Act for such
taxable year.
| ||
(3) Foreign tax. The aggregate amount of tax which is | ||
imposed
upon or measured by income and which is paid by a | ||
resident for a taxable
year to another state or states on | ||
income which is also subject to the tax
imposed by | ||
subsections 201(a) and (b) of this Act shall be credited | ||
against
the tax imposed by subsections 201(a) and (b) | ||
otherwise due under
this Act for such taxable year. For | ||
taxable years ending prior to December 31, 2009, the The | ||
aggregate credit provided under this
paragraph shall not | ||
exceed that amount which bears the same ratio to the tax
| ||
imposed by subsections 201(a) and (b) otherwise due under | ||
this Act as the
amount of the taxpayer's base income | ||
subject to tax both by such other state or
states and by | ||
this State bears to his total base income subject to tax by | ||
this
State for the taxable year. For taxable years ending | ||
on or after December 31, 2009, the credit provided under | ||
this paragraph for tax paid to other states shall not | ||
exceed that amount which bears the same ratio to the tax | ||
imposed by subsections 201(a) and (b) otherwise due under | ||
this Act as the amount of the taxpayer's base income that | ||
would be allocated or apportioned to other states if all | ||
other states had adopted the provisions in Article 3 of | ||
this Act bears to the taxpayer's total base income subject | ||
to tax by this State for the taxable year. The credit | ||
provided by this paragraph shall
not be allowed if any | ||
creditable tax was deducted in determining base income
for | ||
the taxable year. Any person claiming such credit shall | ||
attach a
statement in support thereof and shall notify the | ||
Director of any refund
or reductions in the amount of tax | ||
claimed as a credit hereunder all in
such manner and at | ||
such time as the Department shall by regulations prescribe.
| ||
(4) Accumulation and capital gain distributions. If | ||
the net
income of a taxpayer includes amounts included in | ||
his base income by
reason of Section 668 or 669 of the | ||
Internal Revenue Code (relating to
accumulation and | ||
capital gain distributions by a trust, respectively),
the | ||
tax imposed on such taxpayer by this Act shall be credited | ||
with his
pro rata portion of the taxes imposed by this Act | ||
on such trust for
preceding taxable years which would not | ||
have been payable for such
preceding years if the trust had | ||
in fact made distributions to its
beneficiaries at the | ||
times and in the amounts specified in Sections 666
and 669 | ||
of the Internal Revenue Code. The credit provided by this
| ||
paragraph shall not reduce the tax otherwise due from the | ||
taxpayer to an
amount less than that which would be due if | ||
the amounts included by
reason of Sections 668 and 669 of | ||
the Internal Revenue Code were
excluded from his base | ||
income.
| ||
(c) Cross reference. For application against tax due of
| ||
overpayments of tax for a prior year, see Section 909.
| ||
(Source: P.A. 94-247, eff. 1-1-06.)
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law.
| ||