Rep. Joe Sosnowski

Filed: 3/16/2015

 

 


 

 


 
09900HB3995ham001LRB099 11061 HLH 32216 a

1
AMENDMENT TO HOUSE BILL 3995

2    AMENDMENT NO. ______. Amend House Bill 3995 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Income Tax Act is amended by
5changing Section 803 as follows:
 
6    (35 ILCS 5/803)  (from Ch. 120, par. 8-803)
7    Sec. 803. Payment of Estimated Tax.
8    (a) Every taxpayer other than an estate, trust,
9partnership, Subchapter S corporation or farmer is required to
10pay estimated tax for the taxable year, in such amount and with
11such forms as the Department shall prescribe, if the amount
12payable as estimated tax can reasonably be expected to be more
13than (i) $250 for taxable years ending before December 31,
142001, and $500 for taxable years ending on or after December
1531, 2001 and before December 31, 2015, and $1,000 for taxable
16years ending on or after December 31, 2015; or (ii) for

 

 

09900HB3995ham001- 2 -LRB099 11061 HLH 32216 a

1corporations, $400 for taxable years ending before December 31,
22015 and $1,000 for taxable years ending on or after December
331, 2015 for corporations.
4    (b) Estimated tax defined. The term "estimated tax" means
5the excess of:
6        (1) The amount which the taxpayer estimates to be his
7    tax under this Act for the taxable year, over
8        (2) The amount which he estimates to be the sum of any
9    amounts to be withheld on account of or credited against
10    such tax.
11    (c) Joint payment. If they are eligible to do so for
12federal tax purposes, a husband and wife may pay estimated tax
13as if they were one taxpayer, in which case the liability with
14respect to the estimated tax shall be joint and several. If a
15joint payment is made but the husband and wife elect to
16determine their taxes under this Act separately, the estimated
17tax for such year may be treated as the estimated tax of either
18husband or wife, or may be divided between them, as they may
19elect.
20    (d) There shall be paid 4 equal installments of estimated
21tax for each taxable year, payable as follows:
22Required Installment:Due Date:
231stApril 15
242ndJune 15
253rdSeptember 15
264thIndividuals: January 15 of the

 

 

09900HB3995ham001- 3 -LRB099 11061 HLH 32216 a

1following taxable year
2Corporations: December 15
3    (e) Farmers. An individual, having gross income from
4farming for the taxable year which is at least 2/3 of his total
5estimated gross income for such year.
6    (f) Application to short taxable years. The application of
7this section to taxable years of less than 12 months shall be
8in accordance with regulations prescribed by the Department.
9    (g) Fiscal years. In the application of this section to the
10case of a taxable year beginning on any date other than January
111, there shall be substituted, for the months specified in
12subsections (d) and (e), the months which correspond thereto.
13    (h) Installments paid in advance. Any installment of
14estimated tax may be paid before the date prescribed for its
15payment.
16    The changes in this Section made by this amendatory Act of
171985 shall apply to taxable years ending on or after January 1,
181986.
19(Source: P.A. 91-913, eff. 1-1-01.)".