100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB0604
 
Introduced 1/24/2017, by Sen. Pamela J. Althoff
 
SYNOPSIS AS INTRODUCED:
 

 



35 ILCS 5/803  from Ch. 120, par. 8-803

     Amends the Illinois Income Tax Act.  Provides that taxpayers (other than estates, trusts, partnerships, Subchapter S corporations, and farmers) are required to pay estimated tax if the amount payable can reasonably be expected to be more than $1,000 (currently, $500).  Provides that corporations are required to pay estimated tax if the amount payable can reasonably be expected to be more than $400 (which is the same as current law).
  


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FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
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1    AN ACT concerning revenue.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
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, 2017, and $1,000 for taxable 
16years ending on or after December 31, 2017, or (ii) $400 for

17corporations.

18    (b) Estimated tax defined.  The term "estimated tax" means 
19the excess of:


20        (1) The amount which the taxpayer estimates to be his 
21    tax under this Act
for the taxable year, over


22        (2) The amount which he estimates to be the sum of any 
23    amounts to be
withheld on account of or credited against 


 
 
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1    such tax.

2    (c) Joint payment.  If they are eligible to do so for 
3federal tax
purposes, a husband and wife may pay estimated tax 
4as if they were one
taxpayer, in which case the liability with 
5respect to the estimated tax
shall be joint and several.  If a 
6joint payment is made but the husband and
wife elect to 
7determine their taxes under this Act separately, the
estimated 
8tax for such year may be treated as the estimated tax of either

9husband or wife, or may be divided between them, as they may 
10elect.

11    (d) There shall be paid 4 equal installments of estimated 
12tax for
each taxable year, payable as follows:





































13Required Installment:Due Date:
141stApril 15
152ndJune 15
163rdSeptember 15
174thIndividuals: January 15 of the
18following taxable year
19Corporations: December 15
20    (e) Farmers.  An individual, having gross income from 
21farming for the
taxable year which is at least 2/3 of his total 
22estimated gross income for such year.

23    (f) Application to short taxable years. The application of 
24this
section to taxable years of less than 12 months shall be 
25in accordance with
regulations prescribed by the Department.

26    (g) Fiscal years. In the application of this section to the 
 
 
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1case of a
taxable year beginning on any date other than January 
21, there shall be
substituted, for the months specified in 
3subsections (d) and
(e), the
months which correspond thereto.

4    (h) Installments paid in advance. Any installment of 
5estimated
tax may be paid before the date prescribed for its 
6payment.

7    The changes in this Section made by this amendatory Act of 
81985 shall
apply to taxable years ending on or after January 1, 
91986.

10(Source: P.A. 91-913, eff. 1-1-01.)