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Sen. Pamela J. Althoff
Filed: 2/16/2017
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| 1 | | AMENDMENT TO SENATE BILL 604
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 604 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Illinois Income Tax Act is amended by |
| 5 | | changing Section 803 as follows:
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| 6 | | (35 ILCS 5/803) (from Ch. 120, par. 8-803)
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| 7 | | Sec. 803. Payment of Estimated Tax.
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| 8 | | (a) Every taxpayer other than an
estate, trust, |
| 9 | | partnership, Subchapter S corporation or farmer is required
to |
| 10 | | pay estimated tax for the taxable year, in such amount and with |
| 11 | | such
forms as the Department shall prescribe, if the amount |
| 12 | | payable as estimated
tax can reasonably be expected to be more |
| 13 | | than (i) $250 for taxable years
ending before December 31, |
| 14 | | 2001, and $500 for taxable years ending on or
after December |
| 15 | | 31, 2001 and before December 31, 2018, and $1,000 for taxable |
| 16 | | years ending on or after December 31, 2018, or (ii) for |
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| 1 | | corporations, $400 for taxable years ending before December 31, |
| 2 | | 2018, and $1,000 for taxable years ending on or after December |
| 3 | | 31, 2018 for
corporations.
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| 4 | | (b) Estimated tax defined. The term "estimated tax" means |
| 5 | | the excess of:
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| 6 | | (1) The amount which the taxpayer estimates to be his |
| 7 | | tax under this Act
for the taxable year, over
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| 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.
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| 11 | | (c) Joint payment. If they are eligible to do so for |
| 12 | | federal tax
purposes, a husband and wife may pay estimated tax |
| 13 | | as if they were one
taxpayer, in which case the liability with |
| 14 | | respect to the estimated tax
shall be joint and several. If a |
| 15 | | joint payment is made but the husband and
wife elect to |
| 16 | | determine their taxes under this Act separately, the
estimated |
| 17 | | tax for such year may be treated as the estimated tax of either
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| 18 | | husband or wife, or may be divided between them, as they may |
| 19 | | elect.
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| 20 | | (d) There shall be paid 4 equal installments of estimated |
| 21 | | tax for
each taxable year, payable as follows:
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| 22 | | Required Installment: |
Due Date: |
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| 23 | | 1st |
April 15 |
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| 24 | | 2nd |
June 15 |
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| 25 | | 3rd |
September 15 |
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| 26 | | 4th |
Individuals: January 15 of the |
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| 1 | | |
following taxable year |
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| 2 | | |
Corporations: December 15 |
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| 3 | | (e) Farmers. An individual, having gross income from |
| 4 | | farming for the
taxable year which is at least 2/3 of his total |
| 5 | | estimated gross income for such year.
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| 6 | | (f) Application to short taxable years. The application of |
| 7 | | this
section to taxable years of less than 12 months shall be |
| 8 | | in accordance with
regulations prescribed by the Department.
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| 9 | | (g) Fiscal years. In the application of this section to the |
| 10 | | case of a
taxable year beginning on any date other than January |
| 11 | | 1, there shall be
substituted, for the months specified in |
| 12 | | subsections (d) and
(e), the
months which correspond thereto.
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| 13 | | (h) Installments paid in advance. Any installment of |
| 14 | | estimated
tax may be paid before the date prescribed for its |
| 15 | | payment.
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| 16 | | The changes in this Section made by this amendatory Act of |
| 17 | | 1985 shall
apply to taxable years ending on or after January 1, |
| 18 | | 1986.
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| 19 | | (Source: P.A. 91-913, eff. 1-1-01.)".
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