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| Public Act 101-0355 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Income Tax Act is amended by | ||||
changing Section 803 as follows:
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(35 ILCS 5/803) (from Ch. 120, par. 8-803)
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Sec. 803. Payment of Estimated Tax.
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(a) Every taxpayer other than an
estate, trust, | ||||
partnership, Subchapter S corporation or farmer is required
to | ||||
pay estimated tax for the taxable year, in such amount and with | ||||
such
forms as the Department shall prescribe, if the amount | ||||
payable as estimated
tax can reasonably be expected to be more | ||||
than (i) $250 for taxable years
ending before December 31, | ||||
2001, and $500 for taxable years ending on or
after December | ||||
31, 2001 and before December 31, 2019, and $1,000 for taxable | ||||
years ending on or after December 31, 2019, or (ii) $400 for
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corporations.
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(b) Estimated tax defined. The term "estimated tax" means | ||||
the excess of:
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(1) The amount which the taxpayer estimates to be his | ||||
tax under this Act
for the taxable year, over
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(2) The amount which he estimates to be the sum of any | ||||
amounts to be
withheld on account of or credited against | ||||
such tax.
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(c) Joint payment. If they are eligible to do so for | ||||||||||||||||
federal tax
purposes, a husband and wife may pay estimated tax | ||||||||||||||||
as if they were one
taxpayer, in which case the liability with | ||||||||||||||||
respect to the estimated tax
shall be joint and several. If a | ||||||||||||||||
joint payment is made but the husband and
wife elect to | ||||||||||||||||
determine their taxes under this Act separately, the
estimated | ||||||||||||||||
tax for such year may be treated as the estimated tax of either
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husband or wife, or may be divided between them, as they may | ||||||||||||||||
elect.
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(d) There shall be paid 4 equal installments of estimated | ||||||||||||||||
tax for
each taxable year, payable as follows:
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(e) Farmers. An individual, having gross income from | ||||||||||||||||
farming for the
taxable year which is at least 2/3 of his total | ||||||||||||||||
estimated gross income for such year.
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(f) Application to short taxable years. The application of | ||||||||||||||||
this
section to taxable years of less than 12 months shall be | ||||||||||||||||
in accordance with
regulations prescribed by the Department.
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(g) Fiscal years. In the application of this section to the | ||||||||||||||||
case of a
taxable year beginning on any date other than January | ||
1, there shall be
substituted, for the months specified in | ||
subsections (d) and
(e), the
months which correspond thereto.
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(h) Installments paid in advance. Any installment of | ||
estimated
tax may be paid before the date prescribed for its | ||
payment.
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The changes in this Section made by this amendatory Act of | ||
1985 shall
apply to taxable years ending on or after January 1, | ||
1986.
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(Source: P.A. 91-913, eff. 1-1-01.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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