Bill > SB2041

This bill amends the Illinois Income Tax Act to modify how estimated tax payments are calculated for taxpayers. Specifically, the bill updates the definition of "required annual payment" to include a new provision: taxpayers can now calculate their estimated tax payment as the lesser of three options. These options are: (1) 90% of the tax shown on their current year's tax return (or 90% of the tax if no return is filed), (2) 100% of the tax shown on the previous year's tax return (if that return was for a full 12-month period), or (3) a new option: 90% of the tax that would have been due based on the tax law as it existed on the first day of the taxable year. This change provides taxpayers with additional flexibility in estimating and paying their annual tax liability, potentially helping them avoid penalties for underpayment of estimated taxes. The bill takes effect immediately, which means taxpayers can apply these new calculation methods for the current tax year.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2041&GAID=18&DocTypeID=SB&SessionID=114&GA=104