Bill > HB4089

This bill amends the Illinois Income Tax Act to change the estimated tax payment requirements for eligible taxpayers. Specifically, the bill raises the threshold for mandatory estimated tax payments from $1,000 to $25,000 for taxable years ending on or after December 31, 2026. An "eligible taxpayer" is defined as a taxpayer who is not an estate, trust, partnership, Subchapter S corporation, or farmer. The bill creates a new definition of "estimated tax minimum amount" with graduated thresholds over time, starting at $250 for years before 2001, increasing to $1,000 for years between 2019 and 2026, and then jumping to $25,000 for years after 2026. The bill maintains the existing requirement of four equal installment payments throughout the year, with specific due dates for individuals and corporations. The change aims to adjust the estimated tax payment requirements to potentially reduce the burden on certain taxpayers by raising the minimum threshold for mandatory estimated tax payments. The bill takes effect immediately upon becoming law.

https://www.ilga.gov/Legislation/BillStatus?DocNum=4089&GAID=18&DocTypeID=HB&SessionID=114&GA=104