Illinois HB 2697: INC TX-ESTIMATED TAX

What it does

The legislature's own summary of the bill, or its official long title.

Amends the Illinois Income Tax Act. In provisions concerning the estimated tax, provides that the required annual payment is the lesser of: (i) 90% of the tax shown on the return for the taxable year, or if no return is filed, 90% of the tax for the year; (ii) 100% of the tax shown on the return of the taxpayer for the preceding taxable year if a return showing a liability for tax was filed by the taxpayer for the…

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Amends the Illinois Income Tax Act. In provisions concerning the estimated tax, provides that the required annual payment is the lesser of: (i) 90% of the tax shown on the return for the taxable year, or if no return is filed, 90% of the tax for the year; (ii) 100% of the tax shown on the return of the taxpayer for the preceding taxable year if a return showing a liability for tax was filed by the taxpayer for the preceding taxable year and the preceding year was a taxable year of 12 months; or (iii) 90% of the tax for the taxable year that would have been due based on the Act as it exists on the first day of the taxable year. Effective immediately.

Every action

6 steps, oldest first, as the legislature records them.

Feb 4, 2025HouseFiled with the Clerk by Rep. Curtis J. Tarver, II
Feb 6, 2025HouseFirst Reading
Feb 6, 2025CommitteeReferred to Rules Committee · House Rules
Mar 4, 2025CommitteeAssigned to Revenue & Finance Committee · House Revenue & Finance
Mar 6, 2025CommitteeTo Tax Policy: Income Tax Subcommittee · House Tax Policy: Income Tax Subcommittee
Mar 21, 2025CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules

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What it does

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