Full Text of HB1355 97th General Assembly
HB1355ham001 97TH GENERAL ASSEMBLY | Rep. Karen May Filed: 2/23/2011
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| 1 | | AMENDMENT TO HOUSE BILL 1355
| 2 | | AMENDMENT NO. ______. Amend House Bill 1355 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Department of Revenue Law of the
Civil | 5 | | Administrative Code of Illinois is amended by adding Section | 6 | | 2505-755 as follows: | 7 | | (20 ILCS 2505/2505-755 new) | 8 | | Sec. 2505-755. Deposit of State funds. Notwithstanding any | 9 | | other provision of law, the proceeds from any tax imposed by | 10 | | the State and collected and administered by the Department | 11 | | shall be deposited into the appropriate fund in the State | 12 | | treasury within 3 business days after the proceeds are received | 13 | | by the Department. | 14 | | Section 10. The Illinois Income Tax Act is amended by | 15 | | changing Sections 704 and 803 as follows:
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| 1 | | (35 ILCS 5/704) (from Ch. 120, par. 7-704)
| 2 | | Sec. 704. Employer's Return and Payment of Tax Withheld.
| 3 | | (a) In general, every employer who deducts and withholds or | 4 | | is required
to deduct and withhold tax under this Act prior to | 5 | | January 1, 2008, shall make such payments and
returns as | 6 | | provided in this Section.
| 7 | | (b) Quarter Monthly Payments: Returns. Every employer who | 8 | | deducts
and withholds or is required to deduct and withhold tax | 9 | | under this Act
shall, on or before the third banking day | 10 | | following the close of a quarter
monthly period, pay to the | 11 | | Department or to a depositary designated by the
Department, | 12 | | pursuant to regulations prescribed by the Department, the taxes
| 13 | | so required to be deducted and withheld, whenever the aggregate | 14 | | amount
withheld by such employer (together with amounts | 15 | | previously withheld and
not paid to the Department) exceeds | 16 | | $1,000. For purposes of this Section,
Saturdays, Sundays, legal | 17 | | holidays and local bank holidays are not banking
days. A | 18 | | quarter monthly period, for purposes of this subsection, ends | 19 | | on
the 7th, 15th, 22nd and last day of each calendar month. | 20 | | Every such
employer shall for each calendar quarter, on or | 21 | | before the last day of the
first month following the close of | 22 | | such quarter, and for the calendar year,
on or before January | 23 | | 31 of the succeeding calendar year, make a return with
respect | 24 | | to such taxes in such form and manner as the Department may by
| 25 | | regulations prescribe, and pay to the Department or to a |
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| 1 | | depositary
designated by the Department all withheld taxes not | 2 | | previously paid to
the Department.
| 3 | | (c) Monthly Payments: Returns. Every employer required to | 4 | | deduct and
withhold tax under this Act shall, on or before the | 5 | | 15th day of the second
and third months of each calendar | 6 | | quarter, and on or before the last day of
the month following | 7 | | the last month of each such quarter, pay to the
Department or | 8 | | to a depositary designated by the Department, pursuant to
| 9 | | regulations prescribed by the Department, the taxes so required | 10 | | to be
deducted and withheld, whenever the aggregate amount | 11 | | withheld by such employer
(together with amounts previously | 12 | | withheld and not paid to the
Department) exceeds $500 but does | 13 | | not exceed $1,000. Every such employer
shall for each calendar | 14 | | quarter, on or before the last day of the first
month following | 15 | | the close of such quarter, and for the calendar year, on or
| 16 | | before January 31 of the succeeding calendar year, make a | 17 | | return with
respect to such taxes in such form and manner as | 18 | | the Department may by
regulations prescribe, and pay to the | 19 | | Department or to a depositary
designated by the Department all | 20 | | withheld taxes not previously paid to
the Department.
| 21 | | (d) Annual Payments: Returns. Where the amount of | 22 | | compensation paid
by an employer is not sufficient to require | 23 | | the withholding of tax from the
compensation of any of its | 24 | | employees (or where the aggregate amount
withheld is less than | 25 | | $500), the Department may by regulation permit such
employer to | 26 | | file only an annual return and to pay the taxes required to be
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| 1 | | deducted and withheld at the time of filing such annual return.
| 2 | | (e) Annual Return. The Department may, as it deems | 3 | | appropriate, prescribe
by regulation for the filing of annual | 4 | | returns in lieu of quarterly returns
described in subsections | 5 | | (b) and (c).
| 6 | | (e-5) Annual Return and Payment. On and after January 1, | 7 | | 1998,
notwithstanding subsections (b) through (d) of this | 8 | | Section, every employer who
deducts and withholds or is | 9 | | required to deduct and withhold tax from a person
engaged in | 10 | | domestic service employment, as that term is defined in Section | 11 | | 3510
of the Internal Revenue Code, may comply with the | 12 | | requirements of this Section
by filing an annual return and | 13 | | paying the taxes required to be deducted and
withheld on or | 14 | | before the 15th day of the fourth month following the close of
| 15 | | the employer's taxable year. The annual return may be submitted | 16 | | with the
employer's individual income tax return.
| 17 | | (e-10) Annual Return and Payment. On and after the | 18 | | effective date of this amendatory Act of the 97th General | 19 | | Assembly, every employer who
deducts and withholds or is | 20 | | required to deduct and withhold tax from fewer than 5 employees | 21 | | during the taxable year may comply with the requirements of | 22 | | this Section
by filing an annual return and paying the taxes | 23 | | required to be deducted and
withheld on or before the 15th day | 24 | | of the fourth month following the close of
the employer's | 25 | | taxable year. The annual return may be submitted with the
| 26 | | employer's income tax return. |
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| 1 | | (f) Magnetic Media Filing. Forms W-2 that, pursuant to
the | 2 | | Internal Revenue Code and regulations promulgated thereunder, | 3 | | are
required to be submitted to the Internal Revenue Service on | 4 | | magnetic media,
must also be submitted to the Department on | 5 | | magnetic media for Illinois
purposes, if required by the | 6 | | Department.
| 7 | | (Source: P.A. 95-8, eff. 6-29-07.)
| 8 | | (35 ILCS 5/803) (from Ch. 120, par. 8-803)
| 9 | | Sec. 803. Payment of Estimated Tax.
| 10 | | (a) Every taxpayer other than an
estate, trust, | 11 | | partnership, Subchapter S corporation , business employing | 12 | | fewer than 5 employees, or farmer is required
to pay estimated | 13 | | tax for the taxable year, in such amount and with such
forms as | 14 | | the Department shall prescribe, if the amount payable as | 15 | | estimated
tax can reasonably be expected to be more than (i) | 16 | | $250 for taxable years
ending before December 31, 2001 and $500 | 17 | | for taxable years ending on or
after December 31, 2001 or (ii) | 18 | | $400 for
corporations.
| 19 | | (b) Estimated tax defined. The term "estimated tax" means | 20 | | the excess of:
| 21 | | (1) The amount which the taxpayer estimates to be his | 22 | | tax under this Act
for the taxable year, over
| 23 | | (2) The amount which he estimates to be the sum of any | 24 | | amounts to be
withheld on account of or credited against | 25 | | such tax.
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| 1 | | (c) Joint payment. If they are eligible to do so for | 2 | | federal tax
purposes, a husband and wife may pay estimated tax | 3 | | as if they were one
taxpayer, in which case the liability with | 4 | | respect to the estimated tax
shall be joint and several. If a | 5 | | joint payment is made but the husband and
wife elect to | 6 | | determine their taxes under this Act separately, the
estimated | 7 | | tax for such year may be treated as the estimated tax of either
| 8 | | husband or wife, or may be divided between them, as they may | 9 | | elect.
| 10 | | (d) There shall be paid 4 equal installments of estimated | 11 | | tax for
each taxable year, payable as follows:
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12 | | Required Installment: |
Due Date: |
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13 | | 1st |
April 15 |
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14 | | 2nd |
June 15 |
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15 | | 3rd |
September 15 |
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16 | | 4th |
Individuals: January 15 of the |
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17 | | |
following taxable year |
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18 | | |
Corporations: December 15 |
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19 | | (e) Farmers. An individual, having gross income from | 20 | | farming for the
taxable year which is at least 2/3 of his total | 21 | | estimated gross income for such year.
| 22 | | (f) Application to short taxable years. The application of | 23 | | this
section to taxable years of less than 12 months shall be | 24 | | in accordance with
regulations prescribed by the Department.
| 25 | | (g) Fiscal years. In the application of this section to the | 26 | | case of a
taxable year beginning on any date other than January |
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| 1 | | 1, there shall be
substituted, for the months specified in | 2 | | subsections (d) and
(e), the
months which correspond thereto.
| 3 | | (h) Installments paid in advance. Any installment of | 4 | | estimated
tax may be paid before the date prescribed for its | 5 | | payment.
| 6 | | The changes in this Section made by this amendatory Act of | 7 | | 1985 shall
apply to taxable years ending on or after January 1, | 8 | | 1986.
| 9 | | (Source: P.A. 91-913, eff. 1-1-01.)
| 10 | | Section 15. The Unemployment Insurance Act is amended by | 11 | | changing Section 1400.2 as follows: | 12 | | (820 ILCS 405/1400.2) | 13 | | Sec. 1400.2. Annual reporting and paying; household | 14 | | workers. This Section applies to an employer who solely employs | 15 | | fewer than 5 workers, or any number of one or more household | 16 | | workers , with respect to whom the employer files federal | 17 | | unemployment taxes as part of his or her federal income tax | 18 | | return, or could file federal unemployment taxes as part of his | 19 | | or her federal income tax return if the worker or workers were | 20 | | providing services in employment for purposes of the federal | 21 | | unemployment tax. For purposes of this Section, "household | 22 | | worker" means a person who provides domestic service in a | 23 | | private home of the employer, as defined in has the meaning | 24 | | ascribed to it for purposes of Section 3510 of the federal |
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| 1 | | Internal Revenue
Code. If an employer to whom this Section | 2 | | applies notifies the Director, in writing, that he or she | 3 | | wishes to pay his or her contributions for each quarter and | 4 | | submit his or her wage and contribution reports for each | 5 | | quarter on an annual basis, then the due date for filing the | 6 | | reports and paying the contributions shall be April 15 of the | 7 | | calendar year immediately following the close of the quarters | 8 | | to which the reports and contributions apply, except that the | 9 | | Director may, by rule, establish a different due date for good | 10 | | cause.
| 11 | | (Source: P.A. 94-723, eff. 1-19-06.)
| 12 | | Section 99. Effective date. This Act takes effect upon | 13 | | becoming law.".
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