Illinois General Assembly - Full Text of SB1741
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Full Text of SB1741  97th General Assembly




SB1741 EngrossedLRB097 09989 HLH 50159 b

1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Income Tax Act is amended by
5changing Section 803 as follows:
6    (35 ILCS 5/803)  (from Ch. 120, par. 8-803)
7    Sec. 803. Payment of Estimated Tax.
8    (a) Every taxpayer other than an estate, trust,
9partnership, Subchapter S corporation or farmer is required to
10pay estimated tax for the taxable year, in such amount and with
11such forms as the Department shall prescribe, if the amount
12payable as estimated tax can reasonably be expected to be more
13than (i) $250 for taxable years ending before December 31, 2001
14and $500 for taxable years ending on or after December 31, 2001
15or (ii) $400 for corporations.
16    (b) Estimated tax defined. The term "estimated tax" means
17the excess of:
18        (1) The amount which the taxpayer estimates to be his
19    tax under this Act for the taxable year, over
20        (2) The amount which he estimates to be the sum of any
21    amounts to be withheld on account of or credited against
22    such tax.
23    (c) Joint payment. If they are eligible to do so for



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1federal tax purposes, a husband and wife may pay estimated tax
2as if they were one taxpayer, in which case the liability with
3respect to the estimated tax shall be joint and several. If a
4joint payment is made but the husband and wife elect to
5determine their taxes under this Act separately, the estimated
6tax for such year may be treated as the estimated tax of either
7husband or wife, or may be divided between them, as they may
9    (d) There shall be paid 4 equal installments of estimated
10tax for each taxable year, payable as follows:
11Required Installment:Due Date:
121stApril 15
132ndJune 15
143rdSeptember 15
154thIndividuals: January 15 of the
16following taxable year
17Corporations: December 15
18    (e) Farmers. An individual, having gross income from
19farming for the taxable year which is at least 2/3 of his total
20estimated gross income for such year.
21    (f) Application to short taxable years. The application of
22this section to taxable years of less than 12 months shall be
23in accordance with regulations prescribed by the Department.
24    (g) Fiscal years. In the application of this section to the
25case of a taxable year beginning on any date other than January
261, there shall be substituted, for the months specified in



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1subsections (d) and (e), the months which correspond thereto.
2    (h) Installments paid in advance. Any installment of
3estimated tax may be paid before the date prescribed for its
5    (i) If a taxpayer is entitled to a refund after the payment
6of the fourth installment, then he or she may apply the amount
7of the refund to the first installment due in the next taxable
9    The changes in this Section made by this amendatory Act of
101985 shall apply to taxable years ending on or after January 1,
12(Source: P.A. 91-913, eff. 1-1-01.)