Full Text of SB1741 97th General Assembly
SB1741 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 SB1741 Introduced 2/9/2011, by Sen. David Luechtefeld SYNOPSIS AS INTRODUCED: |
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35 ILCS 5/803 | from Ch. 120, par. 8-803 |
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Amends the Illinois Income Tax Act. In a Section concerning estimated taxes, provides that, if a taxpayer is entitled to a refund after the payment of the fourth installment, then he or she may apply the amount of the refund to the first installment due in the next taxable year.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Income Tax Act is amended by | 5 | | changing 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, | 9 | | partnership, Subchapter S corporation or farmer is required
to | 10 | | pay estimated tax for the taxable year, in such amount and with | 11 | | such
forms as the Department shall prescribe, if the amount | 12 | | payable as estimated
tax can reasonably be expected to be more | 13 | | than (i) $250 for taxable years
ending before December 31, 2001 | 14 | | and $500 for taxable years ending on or
after December 31, 2001 | 15 | | or (ii) $400 for
corporations.
| 16 | | (b) Estimated tax defined. The term "estimated tax" means | 17 | | the 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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| 1 | | federal tax
purposes, a husband and wife may pay estimated tax | 2 | | as if they were one
taxpayer, in which case the liability with | 3 | | respect to the estimated tax
shall be joint and several. If a | 4 | | joint payment is made but the husband and
wife elect to | 5 | | determine their taxes under this Act separately, the
estimated | 6 | | tax for such year may be treated as the estimated tax of either
| 7 | | husband or wife, or may be divided between them, as they may | 8 | | elect.
| 9 | | (d) There shall be paid 4 equal installments of estimated | 10 | | tax for
each taxable year, payable as follows:
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11 | | Required Installment: |
Due Date: |
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12 | | 1st |
April 15 |
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13 | | 2nd |
June 15 |
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14 | | 3rd |
September 15 |
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15 | | 4th |
Individuals: January 15 of the |
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following taxable year |
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Corporations: December 15 |
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18 | | (e) Farmers. An individual, having gross income from | 19 | | farming for the
taxable year which is at least 2/3 of his total | 20 | | estimated gross income for such year.
| 21 | | (f) Application to short taxable years. The application of | 22 | | this
section to taxable years of less than 12 months shall be | 23 | | in accordance with
regulations prescribed by the Department.
| 24 | | (g) Fiscal years. In the application of this section to the | 25 | | case of a
taxable year beginning on any date other than January | 26 | | 1, there shall be
substituted, for the months specified in |
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| 1 | | subsections (d) and
(e), the
months which correspond thereto.
| 2 | | (h) Installments paid in advance. Any installment of | 3 | | estimated
tax may be paid before the date prescribed for its | 4 | | payment.
| 5 | | (i) If a taxpayer is entitled to a refund after the payment | 6 | | of the fourth installment, then he or she may apply the amount | 7 | | of the refund to the first installment due in the next taxable | 8 | | year. | 9 | | The changes in this Section made by this amendatory Act of | 10 | | 1985 shall
apply to taxable years ending on or after January 1, | 11 | | 1986.
| 12 | | (Source: P.A. 91-913, eff. 1-1-01.)
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