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90_HB2113
35 ILCS 5/803 from Ch. 120, par. 8-803
Amends the Illinois Income Tax Act. Requires certain
taxpayers to pay estimated tax if the amount payable as
estimated tax can reasonably be expected to be more than $500
(now, $250). Effective January 1, 1998.
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1 AN ACT to amend the Illinois Income Tax Act by changing
2 Section 803.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 changing Section 803 as follows:
7 (35 ILCS 5/803) (from Ch. 120, par. 8-803)
8 Sec. 803. Payment of Estimated Tax.
9 (a) Every taxpayer other than an estate, trust,
10 partnership, Subchapter S corporation or farmer is required
11 to pay estimated tax for the taxable year, in such amount and
12 with such forms as the Department shall prescribe, if the
13 amount payable as estimated tax can reasonably be expected to
14 be more than $500 $250 or $400 for corporations.
15 (b) Estimated tax defined. The term "estimated tax"
16 means the excess of:
17 (1) The amount which the taxpayer estimates to be his
18 tax under this Act for the taxable year, over
19 (2) The amount which he estimates to be the sum of any
20 amounts to be withheld on account of or credited against such
21 tax.
22 (c) Joint payment. If they are eligible to do so for
23 federal tax purposes, a husband and wife may pay estimated
24 tax as if they were one taxpayer, in which case the liability
25 with respect to the estimated tax shall be joint and several.
26 If a joint payment is made but the husband and wife elect to
27 determine their taxes under this Act separately, the
28 estimated tax for such year may be treated as the estimated
29 tax of either husband or wife, or may be divided between
30 them, as they may elect.
31 (d) There shall be paid 4 equal installments of
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1 estimated tax for each taxable year, payable as follows:
2 Required Installment: Due Date:
3 1st April 15
4 2nd June 15
5 3rd September 15
6 4th Individuals: January 15 of the
7 following taxable year
8 Corporations: December 15
9 (e) Farmers. An individual, having gross income from
10 farming for the taxable year which is at least 2/3 of his
11 total estimated gross income for such year.
12 (f) Application to short taxable years. The application
13 of this section to taxable years of less than 12 months shall
14 be in accordance with regulations prescribed by the
15 Department.
16 (g) Fiscal years. In the application of this section to
17 the case of a taxable year beginning on any date other than
18 January 1, there shall be substituted, for the months
19 specified in subsections (d) and (e), the months which
20 correspond thereto.
21 (h) Installments paid in advance. Any installment of
22 estimated tax may be paid before the date prescribed for its
23 payment.
24 The changes in this Section made by this amendatory Act
25 of 1985 shall apply to taxable years ending on or after
26 January 1, 1986.
27 (Source: P.A. 86-678.)
28 Section 99. Effective date. This Act takes effect
29 January 1, 1998.