HB2697 amends the Illinois Income Tax Act to adjust the calculation of required annual payments for estimated tax.
HB2697 modifies the Illinois Income Tax Act by changing how the required annual payment for estimated tax is calculated. The bill sets the required annual payment as the lesser of 90% of the tax shown on the return for the taxable year or 90% of the tax for the year if no return is filed. It also introduces a new method for calculating required installments based on the number of months in the taxable year. The bill applies to tax years ending on or after December 31, 1998.
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- Legal Framework
- Critical Issues
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