HB4089

Illinois HB4089 amends the Illinois Income Tax Act to increase the estimated tax minimum amount for eligible taxpayers.

Illinois HB4089 amends the Illinois Income Tax Act to change the estimated tax minimum amount for eligible taxpayers. For taxable years ending on or after December 31, 2026, the minimum amount payable as estimated tax increases to $25,000 for eligible taxpayers that are not corporations. This change affects individual taxpayers and corporations, excluding estates, trusts, partnerships, Subchapter S corporations, and farmers. The bill also specifies the due dates for estimated tax installments and allows for joint payments by married couples.