Illinois SB2021 amends the Illinois Income Tax Act to remove the pass-through entity level election limitation for tax years beginning prior to.
Illinois SB2021 amends the Illinois Income Tax Act by removing the provision that limits the pass-through entity level election to tax years beginning prior to January 1, 2026. This change allows partnerships and Subchapter S corporations to continue to elect to apply the entity-level tax provisions beyond the previously specified date. The bill also includes provisions for various tax credits related to investment in qualified property, environmental remediation, and other specified activities within Illinois. Effective immediately upon enactment.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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