SB2041 amends the Illinois Income Tax Act to adjust the required annual payment for estimated tax.

SB2041 modifies the Illinois Income Tax Act by changing the required annual payment for estimated tax. The bill sets the required annual payment as the lesser of 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return of the taxpayer for the preceding taxable year if a return showing a liability for tax was filed. The bill also outlines specific percentages for required installments and exceptions to the penalty for underpayment of estimated tax. The changes apply to tax years ending on or after January 1, 1986.

SB2041 amends the Illinois Income Tax Act to adjust the required annual payment for estimated tax.

SB2041 modifies the Illinois Income Tax Act by changing the required annual payment for estimated tax. The bill sets the required annual payment as the lesser of 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return of the taxpayer for the preceding taxable year if a return showing a liability for tax was filed. The bill also outlines specific percentages for required installments and exceptions to the penalty for underpayment of estimated tax. The changes apply to tax years ending on or after January 1, 1986.