Bill Amendment: IL SB0604 | 2017-2018 | 100th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: INC TX-ESTIMATED TAX

Status: 2019-01-09 - Session Sine Die [SB0604 Detail]

Download: Illinois-2017-SB0604-Senate_Amendment_001.html

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Sen. Pamela J. Althoff

Filed: 2/16/2017

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AMENDMENT TO SENATE BILL 604
AMENDMENT NO. ______. Amend Senate Bill 604 by replacing
everything after the enacting clause with the following:
"Section 5. The Illinois Income Tax Act is amended by
changing Section 803 as follows:
(35 ILCS 5/803) (from Ch. 120, par. 8-803)
Sec. 803. Payment of Estimated Tax.
(a) Every taxpayer other than an estate, trust,
partnership, Subchapter S corporation or farmer is required to
pay estimated tax for the taxable year, in such amount and with
such forms as the Department shall prescribe, if the amount
payable as estimated tax can reasonably be expected to be more
than (i) $250 for taxable years ending before December 31,
2001, and $500 for taxable years ending on or after December
31, 2001 and before December 31, 2018, and $1,000 for taxable
years ending on or after December 31, 2018, or (ii) for

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corporations, $400 for taxable years ending before December 31,
2018, and $1,000 for taxable years ending on or after December
31, 2018 for corporations.
(b) Estimated tax defined. The term "estimated tax" means
the excess of:
(1) The amount which the taxpayer estimates to be his
tax under this Act for the taxable year, over
(2) The amount which he estimates to be the sum of any
amounts to be withheld on account of or credited against
such tax.
(c) Joint payment. If they are eligible to do so for
federal tax purposes, a husband and wife may pay estimated tax
as if they were one taxpayer, in which case the liability with
respect to the estimated tax shall be joint and several. If a
joint payment is made but the husband and wife elect to
determine their taxes under this Act separately, the estimated
tax for such year may be treated as the estimated tax of either
husband or wife, or may be divided between them, as they may
elect.
(d) There shall be paid 4 equal installments of estimated
tax for each taxable year, payable as follows:
Required Installment: Due Date:
1st April 15
2nd June 15
3rd September 15
4th Individuals: January 15 of the

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following taxable year
Corporations: December 15
(e) Farmers. An individual, having gross income from
farming for the taxable year which is at least 2/3 of his total
estimated gross income for such year.
(f) Application to short taxable years. The application of
this section to taxable years of less than 12 months shall be
in accordance with regulations prescribed by the Department.
(g) Fiscal years. In the application of this section to the
case of a taxable year beginning on any date other than January
1, there shall be substituted, for the months specified in
subsections (d) and (e), the months which correspond thereto.
(h) Installments paid in advance. Any installment of
estimated tax may be paid before the date prescribed for its
payment.
The changes in this Section made by this amendatory Act of
1985 shall apply to taxable years ending on or after January 1,
1986.
(Source: P.A. 91-913, eff. 1-1-01.)".