SB 2531

  • Illinois Senate Bill
  • 102nd Regular Session
  • Introduced in Senate Apr 28, 2021
  • Passed Senate Apr 21, 2021
  • Passed House May 20, 2021
  • Became Law Aug 27, 2021

Inc Tx-Apportionment

Abstract

Amends the Illinois Income Tax Act. Provides that a partnership or Subchapter S corporation may elect to pay a tax computed by multiplying the share of business income apportionable to Illinois and nonbusiness income allocated to Illinois that is distributable to each partner or shareholder and multiplied by the applicable rates of tax for that partner or shareholder. Creates a deduction in an amount equal to those amounts. Effective immediately. Senate Committee Amendment No. 1 Adds reference to: 35 ILCS 5/502 from Ch. 120, par. 5-502 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Provides that the tax imposed under the introduced bill applies for taxable years beginning on or after January 1, 2021. Provides that certain nonresident individuals with no Illinois income tax liability after taking into account the deductions in the amendatory Act are not required to file returns. Makes various technical corrections concerning pass-through entities. Effective immediately. Senate Floor Amendment No. 2 Deletes reference to: 35 ILCS 5/203 from Ch. 120, par. 2-203 35 ILCS 5/502 from Ch. 120, par. 5-502 35 ILCS 5/601 from Ch. 120, par. 6-601 35 ILCS 5/709.5 35 ILCS 5/1501 from Ch. 120, par. 15-1501 Replaces everything after the enacting clause. Reinserts provisions of the introduced bill creating an entity-level tax, but makes certain formatting changes. Provides that the entity-level tax applies for taxable years ending on or after December 31, 2021 and beginning prior to January 1, 2026. Provides that the entity-level tax shall be in an amount equal to 4.95% of the taxpayer's net income for the taxable year. Defines "net income". Provides that a partnership or Subchapter S corporation that elects to pay tax at the entity level is required to pay estimated tax if the amount payable as estimated tax can reasonably be expected to exceed $500. Effective immediately. House Committee Amendment No. 1 Adds reference to: 35 ILCS 5/203 from Ch. 120, par. 2-203 35 ILCS 5/901 Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with changes. Provides that provisions concerning pass-through entities apply only with respect to taxable years for which a specified limitation on individual deductions applies under the Internal Revenue Code. Adds a corresponding addition modification. Makes a conforming change with respect to the Local Government Distributive Fund. Effective immediately.

Bill Sponsors (31)

Sally J. Turner

     
Cosponsor

Votes


Actions


Aug 27, 2021

Senate

Public Act . . . . . . . . . 102-0658

Senate

Effective Date August 27, 2021

Senate

Governor Approved

Jun 28, 2021

Senate

Sent to the Governor

May 30, 2021

Senate

Added as Co-Sponsor Sen. Steve McClure

Senate

House Committee Amendment No. 1 Senate Concurs 059-000-000

Senate

Added as Co-Sponsor Sen. Laura M. Murphy

Senate

Passed Both Houses

Senate

Senate Concurs

May 27, 2021

Senate

House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Revenue; 010-000-000

May 25, 2021

Senate

House Committee Amendment No. 1 Motion to Concur Assignments Referred to Revenue

May 21, 2021

Senate

Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 24, 2021

Senate

House Committee Amendment No. 1 Motion to Concur Referred to Assignments

Senate

House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Win Stoller

Senate

Secretary's Desk - Concurrence House Amendment(s) 1

May 20, 2021

House

Added Alternate Co-Sponsor Rep. Dave Vella

House

Added Alternate Co-Sponsor Rep. Chris Bos

House

Added Alternate Co-Sponsor Rep. Amy Grant

House

Added Alternate Co-Sponsor Rep. Ann M. Williams

House

Added Alternate Co-Sponsor Rep. Terra Costa Howard

House

Added Alternate Co-Sponsor Rep. Carol Ammons

House

Third Reading - Short Debate - Passed 116-000-000

May 19, 2021

House

Placed on Calendar Order of 3rd Reading - Short Debate

House

Second Reading - Short Debate

May 13, 2021

House

House Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote

House

Placed on Calendar 2nd Reading - Short Debate

House

Do Pass as Amended / Short Debate Revenue & Finance Committee; 015-001-000

May 11, 2021

House

House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee

May 06, 2021

House

House Committee Amendment No. 1 Referred to Rules Committee

House

House Committee Amendment No. 1 Filed with Clerk by Rep. Anthony DeLuca

May 05, 2021

House

Added Alternate Co-Sponsor Rep. Amy Elik

House

Added Alternate Chief Co-Sponsor Rep. Jonathan Carroll

House

Added Alternate Chief Co-Sponsor Rep. Margaret Croke

May 04, 2021

House

Added Alternate Chief Co-Sponsor Rep. Mike Murphy

Apr 28, 2021

House

Chief House Sponsor Rep. Anthony DeLuca

House

Arrived in House

House

First Reading

House

Referred to Rules Committee

House

Assigned to Revenue & Finance Committee

Apr 26, 2021

Senate

Added as Co-Sponsor Sen. Rachelle Crowe

Apr 21, 2021

Senate

Senate Floor Amendment No. 2 Adopted; Stoller

Senate

Recalled to Second Reading

Senate

Third Reading - Passed; 056-000-000

Senate

Senate Floor Amendment No. 2 Recommend Do Adopt Revenue; 010-000-000

Senate

Added as Co-Sponsor Sen. Mike Simmons

Senate

Added as Co-Sponsor Sen. Karina Villa

Apr 20, 2021

Senate

Added as Co-Sponsor Sen. Sue Rezin

Senate

Added as Co-Sponsor Sen. Dave Syverson

Senate

Senate Floor Amendment No. 2 Assignments Refers to Revenue

Senate

Placed on Calendar Order of 3rd Reading April 21, 2021

Senate

Second Reading

Senate

Added as Co-Sponsor Sen. Jason A. Barickman

Senate

Added as Co-Sponsor Sen. Terri Bryant

Senate

Added as Co-Sponsor Sen. Neil Anderson

Senate

Added as Co-Sponsor Sen. Darren Bailey

Apr 19, 2021

Senate

Added as Co-Sponsor Sen. Dale Fowler

Apr 16, 2021

Senate

Senate Floor Amendment No. 2 Referred to Assignments

Senate

Senate Floor Amendment No. 2 Filed with Secretary by Sen. Win Stoller

Apr 15, 2021

Senate

Do Pass Revenue; 009-000-000

Senate

Added as Co-Sponsor Sen. Sally J. Turner

Senate

Placed on Calendar Order of 2nd Reading April 20, 2021

Apr 14, 2021

Senate

Senate Committee Amendment No. 1 Adopted

Apr 07, 2021

Senate

Senate Committee Amendment No. 1 Assignments Refers to Revenue

Apr 05, 2021

Senate

Senate Committee Amendment No. 1 Referred to Assignments

Senate

Senate Committee Amendment No. 1 Filed with Secretary by Sen. Win Stoller

Mar 26, 2021

Senate

Added as Co-Sponsor Sen. David Koehler

Mar 24, 2021

Senate

Added as Co-Sponsor Sen. John F. Curran

Mar 23, 2021

Senate

Added as Chief Co-Sponsor Sen. Robert F. Martwick

Senate

Added as Co-Sponsor Sen. Jil Tracy

Senate

Assigned to Revenue

Mar 17, 2021

Senate

Added as Co-Sponsor Sen. Donald P. DeWitte

Mar 16, 2021

Senate

Added as Chief Co-Sponsor Sen. John Connor

Feb 26, 2021

Senate

First Reading

Senate

Filed with Secretary by Sen. Win Stoller

Senate

Referred to Assignments

Bill Text

Bill Text Versions Format
Introduced HTML
Engrossed HTML
Enrolled HTML
Senate Amendment 001 HTML
Senate Amendment 002 HTML
House Amendment 001 HTML

Related Documents

Document Format
Public Act

Sources

Data on Open States is updated periodically throughout the day from the official website of the Illinois General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.