Illinois SB2531

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On August 27, 2021 in the Senate:

Governor Approved
Effective Date August 27, 2021
Public Act . . . . . . . . . 102-0658

On June 28, 2021 in the Senate:

Sent to the Governor

On May 30, 2021 in the Senate:

House Committee Amendment No. 1 Senate Concurs 059-000-000
Senate Concurs
Passed Both Houses

On May 27, 2021 in the Senate:

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

On May 25, 2021 in the Senate:

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

On May 21, 2021 in the Senate:

Secretary's Desk - Concurrence House Amendment(s) 1
Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 24, 2021
House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Win Stoller
House Committee Amendment No. 1 Motion to Concur Referred to Assignments

On May 20, 2021 in the House:

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

On May 19, 2021 in the House:

Second Reading - Short Debate
Placed on Calendar Order of 3rd Reading - Short Debate

On May 13, 2021 in the House:

House Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote
Do Pass as Amended / Short Debate Revenue & Finance Committee; 015-001-000
Placed on Calendar 2nd Reading - Short Debate

On May 11, 2021 in the House:

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

On May 6, 2021 in the House:

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

On April 28, 2021 in the House:

Arrived in House
Chief House Sponsor Rep. Anthony DeLuca
First Reading
Referred to Rules Committee
Assigned to Revenue & Finance Committee

On April 21, 2021 in the Senate:

Senate Floor Amendment No. 2 Recommend Do Adopt Revenue; 010-000-000
Recalled to Second Reading
Senate Floor Amendment No. 2 Adopted; Stoller
Third Reading - Passed; 056-000-000

On April 20, 2021 in the Senate:

Senate Floor Amendment No. 2 Assignments Refers to Revenue
Second Reading
Placed on Calendar Order of 3rd Reading April 21, 2021

On April 16, 2021 in the Senate:

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

On April 15, 2021 in the Senate:

Do Pass Revenue; 009-000-000
Placed on Calendar Order of 2nd Reading April 20, 2021

On April 14, 2021 in the Senate:

Senate Committee Amendment No. 1 Adopted

On April 7, 2021 in the Senate:

Senate Committee Amendment No. 1 Assignments Refers to Revenue

On April 5, 2021 in the Senate:

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

On March 23, 2021 in the Senate:

Assigned to Revenue

On February 26, 2021 in the Senate:

Filed with Secretary by Sen. Win Stoller
First Reading
Referred to Assignments

House Amendment 001

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.

Senate Amendment 002

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.

Senate Amendment 001

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.