Searching Content indexed under Income Tax by Mary Kay McCalla Martire ordered by Published Date Descending.
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Illinois Fiscal Year 2020 Income And Franchise Tax Changes
The Illinois General Assembly enacted a number of new tax measures in a flurry of activity at the end of its legislative session.
United States
26 Jun 2019
Illinois Department Of Revenue To Waive Penalty For Late Filing Of Business Income Tax Returns Due October 15
The Illinois Department of Revenue (Department) announced that it will grant abatement of late filing penalties for taxpayers that file their Illinois business income tax returns...
United States
15 Oct 2018
Illinois Budget Bill Makes Few Tax Changes Except The Adoption Of An Economic Nexus Standard
On June 4, Illinois Governor Bruce Rauner signed into law the state's fiscal year (FY) 2019 budget implementation bill, Public Act 100-0587 (the Act).
United States
19 Jun 2018
Oregon Bars Use Of Three Factor Apportionment Formula
In Health Net Inc. v. Dep't of Revenue, Docket No. S063625 (Apr. 12, 2018), the Oregon Supreme Court rejected a business taxpayer's constitutional challenges to a 1993 Oregon statute...
United States
20 Apr 2018
Choices For Illinois Taxpayers In Implementing The 2017 Income Tax Rate Increase
Last year, Illinois enacted a mid-year income tax rate increase. Effective July 1, 2017, Illinois increased the income tax rate for individuals, trusts and estates from 3.75 percent to 4.95 percent, and for corporations from 5.25 percent to 7 percent.
United States
19 Feb 2018
Taxpayers May Not Prepay Income Tax To Avoid Cap On SALT Deduction
The federal tax reform package recently approved by Congress (the Bill) contains a cap on the state and local tax deduction that may be claimed by individuals on their federal income tax returns.
United States
27 Dec 2017
Tax Changes Implemented As Part Of Revenue Package Supporting Illinois Budget
Yesterday afternoon, after months of wrangling and a marathon 4th of July weekend session, the Illinois House of Representatives voted to override Governor Bruce Rauner's veto of Senate Bill (SB) 9...
United States
18 Jul 2017
Update On Illinois Legislative Session
On May 31, the Illinois General Assembly closed its regular legislative session, without a budget agreement.
United States
21 Jun 2017
Tax Highlights Of Proposed Illinois "Grand Bargain"
A series of twelve bills have been introduced, all of which are interlinked for passage. The bills are termed the Illinois "Grand Bargain."
United States
23 Mar 2017
Another Effort At False Claims Act Reform: Bills Introduced To Amend Illinois Act To Restrict Tax-Related Claims
Illinois Legislators have recently introduced three bills that would amend the Illinois False Claims Act ("Act") to restrict the ability to bring tax-related claims. Senate Bill 9, the proposed...
United States
1 Mar 2017
Illinois Proposed Regulations Governing Apportionment Of Income For Transportation Companies Moving Forward
The Regulation reflects recent statutory changes made to the apportionment formulas for both non-airline and airline transportation services. See 35 ILCS 5/304(d).
United States
23 Nov 2015
Economic Presence Standard For Income Tax Nexus
In a question of first impression for Illinois, on May 12, 2015, Judge Schmidt of the Circuit Court of Sangamon County granted a summary judgment for the Illinois Department of Revenue, holding that the proper test for corporate income tax nexus is whether a "significant economic presence" exists in Illinois.
United States
7 Oct 2015
Captive Insurance Carve-Out: Illinois SB 1573 Amendment Proposed
Members of the Illinois General Assembly continue to make efforts to ameliorate the impact of Illinois’ new self-procurement tax on captive insurance.
United States
23 Mar 2015
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