Illinois SB 2041: INC TX-ESTIMATED TAX

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB2041

Introduced 2/6/2025, by Sen. Celina Villanueva 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/804 from Ch. 120, par. 8-804

 Amends the Illinois Income Tax Act. In provisions concerning the estimated tax, provides that the required annual payment is the lesser of: (i) 90% of the tax shown on the return for the taxable year, or if no return is filed, 90% of the tax for the year; (ii) 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 by the taxpayer for the preceding taxable year and the preceding year was a taxable year of 12 months; or (iii) 90% of the tax for the taxable year that would have been due based on the Act as it exists on the first day of the taxable year. Effective immediately.

LRB104 08342 HLH 18393 b

A BILL FOR

SB2041LRB104 08342 HLH 18393 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by 

5changing Section 804 as follows:

6 (35 ILCS 5/804) (from Ch. 120, par. 8-804)

7 Sec. 804. Failure to pay estimated tax. 

8 (a) In general. In case of any underpayment of estimated 

9tax by a taxpayer, except as provided in subsection (d) or (e), 

10the taxpayer shall be liable to a penalty in an amount 

11determined at the rate prescribed by Section 3-3 of the 

12Uniform Penalty and Interest Act upon the amount of the 

13underpayment (determined under subsection (b)) for each 

14required installment.

15 (b) Amount of underpayment. For purposes of subsection 

16(a), the amount of the underpayment shall be the excess of:

17 (1) the amount of the inst