HB3995 Summary

• Amends the Illinois Income Tax Act Section 803 to increase the estimated tax payment threshold for individual taxpayers (excluding estates, trusts, partnerships, S corporations, and farmers) from $500 to $1,000, effective for taxable years ending on or after December 31, 2015.

• Maintains the $400 estimated tax threshold for corporations, which remains unchanged from current law.

• Requires taxpayers to pay estimated tax in 4 equal installments with due dates on April 15, June 15, September 15, and January 15 (or December 15 for corporations).

• Defines estimated tax as the excess of the taxpayer's estimated tax liability minus any amounts expected to be withheld or credited against such tax.

• Allows married couples eligible to do so for federal tax purposes to pay estimated tax jointly with joint and several liability.