HB2425 Summary

• Amends the Illinois Income Tax Act to allow employers with fewer than 25 employees to make withholding tax returns annually instead of quarterly, effective January 1, 2017.

• Employers with an average employee head count of fewer than 25 during the previous calendar year qualify for the annual return requirement.

• Maintains existing quarterly return requirements for employers with 25 or more employees and existing payment schedules (semi-weekly or monthly) based on withholding amounts.

• Takes effect immediately upon becoming law.