IL HB2568

Imposes a 0.25% tax on publicly held corporations with 100 or more employees when they purchase their own shares or securities in Illinois.

Tax applies beginning July 1, 2020, with corporations required to register with the Department of Revenue and file monthly returns by the 20th day of each month.

Corporations must remit tax payments to the Department of Revenue when filing returns, and may separately charge the tax amount to consumers.

Department of Revenue has authority to administer and enforce the tax, including suspension or revocation of registration certificates for violations after notice and hearing.

Tax is in addition to all other state and local taxes but does not apply to interstate commerce or business activity that cannot be taxed under the U.S. Constitution and federal law.