IL HB3608

Increases the estimated tax payment threshold for individuals from $500 to $1,000 for taxable years ending after December 31, 2019.

Maintains the $250 threshold for taxable years ending before December 31, 2001, and the $500 threshold for taxable years from December 31, 2001 through December 31, 2019.

Keeps the $400 threshold for corporations unchanged.

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

Applies to the Illinois Income Tax Act and becomes effective upon becoming law.