IL HB2887

Exempts individual taxpayers age 65 or older who are permanent residents of licensed nursing homes from penalties for failing to pay estimated state income tax.

Allows individual and corporate taxpayers to obtain a hardship waiver from the Department of Revenue for tax years 2021-2022 if they notify the Department they would face financial hardship in paying estimated taxes, exempting them from related penalties.

Authorizes the Department of Revenue to adopt emergency rules to implement the hardship waiver provisions and establish an application process for eligible taxpayers.

Authorizes emergency rulemaking under the Illinois Administrative Procedure Act, with the emergency rulemaking provision expiring January 1, 2027.

Takes effect immediately upon becoming law.