SB1582 Summary

• Adds sports wagering winnings from Illinois sources (effective December 31, 2021) to nonbusiness income allocable to Illinois and requires withholding of state income tax from sports wagering winnings at the individual tax rate, provided the payer is required to withhold under federal law.

• Modifies Section 304 payroll factor rules for tax years ending on or after December 31, 2020 to require compensation be paid in Illinois only if service is performed in-state for more than 30 working days during the tax year and the in-state service is nonincidental to out-of-state service.

• Creates new apportionment provisions for federally regulated exchanges (effective December 31, 2012) allowing them to apportion business income based on trading floor location and matching/execution/clearing transactions, with a floor on the apportionment percentage.

• Modifies Section 902 to require purchasers of business assets to file notice of sale with the Department 10 business days before (rather than after) the transaction and removes reference to "Chicago office" of the Department.

• Updates gross receipts definitions for telecommunications and broadcasting services to clarify what constitutes income in Illinois and adds definitions for ancillary services, voice mail services, and mobile telecommunications services.