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KEITH STAATS
Tax Institute
(217) 522-5512 ext. 231
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April 3:
The Illinois Chamber of Commerce presents a webinar (by our International Business Council and Venkat Veeramani, SVP of Risk Management at Wintrust) on Friday, April 3, 2020. Topics will include the following:
U.S. economic activity is all set to decline sharply. Is the recovery going to be 'V', 'U', 'L' shaped or something else?
G
eneral economic and financial market indicators.
COVID-19 Pandemic's short-term and long-term impacts on the U.S. economy
D
emand/supply/capacity disruptions and its economic/financial consequences, and
fiscal and monetary policy measures enacted around the globe to cope with the situation.
Registration is $59 for members at this link
April 20: Save the date for the next webinar - the audit process - and how to challenge an audit. Details to follow
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April 3, 2020
State and Local Tax
This Week
Illinois General Assembly
The House and Senate were not in session this week.
As noted last week, the House and the Senate extended the committee deadline (the deadline for moving House and Senate bills out of committee to the floor in the chamber of origin) to April 24. The House extended the third reading deadline to May 8 and the Senate extended the third reading deadline for Senate bills to May 7.
Under the original schedules issued at the beginning of legislative session, the House and the Senate were not scheduled to be in session over the next two weeks. As of this morning, it is unclear when the General Assembly will return to Springfield.
Amendments
SB 2678 - Brady - This was a shell bill. The following amendment was filed yesterday:
Replaces everything after the enacting clause. Amends the Business District Development and Redevelopment Law and the Tax Increment Allocation Redevelopment Act. Provides that "business district project costs" and "redevelopment project costs" include all or a portion of the operational expenses incurred or to be incurred by a tenant or owner of a privately owned commercial business enterprise having commenced commercial activities on or before March 9, 2020 within the redevelopment project area if the municipality, by resolution or ordinance, authorizes the same. Provides that the municipality is authorized to approve the reimbursement of operational expenses during, and for 91 days following the expiration of, the Gubernatorial Disaster Proclamation made by the Governor wherein all counties in the State of Illinois were declared disaster areas on March 9, 2020 in response to the severe acute respiratory syndrome coronavirus 2 (COVID-19) pandemic. Defines "operational expenses". Effective immediately.
New legislation
None this week
COVID-19 state tax-related announcements
As I noted yesterday afternoon, the Illinois Department of Revenue issued an
Informational Bulletin dealing with estimated income tax payments. As noted in the informational bulletin, the Department did not delay estimated payments due on April 15 and June 15.
According to the bulletin, the Department will allow taxpayers the option of using 2018 tax liability as the base for computing estimated payment installments.
The bulletin also provides that i
n order to carry forward an overpayment of income tax from 2019 and apply that overpayment to the April 15 estimated payment the 2019 return must be filed on or before April 15.
The Department has not issued formal guidance as to whether the filing and payment delay covers partnership returns. However, in remarks earlier this week at a webinar sponsored by Tax Institute member law firm Reed Smith the Department's Acting General Counsel stated that partnership return filing and payment due dates will not be extended.
On March 30, the Illinois Department of Revenue issued an Informational Bulletin
that provides for the extension of the expiration date of certain sales tax exemption numbers ("E numbers"). The bulletin states that the Department's Board of Appeals has issued an order extending E number expirations for all exemption certificate holders whose certificates expired within 60 days prior to the issuance of the Governor's Stay at Home order issued on March 21, 2020 and for those whose certificates expired or will expire within 60 days following the date of the Governor's March 21 order.
IRS
The Internal Revenue Service has established a
Coronavirus Tax Relief web page. Note that IRS IRS updated the page over the past week.
Rulemaking
Today's edition of the Illinois Register had not been posted as of the distribution of this update. I will send out a special newsletter if there any rulemakings of note when the Illinois Register is posted.
Court cases
No new tax-related decisions this week.
Tax Tribunal
No new decisions were issued this week.
None of the new cases filed this week raise unique issues.
Publications and Announcements
The Illinois General Assembly's bipartisan Commission on Governmental Forecasting and Accountability issued its Monthly Briefing for the month ended March 2020.
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