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Illinois DOR Proposes Rule Amendments Reflecting New Law Pertaining to Investment Partnerships
Proposed New 86 Ill. Adm. Code 100.7034 and Amended 86 Ill. Adm. Code 100.9730, Ill. Dept. of Rev. (12/15/23). The Illinois Department of Revenue proposed a new and an amended rule reflecting legislation enacted earlier this year [see S.B. 1963, signed by gov. 6/7/23, and State Tax Matters, Issue 2023-24, for more details on this legislation] that modifies the definition of investment partnerships, and provides that for taxable years ending on or after December 31, 2023, defined “investment partnerships” must withhold Illinois income and replacement taxes from certain nonresident partners based on the partner’s share of distributable income from in-state sources. Comments on these proposals are due no later than 45 days after their December 15, 2023 publication. Please contact us with any questions.
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