Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
Illinois fiscal year 2025 state budget tax highlights On June 7, 2024, Public Act 103-0592 (the “Omnibus Revenue Package” or the “Act”) was signed into law. The Omnibus Revenue Package’s tax-related provisions include: a three-year extension on the limitation of C corporation net loss deduction with an increased cap of $500,000; an increase of the franchise tax credit to $10,000; changes to the financial organization apportionment rules; updates to Sports Wagering Tax rate; and other changes. Further, the Retailers’ Occupation Tax and Use Tax base is expanded to include leases of tangible personal property, and caps sales and use tax filer discounts at $1,000/month. The Omnibus Revenue Package also subjects re-renters to the Hotel Occupancy Tax and extends the current motor fuel tax rate through 2030.
This Multistate Tax Alert summarizes certain provisions included in the Act.
[Issued: June 17, 2024] More
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