New Illinois Laws 2018: Taxes and Fees

Closing Tax Loopholes (SB 9): Enacts a series of measures to bring in revenue, including an income and corporate tax increase, excise tax on certain services, elimination of three corporate tax loopholes, an increase in the Earned Income Tax Credit, reduction in LLC filing fees and creation of educator tax credit.

Non-Realty Property Taxes and Fees (SB 751): Allows Cook and collar counties to collect non‐real property taxes and fees in the same manner as they would collect fines, sanctions, and costs resulting from county code violations. Allows the county to charge the cost of collecting unpaid taxes to the debtor.

Live Theater Production Credit (SB 852): Extends the Live Theater Production Tax Credit for five years.

Rental Purchase Tax (SB 1434): Eliminates the use tax upfront and instead applies it to the final sale, so that rental purchase companies can warehouse in Illinois and lease to multi‐state clients in border communities.

IEMA Conference Training Fees (SB 1489): Allows Illinois Emergency Management Act to collect fees from attendees at IEMA sponsored conferences.

Forest Preserve Property Tax Assessment (SB 1493): Allows a forest preserve district to abate unpaid taxes and existing liens when it acquires certain types of distressed property.

Angel Investment Tax Credit (SB 2012): Extends the Angel Investment Tax Credit from December 31, 2016 to December 31, 2021 and incorporates DCEO operational changes and new reporting requirements and includes a reserve for Minority/Female/Disabled-owned businesses and businesses in small counties.

Also Watch: New Illinois Laws in 2018 That Could Change Your Life