Illinois enacted a pass-through entity tax (PTE Tax) that may be elected by partnerships and S corporations to permit a federal deduction of state income taxes that otherwise are limited to $10,000 per year from 2018 to 2025...more
9/7/2021
/ Business Ownership ,
Governor Pritzker ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
Shareholders ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deductions
Last year, Illinois enacted a mid-year income tax rate increase. Effective July 1, 2017, Illinois increased the income tax rate for individuals, trusts and estates from 3.75 percent to 4.95 percent, and for corporations from...more
On December 13, 2013, the Internal Revenue Service and U.S. Department of the Treasury issued proposed regulations under Section 752 regarding recourse liabilities of a partnership and the special rules for related persons...more