Mariano Sori-Marin, Katie Girmscheid, and Tim Schram, tax experts for the State Income and Franchise Tax National Leader, State and Local Tax, and Credits & Incentives National Leader, respectively, have made available for download their article “Illinois: FY 2022 Budget Legislation Contains Numerous Tax Changes”, published on BDO USA. The abstract is as follows:
As part of its fiscal year 2022 budget (FY 2022 Budget Implementation Act), Illinois enacted legislation (S.B. 2017) containing numerous tax law changes. The budget bill was signed by the governor on June 17, 2021. The legislation impacts both corporate and personal income taxes, as well as various income tax credit provisions, and it eliminates the planned phase-out of the franchise tax. The following is a summary of the tax changes as set forth in the FY 2022 Budget Implementation Act.
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.