Illinois DOR Publishes Annual Report Providing Legislative Recap on Income, Sales, Excise, Property Tax Changes

The Illinois Department of Revenue Dec. 1 published the fiscal year 2021 annual report providing a legislative recap of changes to corporate income, individual income, trust income, sales and use, excise, and property tax. The recap includes information on: 1) S.B. 2017, which provides income tax credits for various donations and extends the EDGE tax credits; 2) S.B. 2531, which enacted a state and local tax cap workaround for pass-through businesses; 3) S.B. 58, which amended the Retailers’ Occupation Tax Act and the Use Tax Act to modify the definition of selling price; 4) H.B. 1769, which enacted the Reimagining ...