Illinois DOR Releases Revised Instructions for Income Tax Form IL-1065, Partnership Replacement Tax Return

The Illinois Department of Revenue (DOR) April 1 released revised instructions for Form IL-1065, Partnership Replacement Tax Return, for individual income, trust income, and corporate income tax purposes. The DOR provides: 1) partnerships, other than a publicly traded partnership under Section 7704 of the Internal Revenue Code, may elect to file and pay pass-through entity (PTE) tax at 4.95 percent of a taxpayer’s net income for taxable years ending on or after Dec. 31, 2021, and before Jan. 1, 2026; 2) entities electing to pay the PTE tax must make estimated payments for tax years ending on or after Dec. ...