Beginning with tax years ending on or after December 31, 2026, Illinois will require taxpayers to add back gains excluded from federal gross income under Section 1202 of the Internal Revenue Code when calculating Illinois taxable income. In other words, a…
As part of the 2026 Spring Legislative Session, Illinois lawmakers extended several tax credit programs designed to support business investment, innovation, workforce development, affordable housing, and redevelopment throughout the state. While much of the recent tax conversation has focused on…
Illinois lawmakers recently concluded the 2026 Spring Legislative Session, approving a $55.9 billion budget and numerous tax law changes. While much attention has focused on new taxes and revenue-generating measures, one valuable incentive for manufacturers remains in place. Illinois’ expanded…
Illinois businesses that accept credit card payments have been closely watching developments surrounding the Interchange Fee Prohibition Act. Recent legislation delays implementation of the law until July 1, 2027, giving businesses, payment processors, and financial institutions more time to prepare. While the…
Illinois lawmakers recently concluded the 2026 Spring Legislative Session, approving a $55.9 billion budget, the largest in state history, along with a series of tax measures designed to generate revenue while extending certain economic development incentives. The legislation includes several tax law changes affecting…
A recent decision by the United States Court of Federal Claims in Kwong v. United States created a potential refund opportunity for taxpayers who were assessed penalties and interest related to certain tax filings that had an original due date…
Public Law No. 119-21, also known as the One Big Beautiful Bill Act (“OBBBA”), was signed into law nearly a year ago in July 2025. However, for many taxpayers the state income tax implications of the One Big Beautiful Bill…
Summary Pursuant to 35 ILCS 120/2-13, the Illinois Department of Revenue (“Department”, or “IDOR”) is launching a remote retailer amnesty program for Retailers’ Occupation Tax. The program will take place from August 1, 2026 through October 31, 2026. During this…
Effective July 1, 2026, the Illinois Department of Employment Security (IDES) will implement a change to how certain 401(k) contributions are treated for unemployment insurance purposes. This update reflects a revision to the Illinois Administrative Code and aligns state treatment with…
Recent federal legislation has introduced several changes affecting commercial real estate owners, including updates to bonus depreciation, interest expense limitations, excess business loss rules, and energy-related incentives. This resource provides a concise overview of the key tax provisions under the…