loading…

us-il/statute/public-act/104-0468/page-1334 — Page 1334 · Axiom

Page 1334

1 rule

amount of the credit allowed under this paragraph exceeds the partner's or shareholder's liability for tax imposed under subsections (a) and (b) of Section 201 of this Act for the taxable year, such excess shall be treated as an overpayment for purposes of Section 909 of this Act. (5) Nonresidents. A nonresident individual who is a partner or shareholder of a partnership or Subchapter S corporation for a taxable year for which an election is in effect under paragraph (1) shall not be required to file an income tax return under this Act for such taxable year if the only source of net income of the individual (or the individual and the individual's spouse in the case of a joint return) is from an entity making the election under paragraph (1) and the credit allowed to the partner or shareholder under paragraph (4) equals or exceeds the individual's liability for the tax imposed under subsections (a) and (b) of Section 201 of this Act for the taxable year. (6) Liability for tax. Except as provided in this paragraph, a partnership or Subchapter S making the election under paragraph (1) is liable for the entity-level tax imposed under paragraph (2). If the electing partnership or corporation fails to pay the full amount of tax deemed assessed under paragraph (2), the partners or shareholders shall be liable to pay the tax assessed (including penalties and interest). Each partner SB3019 Enrolled LRB104 20255 HLH 33706 b Public Act 104-0468

in view

Whole section

Encodings · 1

Encoded from this provision

us-il/policy/income_tax/2026_full_year_resident_core

il_pit_2026_credit_source_hold_appliesIL public-act § 104-0468 (page-1334) · derived

Typed hold for unencoded nonrefundable, refundable, attribution, and expanded-EITC branches

name: il_pit_2026_credit_source_hold_applies
kind: derived
entity: TaxUnit
dtype: Judgment
period: Year
source: >-
  Typed hold for unencoded nonrefundable, refundable, attribution, and
  expanded-EITC branches
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: exception
        source:
          corpus_citation_path: us-il/statute/35/5/601-current/block-1
          excerpt: >-
            The aggregate amount of tax which is imposed upon or measured by
            income and which is paid by a resident for a taxable year to another
            state
      - path: versions[0].formula
        kind: exception
        source:
          corpus_citation_path: us-il/statute/35/5/212-current/block-1
          excerpt: >-
            each individual taxpayer filing a return using an individual
            taxpayer identification number
      - path: versions[0].formula
        kind: exception
        source:
          corpus_citation_path: us-il/statute/public-act/104-0468/page-1334
          excerpt: >-
            amount of the credit allowed under this paragraph exceeds the
            partner's or shareholder's liability
versions:
  - effective_from: '2026-01-01'
    effective_to: '2026-12-31'
    formula: >-
      il_pit_2026_has_education_expense_credit

      or il_pit_2026_has_other_state_income_tax_credit

      or il_pit_2026_has_other_nonrefundable_credit

      or il_pit_2026_has_pass_through_entity_refundable_credit

      or il_pit_2026_has_other_refundable_credit

      or
      il_pit_2026_has_multi_unit_multi_use_or_farm_principal_residence_property_tax

      or il_pit_2026_requires_section_212_hypothetical_federal_eitc

▸rulespec code

Shown source

policies/income_tax

Displaying the canonical repository encoding.

View on GitHub

Rules

il_pit_2026_credit_source_hold_applies

Derived

source: Typed hold for unencoded nonrefundable, refundable, attribution, and expanded-EITC branches

- name: il_pit_2026_credit_source_hold_applies
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: Typed hold for unencoded nonrefundable, refundable, attribution, and expanded-EITC branches
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us-il/statute/35/5/601-current/block-1
            excerpt: >-
              The aggregate amount of tax which is imposed upon or measured by income and which is
              paid by a resident for a taxable year to another state
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us-il/statute/35/5/212-current/block-1
            excerpt: >-
              each individual taxpayer filing a return using an individual taxpayer identification
              number
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us-il/statute/public-act/104-0468/page-1334
            excerpt: >-
              amount of the credit allowed under this paragraph exceeds the partner's or
              shareholder's liability
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        il_pit_2026_has_education_expense_credit
        or il_pit_2026_has_other_state_income_tax_credit
        or il_pit_2026_has_other_nonrefundable_credit
        or il_pit_2026_has_pass_through_entity_refundable_credit
        or il_pit_2026_has_other_refundable_credit
        or il_pit_2026_has_multi_unit_multi_use_or_farm_principal_residence_property_tax
        or il_pit_2026_requires_section_212_hypothetical_federal_eitc

▸citations (3)

References

This rule cites 3 other rules.

IL public-act § 201inferredIL › Statutes › Title public-act › § 201
IL public-act § 909inferredIL › Statutes › Title public-act › § 909
IL public-act § 201inferredIL › Statutes › Title public-act › § 201