July 20: The Federation of Tax Administrators is sponsoring a 2021 State and Local Economic Update with Mark Zandi, Chief Economist of Moody's Analytics. You can register at this link
September 30: Illinois Chamber of Commerce Annual meeting. We will be holding our annual meeting at the Palmer House Hilton Chicago from 11:00 - 1:30
October 19-21: First week of the House and Senate fall veto session.
October 26-28: Second week of the House and Senate fall veto session.
July 16, 2021
State and Local Tax
This Week
Illinois General Assembly
The House and Senate are not scheduled to return to Springfield until the veto session.
Rulemaking
The July 9 edition of the Illinois Register did not contain any proposed or adopted rulemakings by the Illinois Department of Revenue or the Department of Commerce and Economic Opportunity.
The July 9 Illinois Register contained the regulatory agenda for the Property Tax Appeal Board for the next 6 months.
The July 16 edition of the Illinois Register did not contain any proposed or adopted rulemakings by the Illinois Department of Revenue or the Department of Commerce and Economic Opportunity.
Today's Illinois Register contains the Illinois Department of Revenue index of sales tax and income tax private letter rulings and general information letters.
Today's Illinois Register also contains the regulatory agenda for the Illinois Department of Revenue for the next 6 months.
Court cases
No new tax-related court cases over the past two weeks.
Tax Tribunal
No new decisions were issued by the Tribunal over the past two weeks.
The Department of Revenue issued a Compliance Alert. According to the Compliance Alert, "The Illinois Department of Revenue (IDOR) has identified a large number of retailers who filed Form ST-1 returns for periods after January 1, 2021, with sales amounts reported only on lines 6a and 7a, the lines used to report tax on sales subject only to Illinois Use Tax. These retailers may not be properly assessing, collecting, remitting, and reporting Illinois taxes on some or all of their sales. Some of their sales may be subject to Retailers’ Occupation Tax at the origin rate or destination rate, depending on the specifics of each sale."
The Department of Revenue issued a Press Release discussing the Department's issuance of automatic tax refunds to unemployment benefit recipients.
Publications
The Illinois General Assembly's Commission on Government Forecasting and Accountability issued its Monthly Briefing for the Month ended: June 2021. FY 2021 base revenues grew $6.792 billion. For the fiscal year net income tax receipts were up $5.536 billion with $1.4 billion of the increase attributable to receipts moved from FY 2020 to FY 2021 because of the delayed due date for income tax returns in 2020 that moved the due date from FY 2020 to FY 2021.
The Center on Budget and Policy Priorities published another article on the recent story by ProPublica that asserted that it is unfair that the richest individuals are not required to pay tax on increases in the value of their assets. Here is a link to the article. I continue to flag this nonsense because these types of articles tend to be translated into legislation. I wouldn't be surprised to see legislation introduced again next year in the Illinois General Assembly to attempt to tax high wealth individuals on increases in the value of their assets.
Illinois Chamber of Commerce Annual Luncheon & Council Reception
The Illinois Chamber is returning to its traditional Annual Luncheon & Reception format with its September 30th get together at the Palmer House in Chicago. This year’s Keynote Speaker is Holly Sullivan, VP of Worldwide Economic Development, Amazon.
Prior to the luncheon there will be an all Council mix and mingle reception from 10-11:30 am. I am seeking a Tax Institute sponsor for the reception. The sponsorship is $2500. A sponsor receives 2 seats at the luncheon, promotional consideration in our luncheon advertising materials, recognition at the luncheon, and an exhibitor space at the reception.
If you are interested in sponsorship, please contact me at kstaats@ilchamber.org
