How To Prepare For Illinois Tax Amnesty Programs

By Paul Bogdanski, David Dorner and Jeremy Gove (June 25, 2019, 1:18 PM EDT) -- The state of Illinois is incentivizing taxpayers to participate in two tax amnesty programs this fall by rewarding them with the elimination of penalties and interest for amnesty eligible tax periods.

As part of Gov. J.B. Pritzker's fiscal year 2020 state budget, the Illinois Legislature recently passed two laws requiring the Department of Revenue and the secretary of state to implement separate tax amnesty programs beginning on Oct. 1, 2019.

To the surprise of many, the Legislature also passed a law to phase out the Illinois franchise tax entirely over the next four years. Under the new law, the taxpayer's first...

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