What's New for the 2015 Tax Season
What's new for the 2015 tax season includes highlights of changes that have occurred as well as important reference information. For more detail concerning these changes, please see the What’s New Bulletin.
About This Tax Season
We are taking additional steps to protect Illinois taxpayers from identity theft and fraud. As a result of the new security measures, your Individual Income Tax refund may take longer to process this year than in previous years. Filing your Form IL-1040 electronically and requesting direct deposit is still the fastest way to receive your refund. You can file your Form IL-1040 for free beginning in early February 2016 on MyTax Illinois, our online account management program for taxpayers.
Due dates which fall on April 15, 2016, have been extended to April 18, 2016. We are following the Internal Revenue Service in extending the due date because of the Emancipation Day holiday being observed on April 15 in the District of Columbia.
- Effective January 1, 2016, the Illinois Individual Income Tax exemption amount increased from $2,150 to $2,175. Take this into account when calculating the amount of Illinois Income Tax you should withhold. For more detailed information and for assistance with calculating the amount to withhold, see the updated Booklet IL-700-T.
- Form IL-2000, Request for Verification of IDOR-approved Credit for Illinois Withholding Income Tax, has been created to request verification of IDOR-approved credits. See Form IL-2000 for more information.
- The Illinois Business Income Tax rate for tax years ending on or after December 31, 2015, is 5.25 percent (.0525) for taxpayers taxed as corporations, and 3.75 percent (.0375) for taxpayers taxed as trusts or estates.
- Form IL-1041 and Schedule CR have been redesigned to allow for a replacement tax credit for income tax paid to another state. See Form IL-1041 and Schedule CR Specific Instructions for more information.
- Short-year filers only - If your tax year begins on or after January 1, 2016, and
- you are a corporation (excluding S corporations and cooperatives) whose tax year ends on a date other than June 30, your original filing and payment due date has changed. Your original filing and payment due date is now the 15th day of the 4th month following the close of the taxable year.
- you are a corporation (excluding S corporations and cooperatives) whose tax year ends on June 30, your original filing and payment due date remains the 15th day of the 3rd month following the close of the taxable year.
Important: If you are a cooperative, your original filing and payment due date remains the 15th day of the 9th month following the close of the taxable year, regardless of when your tax year begins or ends.
In addition, if your tax year begins on or after January 1, 2016, and you are a corporation (excluding S corporations) filing Form IL-1120, a cooperative filing Form IL-1120, or an exempt organization taxed as a corporation filing Form IL-990-T, we grant you an automatic extension of time to file your tax return as described in Illinois Income Tax Regulations, Section 100.5020(b).
See Form IL-1120 and Form IL-990-T instructions for more information.
- Avoid Common Filing Mistakes for Business and Withholding Income Tax
- Avoid Common Filing Mistakes for Sales and Other Related Taxes