SB 0523 ILLINOIS beverage tax
See below. Here’s what we’re up against filed today. For immediate distribution
SB 0523 (SFA 0001)
Replaces everything after the enacting clause. Creates the Sugar-Sweetened Beverage Tax Act. Imposes a tax on distributors of bottled sugar-sweetened beverages, syrups, or powders at the rate of $0.01 per ounce of bottled sugar-sweetened beverages sold or offered for sale to a retailer for sale in the State to a consumer. Requires those distributors to obtain permits. Provides that 2% of the moneys shall be deposited into the Tax Compliance and Administration Fund for the administrative costs of the Department of Revenue, and 98% of the moneys shall be deposited into the General Revenue Fund. Amends the Illinois Income Tax Act. Makes changes concerning the rate of tax. Provides that the research and development credit applies for tax years ending prior to January 1, 2027. Creates an addition modification in an amount equal to the deduction for qualified domestic production activities allowed under Section 199 of the Internal Revenue Code for the taxable year. Makes changes concerning the definition of “unitary business group”. Provides that no penalty shall apply with respect to an underpayment of estimated tax for the first, second, or third quarter of any taxable year beginning on or after January 1, 2017 and beginning prior to January 1, 2018 if (i) the underpayment was due to the changes made by the amendatory Act, (ii) the payment was otherwise timely made, and (iii) the balance due is included with the taxpayer’s estimated tax payment for the fourth quarter. Amends the Film Production Services Tax Credit Act of 2008. Provides that no taxpayer may take a credit awarded under the Act for tax years beginning on or after January 1, 2027. Amends the Business Corporation Act of 1983. Makes changes concerning penalties and reports. Amends the Limited Liability Company Act. Makes changes concerning the fee for filing articles of organization. Effective immediately, but subject to certain other bills of the 99th General Assembly becoming law.
Bill Status of SB0523 99th General Assembly