Illinois Tax Changes- November 2024
Week Of 11.11.2024
The Illinois Department of Commerce and Economic Opportunity has amended the Film Production Services Tax Credit Program rules, effective October 24, 2024, to reflect changes in the Illinois Film Production Services Tax Credit Act of 2008. These changes include:
- Capping qualified expenditures for above-the-line and below-the-line services provided by related parties.
- Excluding above-the-line salaries that exceed 40% of Illinois production spending.
- Requiring applicants to disclose related party transactions.
Additionally, Illinois law has been updated to expand the homestead exemption for disabled veterans. Effective July 1, 2024, property used as a qualified residence by a veteran who served in World War II is exempt from taxation regardless of the veteran's disability level. Veterans qualifying for this exemption do not need to reapply annually.
Finally, a new law, effective January 1, 2025, removes the statute of limitations for a certificate of error correcting an assessment to $1 when the property is used as a common area by a subdivision, association, or planned development.
Week Of 11.11.2024
Illinois Corporate Income Tax—Illinois amends film production services tax credit regulations.
The Illinois Department of Commerce and Economic Opportunity has amended Film Production Services Tax Credit Program rules (14 Ill. Admin. Code § 528.20 and § 528.70, effective 10/24/2024) to incorporate statutory changes made to the Illinois Film Production Services Tax Credit Act of 2008. The amendments cap the qualified expenditures for above the line and below the line provided by related parties and excludes any above the line salaries that exceed 40% of Illinois production spending. The amendments also require applicants to disclose related party transactions.
Illinois Credits and Incentives—Illinois amends film production services tax credit regulations.
The Illinois Department of Commerce and Economic Opportunity has amended Film Production Services Tax Credit Program rules (14 Ill. Admin. Code § 528.20 and § 528.70, effective 10/24/2024) to incorporate statutory changes made to the Illinois Film Production Services Tax Credit Act of 2008. The amendments cap the qualified expenditures for above the line and below the line provided by related parties and excludes any above the line salaries that exceed 40% of Illinois production spending. The amendments also require applicants to disclose related party transactions.
Illinois Property Tax—Illinois expands homestead exemption for disabled veterans.
L. 2024, H612 (P.A. 103-0596), effective 07/01/2024, provides that, for taxable years on or after 2024, property that is used as a qualified residence by a veteran who was a member of the United States Armed Forces during World War II is exempt from taxation regardless of the veteran's level of disability. A veteran that qualifies for the homestead exemption because of their service in World War II does not need to reapply on an annual basis.
Illinois Property Tax—Illinois property tax certificate of error.
L. 2024, H4125 (P.A. 103-0662), effective 01/01/2025, provides that the statute of limitations for a certificate of error does not apply to a certification of error correcting an assessment to $1 when the property is used as a common area by a subdivision, association, or planned development.
Week Of 11.11.2024
Illinois Corporate Income Tax—Illinois amends film production services tax credit regulations.
The Illinois Department of Commerce and Economic Opportunity has amended Film Production Services Tax Credit Program rules (14 Ill. Admin. Code § 528.20 and § 528.70, effective 10/24/2024) to incorporate statutory changes made to the Illinois Film Production Services Tax Credit Act of 2008. The amendments cap the qualified expenditures for above the line and below the line provided by related parties and excludes any above the line salaries that exceed 40% of Illinois production spending. The amendments also require applicants to disclose related party transactions.
Illinois Credits and Incentives—Illinois amends film production services tax credit regulations.
The Illinois Department of Commerce and Economic Opportunity has amended Film Production Services Tax Credit Program rules (14 Ill. Admin. Code § 528.20 and § 528.70, effective 10/24/2024) to incorporate statutory changes made to the Illinois Film Production Services Tax Credit Act of 2008. The amendments cap the qualified expenditures for above the line and below the line provided by related parties and excludes any above the line salaries that exceed 40% of Illinois production spending. The amendments also require applicants to disclose related party transactions.
Illinois Property Tax—Illinois expands homestead exemption for disabled veterans.
L. 2024, H612 (P.A. 103-0596), effective 07/01/2024, provides that, for taxable years on or after 2024, property that is used as a qualified residence by a veteran who was a member of the United States Armed Forces during World War II is exempt from taxation regardless of the veteran's level of disability. A veteran that qualifies for the homestead exemption because of their service in World War II does not need to reapply on an annual basis.
Illinois Property Tax—Illinois property tax certificate of error.
L. 2024, H4125 (P.A. 103-0662), effective 01/01/2025, provides that the statute of limitations for a certificate of error does not apply to a certification of error correcting an assessment to $1 when the property is used as a common area by a subdivision, association, or planned development.