Illinois Tax Changes: Fiscal 2022 Budget Legislation

As part of its fiscal year 2022 budget (FY 2022 Budget Implementation Act), Illinois enacted legislation (S.B. 2017) containing numerous tax law changes. The budget bill was signed by the governor on June 17, 2021. The legislation impacts both corporate and personal income taxes, as well as various income tax credit provisions, and it eliminates…

Proposed Changes to the Self-Employment Tax Exemption

The recently published Green Book contains details on changes proposed by the Biden Administration that aim to rationalize the net investment income tax (NIIT) and the self-employment tax imposed under the Self-Employment Contributions Act. Broadly, these proposals would: Ensure that all trade or business income earned by high-income taxpayers (taxpayers with adjusted gross income in excess of…