HB 3590

Abstract

Amends the Illinois Income Tax Act. Provides that winnings from pari-mutuel wagering conducted at a wagering facility licensed under the Illinois Horse Racing Act of 1975 or from winnings from gambling games conducted on a riverboat licensed under the Riverboat Gambling Act are taxable as income in this State, for both residents and nonresidents. Provides that such winners must withhold Illinois income tax from their winnings, if the payment of winnings must be reported to the Internal Revenue Service by the person making the payment. Effective immediately. House Committee Amendment No. 1 Provides that the provisions of the introduced bill apply for taxable years ending on or after December 31, 2019 (in the introduced bill, taxable years ending on or after December 31, 2018). House Committee Amendment No. 2 In a Section concerning withholding of tax from payments from pari-mutuel wagering and riverboat gambling winnings, provides that withholding is required only if withholding is required with respect to those payments under the provisions of the Internal Revenue Code.