Illinois Compiled Statutes 35 ILCS 5 Illinois Income Tax Act. Section 1405.1

    (35 ILCS 5/1405.1) (from Ch. 120, par. 14-1405.1)

    Sec. 1405.1. Information Reports:

    (a) Rents and royalties. Any person maintaining an office or transacting business in Illinois and required under Sections 6041 and 6050N of the Internal Revenue Code of 1986 to report to the U.S. Secretary of the Treasury payments made to another person shall not also be required to file with the Department copies of those reports. The person shall maintain, in a format available for review by the Department, copies of the reports that include a payment of $1,000 or more which is, in whole or part, for one or more of the following:

        (1) rents and royalties for real property located in


        (2) rents and royalties for tangible personal

    property if the tangible personal property was physically located in Illinois at any time during the rental period;

        (3) royalties paid on a patent which is employed in

    production, fabrication, manufacturing, or other processing in Illinois;

        (4) royalties paid on a patented product which is

    produced in Illinois; and

        (5) royalties paid on a copyright to compensate the

    holder of the copyright for printing or other publication which originates in Illinois.

    (b) The Department of Revenue shall obtain from the United States Agricultural Stabilization and Conservation Service and the Illinois Department of Agriculture a list of non-resident owners of record of Illinois farmland. The Department of Revenue shall utilize this list for the purpose of aiding the Department in determining the Illinois tax liability under this Act of such non-resident owners.

(Source: P.A. 89-399, eff. 8-20-95.)

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Last modified: February 18, 2015