A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

When does illinois state income tax increase take effect?

Best Answers

Under the budget plan, the personal income tax rate rose from 3.75 percent to 4.95 percent, while the corporate income tax rate went from 5.25 percent to 7 percent. The new money helps pay for the first full state budget Illinois has had in more than two years. read more

The Illinois Department of Revenue issued details on how to comply with the state’s increase income tax, signaling the reality of higher taxes for Illinoisans. The Illinois Department of Revenue, or IDOR, has released details necessary to the implementation of the state’s new income tax hikes, proclaiming the rates retroactively effective July 1, 2017. read more

State spending has been on autopilot during the impasse, vastly outpacing revenues after the January 2015 expiration of a temporary income tax increase. The proposal mirrors a plan the Senate passed earlier this year and calls for raising the personal income tax rate from the current 3.75 percent to 4.95 percent, which would generate roughly $4.3 billion. read more