Illinois Income Tax Rates Going Up
This post is a summary of the Illinois Department of Revenue's (IDOR) latest bulletin release concerning income tax rates in Illinois.
The rate increases are as follows:
- Individuals (Most Taxpayers), Trusts, and Estates are increasing to 5% from 3%
- Corporations (Not S Corporations) are increasing to 7% from 4.8%
These tax rates are in effect for all income received on or after January 1, 2011.
If you would like a copy of the complete increase notice bulletin provided by the IDOR click here