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Income Tax Rates. Tax Types. Current Tax Rates. Prior Year Rates. Business Income Tax. Effective July 1, 2017: Corporations – 7 percent of net income. Trusts and estates – 4.95 percent of net income. BIT prior year rates.
The Illinois income tax rate is a flat 4.95%. Unlike the federal government and many other states, Illinois does not have tax brackets that impose higher rates on people who earn more....
The state income tax rate for individuals is 4.95%; the sales tax rate is 1% for qualifying food, drugs and medical appliances and 6.25% on general merchandise. The state of Illinois offers a...
The income tax rate in Illinois is 4.95%, after an increase from 3.75% in 2017. Illinois also has higher-than-average sales taxes and property taxes. A financial advisor can help you understand how taxes fit into your overall financial goals.
Illinois has a flat income tax of 4.95%, which means everyone’s income in Illinois is taxed at the same rate by the state. No Illinois cities charge a local income tax on top of the state income tax, though.
The Income tax rates and personal allowances in Illinois are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Illinois Tax Calculator 2024.
The Illinois income tax has one tax bracket, with a maximum marginal income tax of 4.950% as of 2024. Detailed Illinois state income tax rates and brackets are available on this page.
Illinois has a flat 4.95 percent individual income tax rate. Illinois has a 9.5 percent corporate income tax rate. Illinois also has a 6.25 percent state sales tax rate and an average combined state and local sales tax rate of 8.86 percent.
Here's what you need to know about the Illinois state income tax, from the state's flat tax rate to available deductions, credits, and exemptions.
Welcome to the Income Tax Calculator suite for Illinois, brought to you by iCalculator™ US. Here, you will find a comprehensive list of income tax calculators, each tailored to a specific year.